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| Stay Ahead of Cyber Crime: Register & Attend Our Seminar |
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| Dear Moneylifers, |
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| Greetings! As I’m sure you are aware, cybercriminals are becoming alarmingly sophisticated, targeting individuals from all walks of life. Recent headlines paint a grim picture: Mumbai alone reported losses of Rs1,012 crore due to online fraud this year, a shocking 286% rise from the previous year! Every day, people fall victim to digital arrest scams, phishing schemes, fraudulent investments and other innovative traps used by scammers. What is especially scary is that reports of two senior citizens, both over 75, remaining under what they thought was a ‘digital arrest’ and ending up losing crores of rupees of their life savings. We need to make people aware of digital fraud and its myriad avaatars on a war footing. You need to participate in this effort. |
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 At Moneylife Foundation, we have got the best and most respected experts to help you understand cyberfraud and its implications at an in-person programme in Mumbai on 17th December. Former IPS officer, founding CEO of ReBIT and expert on fraud and cyber security Nandkumar Saravade along with Adv (Dr) Prashant Mali, who has been voted one of the top 50 global cybersecurity leaders and influencers for three years in a row, have generously agreed to give time to help us understanding this scary and constantly evolving new fraud. Yogesh Sapkale, deputy editor, Moneylife, whose weekly column Fraud Alert tracks cyber fraud and cyber safety will provide an overview to start the programme. |
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| You can register for the session here: https://www.moneylife.in/events/cybercrime_171224/index.html |
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| Few Days Left to Double Your Support in Donations! |
| A heartfelt thank you to everyone who has supported our donation match campaign so far! Your generosity has made a real difference in helping us continue our mission to empower citizens, promote financial literacy and advocate for consumer rights. |
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| The campaign is scheduled to end on December 10th, so there’s still time to make your contribution and have it matched. Every donation up to Rs3,000 will be doubled, giving you the opportunity to amplify your impact! |
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| Donate Now and help us finish this campaign on a strong note. |
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| Multiple and Successive Nominees Permitted for Bank Accounts |
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| The Banking Laws (Amendment) Bill, 2024, passed by the Lok Sabha, marks a significant milestone in our advocacy efforts. This amendment allows bank account holders to appoint up to four nominees, including options for successive or simultaneous nominations, a facility that was previously unavailable for bank accounts but has existed for decades in insurance policies. |
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 We have repeatedly highlighted how outdated nomination and succession rules contribute to the staggering Rs 2 lakh crore in unclaimed financial assets. Our report, Challenges in Transmission of Assets to Nominees and Legal Heirs (https://www.mlfoundation.in/ memorandum/challenges-in-transmission-of-assets-to-nominees-and-legal-heirs/389.html), was referenced during the Parliamentary debate, underscoring the urgent need for simpler, standardised processes to help legal heirs claim funds. |
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| Notably, this report was brought to the attention of N.K. Premachandran, a Member of Parliament (MP) from the Revolutionary Socialist Party (RSP) representing Kollam, by C.H. Venkatachalam, General Secretary of the All India Bank Employees Association. During the debate, the MP urged the Finance Minister to direct the Reserve Bank of India (RBI) to simplify transmission rules, thereby reducing the burden on claimants. He said, “A recent report prepared by the Moneylife Foundation suggested simplifying the standard of procedures and rules so that the legal hairs can avail the benefits. So I will urge the minister to direct RBI to simplify the procedure while duly guarding against the fraudulent claim so that the bank official can also settle the claim and the interest of the claimants can be protected”. The video recording of this debate can be viewed here: https://www.facebook.com/share/v/Ru5VHhaSNBAWoGa8/ |
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| Under the new provisions, successive nominations prioritise nominees in the order listed, ensuring an automatic transfer of nomination in the event of a nominee’s death. This is especially beneficial for senior citizens and families managing intergenerational wealth. |
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| We will continue working to ensure these reforms are implemented effectively, with processes that are simple yet secure against fraud. Learn more about our advocacy and the amendment’s impact here (Finally, Amendment Bill Allows 4 Nominees for Bank Accounts). |
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| RBI's Directive on Seamless KYC Updation |
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 Reserve Bank of India (RBI) has recently issued a notification urging banks to streamline the KYC updating process and reduce the growing number of inoperative or frozen accounts—issues that we have persistently highlighted. While this step acknowledges the problems customers face, the notification stops short of providing a clear Standard Operating Procedure (SOP), leaving room for banks to continue interpreting and implementing these guidelines in their own way. |
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| As we have consistently pointed out, the lack of uniformity in KYC processes has led to significant distress among account holders. Banks often impose illegal re-KYC requirements, collect additional customer data unnecessarily and freeze accounts without sufficient notice. Our investigative article last month (KYC Nightmare: How Banks Are Asking for Re-KYCs Illegally and in the Process Collecting Additional Data from Customers) revealed how these practices contravene RBI’s existing guidelines. |
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| The notification outlines broad directives, such as enabling seamless KYC updates through digital platforms like mobile and internet banking, video customer identification (V-CIP) and facilitating updates at non-home branches. It also emphasises addressing accounts of economically vulnerable beneficiaries of government schemes to ensure uninterrupted credit of direct benefits. However, without clear operational instructions, these directives risk being unevenly or inadequately implemented. |
