Re­port on­line fraud in three days: RBI

India Business Journal - - NEWS ROUND-UP -

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.

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