It’s a good move by the RBI to have asked all the banks to improve security over phone banking. It’s a general concern for most when we just have to give the account number or just the sixteen digit pin number for authentication. There must be more security especially for transactions like bill payment, balance enquiry etc. We observe that with the modern techniques many people do not go for the traditional banking ways.
With the new system the customer would now need to key in an additional password to go through the IVR. This will effectively put a check to the identity frauds that have become very common for banking through phones.

