The credit for this proposal goes to Damodaran committee which has proposed that now one can instantly block the ATM card through SMS and it will prevent the misuse of the lost card.
This implementation is going to help those people who currently are required to call up the bank in case of card loss. The modus operandi is that If an ATM card has been misused by another person, on receipt of SMS about use of the card, the customer should be able to immediately send return SMS to block the card with a single word like 'BLOCK' to prevent further withdrawals.
It is observed that considerable time is lost in locating the numbers of accounts, phone numbers etc., which gives the fraudsters more time to commit fraud.
Thus now you will not be required to remember all those phone numbers and atm card numbers which were required for blocking of the card in case of a loss.
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