RBI fixes customer liability for unauthorized transactions
RBI
said there will be zero liability in the case of third-party breach where the
deficiency lies neither with the bank nor with the customer but lies elsewhere
in the system, and the customer notifies the bank within three working days of
receiving the communication from the bank regarding the unauthorised
transaction
According
to the RBI, the loss/ fraud reporting system should also ensure that immediate
response (including auto response) is sent to the customers acknowledging the
complaint along with the registered complaint number. “The communication
systems used by banks to send alerts and receive their responses thereto must
record the time and date of delivery of the message and receipt of customer’s response,
if any, to them,” it said.
RBI Notification on - Customer Protection – Limiting Liability of Customers in Unauthorized Electronic Banking Transactions dated 6th July 2017 (Link | https://rbi.org.in/Scripts/NotificationUser.aspx?Id=11040&Mode=0 )
Source | www.rbi.org.in
Regards
Pralhad
Jadhav
Senior Manager @
Knowledge Repository
Khaitan
& Co
Upcoming Lecture | ACTREC - BOSLA Annual lecture series (125th birth anniversary of father of library
science, Padmashree Dr. S. R. Ranganathan) on Saturday, 12th August 2017 at Advanced Centre for Treatment,
Research and Education in Cancer (ACTREC), Kharghar, Navi Mumbai. (Theme | 'MakerSpace')
No comments:
Post a Comment