Report online fraud in three days: RBI
Customers will not suffer any loss if unauthorised online banking transactions are reported within three days. The amount involved will be credited in the accounts concerned within 10 days, the RBI has said. 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.