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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 contributing the rest. Sole proprietors are now covered, and cross-border frauds are included. Reporting within five days to the cybercrime portal and bank is crucial for eligibility.
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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…
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thehindubusinessline.com
RBI enhances customer protection for electronic banking transactions
RBI mandates banks to enhance customer protection in electronic banking with compensation, SMS alerts, and 24/7 fraud reporting access.
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timesofindia.indiatimes.com
E-fraud victims to get 85% of loss or Rs 25k as compensation
MUMBAI: Come Jan 2027, first-time victims of online frauds can receive compensation that is lower of either Rs 25,000 or 85% of the loss amount through a state-backed…
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thehindu.com
RBI’s digital scam compensation pilot | Explained
RBI introduces a pilot scheme offering one-time compensation for victims of digital scams, effective January 1, 2027.