Good News, If you are a victim of online fraud. you can get your money back.

The Reserve Bank Of India has come up with new guidelines, according to them if a customer notifies the bank about any unauthorized/fraudulent transaction within a specific time period then the bank has to recover entire loss.

RBI has taken forward the guidelines on customer liability in case of online fraudulent transactions because In recent time there is a big increase in unsanctioned electronic transactions. So RBI entails a more specific guideline to protect customers from potential cases of fraud or misuse.

Onus on Bank
Kalpesh J. Mehta, Partner, Deloitte Haskins and Sells says that the new guidelines will build trust among bank customers", because from now on wards its bank duty to check or prove whether its a customer fault that he is not careful enough while using online banking facilities or whether he is a victim of fraudulent transaction. While earlier, the onus was on the customer to prove that he or she has not shared his bank details with anyone else. earlier the bank procedures takes a long time to pay the money to the customer as there were no clear guideline or specif time period given for refunds, but now with the help of these guidelines a trust will be created between banks and customer.