The Reserve Bank of India has today placed on its website the Draft Circular on “Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions”, for feedback. Suggestions/comments, if any, on the Draft Circular may be sent by post to the Chief General Manager, Department of Banking Regulation, Reserve Bank of India, Central Office, 12th Floor, Shahid Bhagat Singh Marg, Mumbai-400 001, or Please click here to send email on or before August 31, 2016.
The highlights of the draft circular are:
1) Where customer’s own involvement is established, customer will be liable.
2) Customer will not be liable:
3) Where customer’s own involvement is not clearly established, customer liability will be limited to a maximum of ₹ 5000/- if he reports within 4 to 7 working days.
4) If customer reports beyond 7 working days, customer liability will be determined based on bank’s Board approved policy.
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