RBI limits Customer liability in Online Banking Services

Posted on:07 Jul 2017 14:37:28
RBI limits Customer liability in Online Banking Services
07 July 2017 Current Affairs: Reserve Bank Of India (RBI) issued directions on ‘Customer Protection – Limiting Liability of Customers in unauthorized Electronic Banking Transactions’.

If the customers report to the banks regarding the loss they suffer through online banking transactions within three days, then the amount involved will be credited to their accounts within a time period of 10 days.

The banks should ask its customers to mandatorily register for SMS alerts and e-mail for email alerts for electronic banking transactions.

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