Reserve Bank will soon come out with final guidelines on customer protection which would limit customers liability in case of unauthorised electronic banking transactions, it’s deputy governor S S Mundra today said. Last year in August, RBI had issued draft circular on limiting liability of customers in case on fraudulent banking transactions, resulting in debits to their accounts or cards. RBI had asked comments and suggestions on the same. “Based on the feedback received from the concerned stakeholders, final guidelines (on limiting liability of customers) are expected to be issued shortly,” Mundra said at a event here.
Mundra said technology is being increasingly used in delivery of banking services in recent years but it has brought in associated risk of security as is evident in few high profile cyber incidents, thefts of personal information, fraudulent use of ATMs, net banking frauds and cases of unauthorised access to banks servers. “With greater thrust on digital banking, especially in the wake of demonetisation and consequent increase in complaints relating to the unauthorised or fraudulent transactions, a need for having a comprehensive policy to limit the liability of customers cannot be overemphasised,” the deputy governor said.
via Norms to protect customer in fraudulent transaction soon: RBI – The Financial Express
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