Monday, September 19, 2016

Fraud cover for bank clients

The Reserve Bank of India (RBI) proposed that a customer should have zero liability in case of a
third-party fraud on the account or card, provided the customer notifies the bank within three working days of receiving the communication from the bank regarding an unauthorised transaction. In case of delay in reporting, the liability should be limited to not more than Rs 5,000, RBI said.

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