The Telecom Regulatory Authority of India (TRAI) has directed banks, NBFCs, mutual funds, insurers, and other BFSI entities to adopt the dedicated ‘1600’ numbering series in a phased manner by early 2026. The move aims to curb impersonation-based fraud, enhance consumer trust, and ensure reliable identification of legitimate financial calls.
In a decisive step to combat financial fraud and spam calls, the Telecom Regulatory Authority of India (TRAI) has announced phase-wise deadlines for the BFSI sector to migrate to the ‘1600’ numbering series. This directive applies to entities regulated by the RBI, SEBI, and PFRDA, covering banks, NBFCs, mutual funds, and insurance firms.
Notable Updates
• Commercial banks (public, private, and foreign) must complete adoption by January 1, 2026.
• Mutual funds and asset management companies (AMCs) regulated by SEBI are required to onboard by March 2026.
• Insurance firms and pension fund entities under PFRDA must comply by mid-2026.
Major Takeaways
• The ‘1600’ series will clearly distinguish legitimate financial calls from spam or fraudulent communications.
• The initiative is designed to boost consumer confidence and reduce impersonation-based scams.
• Government bodies may also adopt the series to ensure authenticity in official communications.
This regulatory push underscores TRAI’s commitment to safeguarding consumers in an era of rising digital fraud. By standardizing BFSI communication under the ‘1600’ series, the telecom watchdog aims to create a trusted ecosystem for financial interactions.
Sources: Deccan Chronicle, Business Standard