Echoing warning messages from other financial institutions, Reserve Bank of India Governor Raghuram Rajan on Monday cautioned against fictitious e - mails in his or the RBI's name, demanding money, and asked the public not to fall victim to such frauds.
"Let me emphasise that Reserve Bank never sends out e - mails asking for payments. We have about $360 billion worth of foreign exchange reserves and we also have about Rs. 8 lakh crore of government bonds. We really don't need your money, " Rajan said here at the launch of the Unified Payments Interface (UPI) system, which will permit users to perform instant push and pull transactions.
"So, if you get an e - mail from me saying you won a competition or a lottery and I am going to send you Rs. 50 lakh but please send Rs. 20, 000 as transaction cost, just junk that e - mail. We do not send out money and we don't also ask for your money, " he added.
Rajan was referring to instances of people getting fake e - mails in the name of the RBI or its governor, promising high returns, or of winning lotteries. The fraudsters initially ask potential victims to deposit an amount in a specified bank account as processing or transaction fees.
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