WHO WILL BEAR THE LOSS?
With government’s push on journey towards a cashless economy, the number of electronic banking transactions has seen an increase and so are the fraudulent transactions.
Who will bear the loss?
You need not bear any loss if the deficiency is on the part of the bank and in cases where the fault lies neither with the bank nor with yourself but lies elsewhere in the system if you notify the bank within three working days of receiving the communication from the bank about the unauthorised transaction - you shall be entitled with ZERO liability
If you notify the bank in between 4-7 working days of receiving the communication from the bank about the unauthorised transaction, your liability shall be limited to the transaction value- the maximum liability ranges from Rs 5,000 to Rs 25,000, depending on the type of account/instrument.
If the unauthorised transaction is reported beyond seven working days , the liability shall be determined as per the bank’s Board-approved policy.
If the negligence is on your side, where you have shared the payment credentials by mistake, you will bear the entire loss until you have reported the authorised transaction to the bank. Any loss occurring after the reporting, shall be borne by the bank
If your bank doesn’t cooperate with you on the unauthorized online banking transaction frauds faced by you, you can go to this link and place a complaint with RBI – https://cms.rbi.org.in
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