RBI orders to banks to pay for the fake transactions to customers

Ayupp

New Delhi: Reserve Bank of India has given great relief to customers regarding unauthorized transactions. As per the recent RBI noticfication, it has ordered banks that there should not be any loss to customers when there is unauthorized electronic transaction. RBI has said in its order that if any person becomes victim of any unauthorized transaction and within three days the customer gives information to the bank, then there should be no loss of any kind to the customer. At the same time, the RBI has asked the banks to credit the full amount of the transaction within 10 days, to the customer’s accounts.

At the same time, the Reserve Bank has said that if the customer gives the information to the bank within 4 to 7 days of the fraud, then he will have to bear the burden of up to Rs 25,000.

With this, the RBI has said that if the customer does not give the information of the fraud done to the bank, and the loss will be to the customer himself, he will responsible for the loss due to the loss of the account password or due to any other reasons.

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