RBI’s decision! People who are victims of digital fraud will get compensation up to Rs 25,000.

If you too have lost your hard earned money by getting trapped in online fraud, then RBI has now decided to provide relief to you people. The Reserve Bank of India has decided to expand the scope of rules related to digital fraud. If someone has got you transferred money by threatening you, then RBI has now started a system of compensation for the victims of low-cost digital fraud.

You can claim only once in your life

According to the Economic Times, under the amended rules, people who suffer losses up to Rs 50,000 due to fraudulent electronic banking transactions can get compensation up to 85 percent of their total loss. This compensation can be up to a maximum of Rs 25,000 and a person can claim it only once in his lifetime.

Money will be available in these cases also

reserve Bank of India Said that the changed instructions will come into effect from January 1, 2027. These new rules also include such cases in which someone has fraudulently made a transaction by stealing your password or OTP. Apart from this, such cases will also be included in which the victims give approval to the transaction under pressure or force.

Investigation will have to be done in 45 to 60 days

Under the new framework, banks will have to investigate complaints within 45 calendar days in cases of fraudulent electronic banking transactions domestically and within 60 calendar days in cross-border cases. If it takes more time than these deadlines, banks will have to explain the reason to the customers.

In case of fraudulent credit card transactions, banks will have to provide shadow reversal equal to the disputed amount within five calendar days of receiving the information from the customer. Additionally, RBI has also maintained the requirement for banks to send immediate SMS alerts for electronic transactions above Rs 500. RBI says that for those who do not have smartphone or internet facility, SMS is the only electronic means of communication.

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