RBI introduces new rules to make online transactions safer

The Reserve Bank of India (RBI) has introduced new rules to make online banking transactions safer and protect customers from fraud or illegal online transactions.

As per the new rules, customers will not suffer any loss if online banking transactions are made without their approval, only if the customers report the issue to the bank officials within three days. The bank officials will credit the amount involved within 10 days in the customers’ accounts.

In case the fraud transactions are reported with a delay of four to seven working days, the customer will have to pay up to Rs 25,000.

However, in cases where the loss is due to carelessness by the bank account holder such as not keeping the online banking login and password details safe, the customer will be responsible for the entire loss until the illegal transaction is reported to the bank.

The RBI has made clear that any loss occurred after reporting of the fraud online banking transaction will be paid by the bank.

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