28,269 complaints of unauthorised banking transactions in last 15 months
Banks have received a total of 28,269 complaints pertaining to unauthorised transactions, debit in account without use or details of the card and use of stolen or cloned cards.
As per RBI, these complaints have been received under the erstwhile Banking Ombudsman Scheme, 2006 and Reserve Bank-Integrated Ombudsman Scheme, during the period from April 1, 2021 to June 30, 2022, of which, it has disposed of 26,930 complaints.
A Parliament reply on Tuesday said that to help the customers recover loss sustained on account of fraudulent transactions, RBI has issued instructions on limiting the liability of customers in cases of unauthorised electronic banking transactions.
In cases where the deficiency lies neither with the bank nor with the customer but elsewhere in the system, the liability of a customer is zero, if she or he informs the bank regarding an unauthorised electronic transaction within three working days of receiving information in respect of the transaction from the bank, said the reply.
Liability of the customer ranges from Rs 5,000 to Rs 25,000, if reported within 4-7 working days, and if reported beyond seven working days, it shall be determined as per the bank's Board approved policy. Further, in cases where the loss is due to the negligence by a customer, any loss occurring after the reporting of the unauthorised transaction shall be borne by the bank, the reply said.
Banks have also been advised by the Reserve Bank of India (RBI) to ensure that any complaint is resolved and liability of the customer, if any, is established within a period not exceeding 90 days or as may be specified in the bank's Board approved policy, whichever is lower. Also, the burden of proving customer liability in case of an unauthorised electronic banking transaction has now been migrated on to the bank.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
2 weeks ago
Interesting to see what RBI says, based on the report of IANS.
To me, it appears, RBI simply does surface riding, it only pays lip service to customer protection - in reality based on my personal ongoing interaction with RBI, THE ACTION TAKEN IS ZERO TO SAFE GUARD CUSTOMER INTEREST AND TO GET HIM JUSTICE IN THE EVENT HE REPORTS AN UNAUTHORIZED TRANSACTION, MORE SO WHEN IT IS AMPLY PROVED BY THE COMPLAINANT THAT MONEY HAS GONE TO THE BANK ITSELF.
Is RBI scared to act against the big Banks even when these Banks submit lies and half-thruths to RBI itself just to safe guard its own skin?
Would love to see any responsible RBI functionary raising his hand to answer me.
Anyone, please?
Who’s Who and Who’s Sued: Celebrities Fight Back against Fake Endorsements
TruthInAdvertising.org 26 July 2022
Thanks to lucrative endorsement deals, consumers see celebrities shill products all the time. But sometimes, the endorsement is fake and the celebrity has nothing to do with the product they purportedly endorsed. Some celebrities...
LPG: 2.11 Crore Customers Did Not Buy a Single Refill in FY22, Says Govt
Moneylife Digital Team 25 July 2022
Out of India's total number of liquified petroleum gas (LPG) customers of 309.5mn (million), more than 21.1mn did not buy a single refill during the fiscal year (FY) 2022, the Union government informed the Rajya Sabha. 
Policybazaar Admits Cyber Security Breach, Says Customer Data Safe
IANS 25 July 2022
Leading insure-tech platform Policybazaar has admitted it was hit by a cyber security incident last week but no significant customer data was exposed.
In a stock exchange filing, the platform, which sells several insurable...
Fraud Alert: Insurance Maturity Bonus; Pay by QR Code Scam
Yogesh Sapkale, 22 July 2022
The rapid spread of the internet and technological advances have forced everyone to adopt digital ways of life. While this has made life easy for people, those who have failed to acquire the skill to navigate the digital world...
Free Helpline
Legal Credit