New Delhi: The Reserve Bank of India (RBI) has proposed a significant relief for digital banking users by introducing a compensation framework for small-value fraud cases.
Under this proposal, customers can be compensated up to Rs 25,000 for losses suffered in fraudulent
transactions.
It was among a set of measures announced by RBI governor Sanjay Malhotra on the concluding day of RBI’s monetary policy meet (MPC).
The MPC, which voted unanimously to keep the policy repo rate unchanged at 5.25 per cent, unveiled a broad set of regulatory and policy measures to strengthen customer protection, advance financial inclusion, and reduce compliance burdens for banks, non-banking financial companies (NBFCs), and urban co-operative banks (UCBs).
To improve customer safety, RBI will issue three draft guidelines covering mis-selling of financial products, loan recovery practices, and customer liability in unauthorised electronic transactions.