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RBI expands digital fraud protection, introduces compensation for small-value scam victims
The RBI has expanded customer protection rules for digital payment frauds to cover cases where people are tricked into sending money to scammers and introduced a compensation mechanism for small-value frauds. Eligible victims can receive up to 85% of their losses, subject to a cap of ₹25,000. The rules take effect from January 1, 2027.
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economictimes.indiatimes.com
RBI expands digital fraud protection, introduces compensation for small-value scam victims
The RBI has expanded customer protection rules for digital payment frauds to cover cases where people are tricked into sending money to scammers and introduced a compensation…
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RBI finalises digital banking fraud protection rules; introduces shadow reversal, extends relief to sole proprietors
Victims of digital payment fraud losing up to Rs 50,000 can now get up to Rs 25,000 compensation from banks, effective January 1, 2027. The RBI will fund 65% of this, with banks…
