Make Indian auditors less of an oddity

Read more at:https://economictimes.indiatimes.com/opinion/et-editorial/only-chronology-mat-samajhiye/articleshow/131999863.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst https://economictimes.indiatimes.com/opinion/et-editorial/only-chronology-mat-samajhiye/articleshow/131999863.cms Synopsis India’s ambition for a globally competitive audit sector faces hurdles, with local firms struggling to match multinational rivals. While protectionist

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Customer Protection Norms–[1] RBI makes it mandatory to to send instant SMS alterts for all EBTs [ Electronic Banking Transactions ] exceeding 500/*-[2] Provide customers round the clock channels to report fraudulent transactions [3] Burden of proving customer liability in complaints involving fraudulent EBTs will rest with the Bank [4] Bonafide victim–could be an individual or a sole proprietor and has suffered a loss upto Rs.50000 due to fraudulent EBTs will be eligible for compensation of 85% of the net los or 25000/*-whichever is lower [5] such compensation will be once in a life time subject to certain specified conditions [6] Net loss will be calculated after deducting any recoveries made either before or after compensation–from the gross loss amount. [7] Banks will be required to establish a ” shadow reversal ” mechanism under which customers will receive temporary or provisional credit for the amount involved in a fraudulent EBT [8] Banks must also ensure that cusomters availing EBT facilities, other than ATM cash withdrawals , mandatorily provide their mobile number and wherever available email address which the bank must verify [9] Customers will be entitled to zero liabiity and reversal of the transaction in cases where fradulent EBT’s occur due negligence or deficiency on the part of the Bank, irrespective of whether the fraud is reported by the customer — Courtesy BL

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