TFIPOST हिन्दी
TFIPOST Global
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Explosives Seized in Jaipur Amid Heightened India-Pak Tensions

    Explosives Seized in Jaipur Amid Heightened India-Pak Tensions; Probe Hints at Terror Conspiracy

    What Did India Achieve with ‘Operation Sindoor’? Understand in 9 Key Points

    What Did India Achieve with ‘Operation Sindoor’? Understand in 9 Key Points

    Made in China, Destroyed by India: How Operation Sindoor Crushed China-Pakistan’s War Gamble

    Made in China, Destroyed by India: How Operation Sindoor Crushed China-Pakistan’s War Gamble

    India, Pakistan Military Commanders (DGMO) to Hold Key Talks Post-Ceasefire Understanding

    India, Pakistan Military Commanders (DGMO) to Hold Key Talks Post-Ceasefire Understanding

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    Designing For Impact: Create Exceptional Small Businesses Marketing Materials

    Designing For Impact: Create Exceptional Small Businesses Marketing Materials

    Things You Need to Consider Before Choosing an L&T Finance Two-wheeler Loan

    Things You Need to Consider Before Choosing an L&T Finance Two-wheeler Loan

    Crypto Trading Signals Explained: A Comprehensive Guide

    Crypto Trading Signals Explained: A Comprehensive Guide

    Crypto Arbitrage Trading

    Crypto Arbitrage Trading

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Made in China, Destroyed by India: How Operation Sindoor Crushed China-Pakistan’s War Gamble

    Made in China, Destroyed by India: How Operation Sindoor Crushed China-Pakistan’s War Gamble

    India, Pakistan Military Commanders (DGMO) to Hold Key Talks Post-Ceasefire Understanding

    India, Pakistan Military Commanders (DGMO) to Hold Key Talks Post-Ceasefire Understanding

    The Demand of ‘de-escalation’ Is a Shield for Terror, Not a Call for Peace

    The Demand of ‘de-escalation’ Is a Shield for Terror, Not a Call for Peace

    Operation Sindoor

    How Operation Sindoor became a Grand Success: Over 100 Terrorists Eliminated in 25-Minute Blitz

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Operation Sindoor still on: India neutralises Pakistan’s Chinese-made HQ9 Air Defence System in Lahore

    Operation Sindoor still on: India neutralises Pakistan’s Chinese-made HQ9 Air Defence System in Lahore

    UNSC

    UNSC Rejects Pakistan’s Anti-India Narrative, Demands Accountability for Pahalgam Terror Attack

    Credit: ANI

    India Japan Defence Meet: Pahalgam Attack Sparks Renewed Solidarity

    Khalistanis take out Anti-Hindu rally in Canada

    Canada: Khalistani extremist parade PM Modi, HM Amit Shah, Jaishakar’s effigies in mock jail; calls for deportation of 8 lakh Hindus

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    How to Decide Between Amity and Manipal for Your Online MBA Journey

    How to Decide Between Amity and Manipal for Your Online MBA Journey

    Mughals, Delhi Sultans Out, Fresh Chapters on Indian Rulers, Mahakumbh Introduced: NCERT revises Class 7 books

    Mughals, Delhi Sultans Out, Fresh Chapters on Indian Rulers, Mahakumbh Introduced: NCERT revises Class 7 books

    Role of Consultants to Study in Ireland: How to Choose the Right One?

    Role of Consultants to Study in Ireland: How to Choose the Right One?

    The Complete Guide to Education Loan Interest Rates in 2025

    The Complete Guide to Education Loan Interest Rates in 2025

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    The Best Foods to Increase Your Libido and Enhance Your Life

    The Best Foods to Increase Your Libido and Enhance Your Life

    FIFA World Cup 2025: Which Teams Have the Best Shot at Glory?

    FIFA World Cup 2025: Which Teams Have the Best Shot at Glory?

    Download MCW App in Bangladesh and Start Winning

    Download MCW App in Bangladesh and Start Winning

    How Does Sports Betting Work in India?

    How Does Sports Betting Work in India?

