Proposed steps by RBI–to contain menace of cyber frauds vis a vis mule accounts –[1] Hold on debit [2] Banks will have to immediately [a] inform the customers about the “hold ” –[b] the reasons for it –[c] the process for its removal [d] contact details of the concerned officer –[3] Customers to get 20 days to submit an explanation [4] Bank to take decision within 10 days [5] If no explanation is received from the customer, bank will have 30 days from the date of temporary hold to take a decision [6] If the bank is not satisfied with the customer explanation, bank will report the matter to jurisdictional police authority [7] If no instruction requiring continuation of the hold is received –within 30 days of reference — the bank will have to remove the hold– [8] Seek reference to entire article –Courtesy BS