Now, RBI wants you to report banking fraud within 3 days to avoid losses

RBI

Revised directions are being issued amidst surge in customer grievances, says RBI

LATEST NEWS : Customers will not suffer any loss if unauthorised electronic banking transactions are reported within three days and the amount involved will be credited in the accounts concerned within 10-days, the Reserve Bank said on Thursday.

In case the third party fraud is reported with a delay of four to seven working days, a customer will face liability of up to Rs 25,000.
However, in cases where the loss is due to negligence by the account holder (such as sharing of payment credentials), the customer will bear the entire loss until the unauthorised transaction is reported to the bank.

Any loss occurring after reporting of the unauthorised transaction will be borne by the bank, RBI said while issuing revised directions on 'Customer Protection - Limiting Liability of Customers in Unauthorised Electronic Banking Transactions'.

RBI said the revised directions are being issued amidst recent surge in customer grievances relating to unauthorised transactions resulting in debits to their accounts/cards.
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