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Explosives Seized in Jaipur Amid Heightened India-Pak Tensions

    Explosives Seized in Jaipur Amid Heightened India-Pak Tensions; Probe Hints at Terror Conspiracy

    What Did India Achieve with ‘Operation Sindoor’? Understand in 9 Key Points

    What Did India Achieve with ‘Operation Sindoor’? Understand in 9 Key Points

    Made in China, Destroyed by India: How Operation Sindoor Crushed China-Pakistan’s War Gamble

    Made in China, Destroyed by India: How Operation Sindoor Crushed China-Pakistan’s War Gamble

    India, Pakistan Military Commanders (DGMO) to Hold Key Talks Post-Ceasefire Understanding

    India, Pakistan Military Commanders (DGMO) to Hold Key Talks Post-Ceasefire Understanding

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    Designing For Impact: Create Exceptional Small Businesses Marketing Materials

    Designing For Impact: Create Exceptional Small Businesses Marketing Materials

    Things You Need to Consider Before Choosing an L&T Finance Two-wheeler Loan

    Things You Need to Consider Before Choosing an L&T Finance Two-wheeler Loan

    Crypto Trading Signals Explained: A Comprehensive Guide

    Crypto Trading Signals Explained: A Comprehensive Guide

    Crypto Arbitrage Trading

    Crypto Arbitrage Trading

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Made in China, Destroyed by India: How Operation Sindoor Crushed China-Pakistan’s War Gamble

    Made in China, Destroyed by India: How Operation Sindoor Crushed China-Pakistan’s War Gamble

    India, Pakistan Military Commanders (DGMO) to Hold Key Talks Post-Ceasefire Understanding

    India, Pakistan Military Commanders (DGMO) to Hold Key Talks Post-Ceasefire Understanding

    The Demand of ‘de-escalation’ Is a Shield for Terror, Not a Call for Peace

    The Demand of ‘de-escalation’ Is a Shield for Terror, Not a Call for Peace

    Operation Sindoor

    How Operation Sindoor became a Grand Success: Over 100 Terrorists Eliminated in 25-Minute Blitz

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Operation Sindoor still on: India neutralises Pakistan’s Chinese-made HQ9 Air Defence System in Lahore

    Operation Sindoor still on: India neutralises Pakistan’s Chinese-made HQ9 Air Defence System in Lahore

    UNSC

    UNSC Rejects Pakistan’s Anti-India Narrative, Demands Accountability for Pahalgam Terror Attack

    Credit: ANI

    India Japan Defence Meet: Pahalgam Attack Sparks Renewed Solidarity

    Khalistanis take out Anti-Hindu rally in Canada

    Canada: Khalistani extremist parade PM Modi, HM Amit Shah, Jaishakar’s effigies in mock jail; calls for deportation of 8 lakh Hindus

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    How to Decide Between Amity and Manipal for Your Online MBA Journey

    How to Decide Between Amity and Manipal for Your Online MBA Journey

    Mughals, Delhi Sultans Out, Fresh Chapters on Indian Rulers, Mahakumbh Introduced: NCERT revises Class 7 books

    Mughals, Delhi Sultans Out, Fresh Chapters on Indian Rulers, Mahakumbh Introduced: NCERT revises Class 7 books

    Role of Consultants to Study in Ireland: How to Choose the Right One?

    Role of Consultants to Study in Ireland: How to Choose the Right One?

    The Complete Guide to Education Loan Interest Rates in 2025

    The Complete Guide to Education Loan Interest Rates in 2025

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    The Best Foods to Increase Your Libido and Enhance Your Life

    The Best Foods to Increase Your Libido and Enhance Your Life

    FIFA World Cup 2025: Which Teams Have the Best Shot at Glory?

    FIFA World Cup 2025: Which Teams Have the Best Shot at Glory?

    Download MCW App in Bangladesh and Start Winning

    Download MCW App in Bangladesh and Start Winning

    How Does Sports Betting Work in India?

    How Does Sports Betting Work in India?

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
  • Economy
  • Defense
  • Geopolitics
  • Knowledge
  • Law
  • Lounge

RBI fixes liability in case of fraudulent transaction from banks

Amit Agrahari by Amit Agrahari
30 August 2018
in Economy
fradulent transactions , banks
Share on FacebookShare on X

There was lot of ambiguity in who will bear the liability if a person’s bank account in hacked and money is withdrawn. Some banks had clear guidelines about this and some did not. Due to lack of regulation from central bank, the bank’s guidelines were obviously tilted in their favor. Finally, RBI has decided to come up with clear rules about who will borne the liability in case of unauthorized transaction in its 2017-18 annual report. As per the framework, the customer and bank both will be liable, depending on whose fault or negligence it is in the case of unauthorized transactions.