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| While the notification is a positive step, its impact will depend on the issuance of detailed SOPs that standardise the KYC process across banks. Without these, the burden will continue to fall on customers who must navigate inconsistent and often arbitrary requirements. We will continue to advocate for transparency and customer-centric reforms in this critical area. |
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| Event Highlights: Navigating Cooperative Housing Society Challenges |
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| We recently hosted an engaging full day progamme on “Navigating Cooperative Housing Society Challenges”, covering topics of redevelopment, grievance redressal and conciliation in RERA. The event was a resounding success, with a packed audience of concerned citizens eager to gain actionable insights into managing housing society issues. |
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| Adv. Vinod Sampat delivered a highly informative talk on redevelopment in housing societies. He shared valuable tips, tricks and legal solutions for homebuyers and residents involved in redevelopment projects, empowering them with knowledge about their rights and protections. Mr. Mohammed Afzal provided practical guidance on grievance redressal mechanisms and highlighted the importance of regular maintenance and safe operation of lifts in cooperative housing societies. Mr. A.V. Shenoy explained the conciliation and alternate dispute resolution mechanisms available under RERA, offering insights into how flat buyers can address disputes efficiently and cost-effectively. |
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| The event concluded with a lively Q&A session, where attendees received specific advice on their individual concerns. If you missed the seminar or wish to revisit any part of it, you can watch the recordings using the links below: |
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| We welcome suggestions, especially from Mumbaikars on issues that you would like to have us address through interactive seminars with expert speakers. |
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| Few Days Left to Double Your Support in Donations! |
| A heartfelt thank you to everyone who has supported our donation match campaign so far! Your generosity has made a real difference in helping us continue our mission to empower citizens, promote financial literacy and advocate for consumer rights. |
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| The campaign is scheduled to end on December 10th, so there’s still time to make your contribution and have it matched. Every donation up to Rs3,000 will be doubled, giving you the opportunity to amplify your impact! |
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| Donate Now and help us finish this campaign on a strong note. |
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| Counselling and Helplines |
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 Advocate Avinash Phatak has been anchoring counselling sessions on housing society matters in the absence of Mr Shirish Shanbhag and his sessions have become immensely popular. In fact, due to additional demand Adv Phatak has graciously extended his timings for the session and has offered to provide counseling from morning 11:30 am onwards on fortnightly Thursdays. |
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| As you know, we now offer regular counselling sessions on the following days: Tuesdays for banking, consumer and insurance matters with Mr. Abhay Datar; and Thursdays for housing society, property matters, Mhada, Slum Rehabilitation Authority (SRA), cessed buildings, as well as criminal and consumer litigation with Adv. Avinash Phatak. |
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| Counselling is available both in-person and via video conferencing through Zoom by prior appointment. To schedule, please call 022-35131664 or 35036925, or submit your query through our legal helpline. |
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| Please also make an effort to visit and share the links to our website, where you can read more about cases of mis-selling, fraud alerts, consumer cases and also solutions to housing society problems. |
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| Join us on WhatsApp and Telegram |
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| We realise that most members find it easier to access information on WhatsApp /Telegram etc. If you are not already on our lists, please click on this link to join – https://api.whatsapp.com/send/?phone= 917045156415&text= Hi%21+Please+add+me+to+your+broadcast+ lists+and+make+me+a+member.&app_absent=0 and follow our Telegram channel here – https://telegram.me/moneylife_foundation. |
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| Check our Free Helplines and Guides or Templates as well as our YouTube Channel, where you will find a wide repository of videos on various topics. |
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| Video recordings of all our webinars are available on our YouTube channel and will come to your inbox regularly if you hit the subscribe button. But if you want to be notified about future events through our mailing list, you do need to be a member. |
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| Moneylife TV & Helplines |
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| Financial Literacy Videos in Indian Languages: |
- Credit cards
- Online frauds
- Fallacy of gold loans and more in Marathi, Gujarati, Punjabi and Tamil, all on our YouTube channel (https://www.youtube.com/moneylifetv).
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| Get guidance and counselling through our Legal Helpline or Credit Helpline. |
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| Sucheta Dalal |
| Founder-Trustee, Moneylife Foundation |
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| Trustees: TS Krishnamurthy, Walter Vieira, Sucheta Dalal, Debashis Basu. | | | | Moneylife Foundation is registered with the Charity Commissioner of Mumbai, is an Affiliate member of OECD's International Network on Financial Education, is a Supporter Member of Consumers International, Development Partner of Advocates for International Development (A4ID), and is a winner of the 10th MR Pai Memorial Award. | | |  | | | | Donations are eligible for tax benefits under Sec 80G of the Income Tax 1961 (50% tax exemption) and MLF is registered under the Foreign Contribution (Regulation) Act, 2010. 80(G) Reg No: DIT(E)/MC/80G/685/2010-11 dated 7.2.11 effective 8.+9.2010 | FCRA Registration No: 08378138  | | | |
