RBI's steps on frauds will help customers

By limiting the liability, RBI is trying to enhance customer confidence in digital transactions

‘Guilty until proven innocent’ — this was the situation that bank customers found themselves in when they reported any fraud. The Reserve Bank of India (RBI), in its latest circular, seems to changing the rules to ‘Innocent until proven guilty’. And, this is a good news for customers.

“The RBI’s latest provisions favour customers. Earlier, if your card was used somewhere; you had to prove you didn’t use it. Now, the onus is on the bank to prove that you used it,” says Navin Chandani, chief business development officer, Bankbazaar.com. 

The growing number of customer complaints regarding unauthorised debits from their accounts