First thing in RBI guidelines is that it is mandatory to collect mobile numbers of all customers so SMS alerts could be made after every transaction. Now, if bank account is hacked and fraudulent transaction happens due to bank’s negligence then customer do not need to worry for anything because in this case his liability will be zero. All the loss must be borne by the bank. If the fraudulent transaction happens due to customer’s mistake then liabilities will be borne by him/her until s/he reports it to banks. The losses before reporting to bank will be customer’s liability. So, here RBI has set level playing field, if it is customer’s mistake then s/he will bear the liability and if fault’s is on bank’s side then same goes with them.

RelatedPosts

RBI Slashes Repo Rate to 6% — How It Will Impact Your EMIs, Loans: All you Need to Know

Digital India: 5G Services Rollout Nears Nationwide Coverage

Calculated and precise: Decoding RBI’s Monetary Policy Outlook

Load More

 Now, what if the account is hacked and fraudulent transaction had been made but it is neither the bank’s nor customer’s mistake. In this situation if the customer reports within three days of unauthorized transaction about which s/he will come to know about from SMS details, then her/his liability will be zero. But, if the customer delays in reporting and takes 4-7 working days then liability to be borne by her/her him could range from Rs 5,000 to Rs 25,000. This amount will depend on the type of account customer have. If the customer reports after more than seven working days her/his liability will depend on bank’s policy. RBI has also restricted the number of days in which banks could take to credit (shadow reversal) the amount of electronic transaction to 10 from the date of notification by the customer.

So, by and large, RBI has made liability of fraudulent transactions a level playing field for customer and banks. The cyber threat to electronic transactions has grown exponentially in last decade. With the rising electronic transactions, cyber frauds had also increased. Indian has witnessed explosive growth in ‘number’ and ‘value’ of transactions in post-demonetization period.  Accessibility to fast internet and launch of Unified Payments Interface (UPI) has brought digital transaction on the fingertips of people. the digital payment apps like Paytm, Googlepay, phonepe and most importantly the government’s platform BHIM has witnessed exponential rise in number of downloads and transactions. The Jan Dhan scheme which provided bank account and Rupay debit card to millions of unbanked people in the country prepared base for making digital transactions accessible poor and marginalized sections of the community. But lack of digital and financial literacy could be harmful to people using these facilities, so, preparing strict guidelines was necessary to make customers confident about digital transactions. Now, customers will be aware of what to do in case of a fraudulent transaction and could make optimal decisions. 

Tags: banksdigital indiaRBI
Share95TweetSend
Previous Post

In a twist of irony, SP leaders accuse CM Yogi of using ‘Unparliamentary language’ in UP assembly

Next Post

Shahid Kapoor to portray boxing hero Dingko Singh on screen

Related Posts

Designing For Impact: Create Exceptional Small Businesses Marketing Materials
Business

Designing For Impact: Create Exceptional Small Businesses Marketing Materials

4 May 2025

Marketing can make or break a startup or small business. As a small business owner, you may worry that...

Things You Need to Consider Before Choosing an L&T Finance Two-wheeler Loan
Finance

Things You Need to Consider Before Choosing an L&T Finance Two-wheeler Loan

30 April 2025

Choosing the right loan for your two-wheeler is crucial. With a variety of options available, it’s important to understand...

Crypto Trading Signals Explained: A Comprehensive Guide
Finance

Crypto Trading Signals Explained: A Comprehensive Guide

28 April 2025

Crypto trading signals have become a cornerstone for many traders navigating the volatile world of cryptocurrency. These signals provide...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Currently Playing

Pakistan needs money from IMF to feed their people

Pakistan needs money from IMF to feed their people

00:15:20

Vacate PoK and more: Steps Pakistan needs to take to avoid Indian military action

00:06:36

Taking The Wire’s Propaganda Piece on VP to the Cleaners – Feat. Prof. Kapil Kumar

00:09:19

Rahul Gandhi Undermines India’s Electoral Integrity as Trump Applauds It

00:07:09

Why Pakistan army chief reminds two nation theory| what is the plan| Waqf Bill |Asim Munir| Jinnah

00:13:02
Facebook Twitter Instagram Youtube
tfipostTfipost.com
Right Wing | News Analysis | Indian Opinion
  • About us
  • Careers
  • Brand Partnerships
  • Terms of use
  • Privacy Policy
  • Sitemap

©2025 TFI Media Private Limited

No Result
View All Result
  • Premium
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
TFIPOST हिन्दी
TFIPOST Global

©2025 TFI Media Private Limited