RBI issues Customer protection Guidelines

Mumbai, July 7: some important instructions have been released yesterday. The Reserve Bank of India has given guidelines that customers must follow.The precautions customers must follow are

* People must report to the concerned bank within 3 days of any unauthorized electronic banking
transactions take place so that they don't suffer.

* Money will be credited to their bank account within 10-days after the complaint is received.

* A customer will face a liability of up to Rs 25,000 in the case of a third party fraud is reported and money will be deposited within four to seven working days.

* People will lose the entire amount if they have acted negligently such as sharing of payment credentials and not reporting it to the bank.

* The bank will bear the loss after reporting of the unauthorized transaction takes place and if money is not refunded within stipulated time.

* A customer will have "zero liability " in the case of third party breach where the deficiency lies "neither with the bank nor with the customer but lies elsewhere in the system".

RBI has said that they have issued revised guidelines for customers protection because of increase in complaints of the unauthorized transaction.

Finally, customers are relieved because they have got clarity how to deal with money fraud that takes place online.