Fact Check: No OTP required for stopping EMI payments

New Delhi : Soon after the announcement that EMIs can be delayed in the time of coronavirus crisis, the fraudsters started calling the customers asking for the OTPs to stop their EMI deduction. Both PIB Fact Check and the SBI have tweeted to warn about this.

If you want to stop your EMIs then all you need is to call the bank, bank will never call its customers.

The Reserve Bank of India (RBI) announced on March 27 that banks and financial institutions could offer a three-month moratorium on term loans and credit card bills. Over this period, borrowers can choose to opt to not pay their equated monthly instalments (EMIs) or credit card dues.

While the process is very simple, the fraudsters are not leaving an opportunity to utilize it for their benefit. According to some reports, it has been learned that the fraudsters are calling customers asking them to share an OTP with them to defer these EMI payments.

Preying on those who are unaware, fraudsters have been siphoning off money from the accounts of all those people who were naive enough to share the OTPs. The issue has been rampant enough for the Press Information Bureau’s Fact Check handle and for the State Bank of India (SBI) to tweet a warning about it:  

Do keep in mind, the bank will never call you to defer the EMI payments, you will have to call them or email them for it.