New RBI proposals aim to protect bank customers from fraudulent electronic transactions, potentially offering compensation up to ₹50,000 even in cases of customer negligence. The draft regulations propose reimbursement of 85% of the net loss or ₹25,000, whichever is lower, with a lifetime benefit limit. Banks will bear the burden of proof for customer liability in fraud cases.
​New RBI proposals aim to protect bank customers from fraudulent electronic transactions, potentially offering compensation up to ₹50,000 even in cases of customer negligence. The draft regulations propose reimbursement of 85% of the net loss or ₹25,000, whichever is lower, with a lifetime benefit limit. Banks will bear the burden of proof for customer liability in fraud cases. by Soban News (international And National News)
