Several Founders, Co-Founders, CXO Bankers, CXO Fintech professionals & people who participated in the ePanel discussions:

  • Mr. Rakesh Shetty, Product Head Micro Loans, Fortune Credit Capital Ltd
  • Mr. Narayanan S, General Manager Business Solutions, Associate Director, Principal Consultant, Cognizant
  • Mr. Amitabh Rai, Deputy General Manager, Punjab National Bank
  • Mr. Aijou George Mathew, Chief Manager,South Indian Bank
  • Mr. Sivakumar Krishnan, CTO, Rural Mandi Fintech Pvt Ltd
  • Mr. Rahul Dayal, Head- Information Technology, Aditya Birla Sun Life Mutual Fund
  • Mr. Rakesh Watal, Head Liability Operations Western Region, HDFC Bank
  • Mr. Tarun Agarwal, Advisor – Financial Services (Digital Payments, Inclusion, Business Scale & StartUps)
  • Mr. Vikas R Panditrao, Investor, start-ups
  • Many other CEO/CXO Bankers & Fintech professionals on FIAKS Forum requested to remain

OTPs, passwords, digital frauds, phishing, cybersecurity, etc have been the talk of the town since the pandemic paced up the speed of digitalization. Here’s another concern that revolves around this.

Incoming SMS/OTP are so well designed by Income Tax Authorities. Why are other regulatory authorities not following the same while sending OTP SMS? For instance, let’s take the case of UIDAI

A] Given below is an SMS from UIDAI that is so confusing;


“OTP for Aadhaar (XXXxxx) is 234674 (valid for 10 mins). To enhance security, Lock/Unlock your biometrics using mAadhaar/SMS Service/Visit”

How will customers know the above SMS is for what? OTP can be for cash withdrawal or account opening etc.

B] Now look at this well-designed SMS from Income Tax


“Dear ABC,

ITR:1 of 2021 for XXSSS0006X has been successfully e-Verified. e-Filing, Income Tax Department”

They are using pan number (ie XXSSS0006X) & the name of the customer (ie ABC) & the message has a proper header (TM-ITDCPC). All this is assuring the customer of the genuineness of the message. Why are other regulatory authorities struggling?

Possibly multiple entities/type of transactions makes it difficult to show a specific purpose in the SMS. Pan is specific to the tax filing alone hence easier to show well-drafted SMS.

Well, both the above scenarios cannot be compared; let’s gather out why? Register and read more

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