ICICI Bank launches SmartLock for iMobile Pay

As per the information detailed in the press release, customers can leverage this feature to deactivate a particular banking service for a period of time, as well as to protect their accounts in case of fraudulent transactions or activities. In addition, SmartLock enables scheduled standing instructions (SI) and e-mandates to go through, even if a banking service is locked by the user. According to ICICI Bank’s officials, by launching SmartLock, the bank aims to solidify the safety and security of the customer’s accounts and safeguard their interests. Through this feature, ICICI Bank is set to offer customers the convenience of improved security for banking services in one place.

Furthermore, before the current news, ICICI Bank announced its decision to ask non-bank customers for ID proof for them to exchange IRN 2,000 banknotes. As detailed by the bank at that time, individuals who did not have an account were set to be asked to provide ID proof to have the ability to exchange the INR 2,000 notes. Also, the bank intended to require them to offer a form for note exchange as it had the submit the transaction details and information to the Reserve Bank of India (RBI) after the procedure was completed.