INSUBCONTINENT EXCLUSIVE:
Atmadip Ray Ashwin ManikandanMUMBAI: With digital transactions gaining currency, the Reserve Bank of India (RBI) has announced
customer-protection measures to promote and improve confidence in the channel that would help New Delhi achieve its objective of nudging the
digital transactions, and a grievance redressal mechanism for such modes of payment
This is an extension of its previous direction where the RBI sought to protect customers for frauds in online and credit-card
transactions.
The ambit of customer protection against frauds has now been extended, with the benefit of limiting customer liability now
applying to unauthorised electronic transactions involving prepaid payment instruments
notify the bank within three working days of the fraud
RBI had capped the customer liability at Rs 25,000 if they reported unauthorised transactions within seven working days
The central bank has also unveiled an ombudsman scheme for digital transactions as a customer-protection initiative
mobile banking transactions worth about Rs 21.3 lakh crore took place in the banking system, according to the latest RBI data.
