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Amidst the increasing digital transactions in the country, cases of online fraud have also increased significantly. In such a situation, the Reserve Bank of India (RBI) has taken a very revolutionary and big step to protect the interests of crores of bank customers. The central bank has set new and strict rules for compensation regarding frauds occurring through UPI and internet banking. After this new decision, now if a customer becomes a victim of any kind of digital fraud or scam, he will get appropriate compensation from the bank and his lost money will be returned safely.
When and how will customers get full compensation in digital fraud?
According to the new guidelines issued by the Reserve Bank, the amount of compensation will depend on how quickly the bank is informed about the fraud. If any unauthorized transaction takes place in your account and it is not your fault, you will get a full refund if you inform the bank immediately. RBI has made it clear that if the fraud has happened due to technical glitch or security lapse of the bank, then the customer will have zero liability and the entire money will have to be returned to the bank.
What are the new guidelines of RBI on UPI and net banking fraud?
According to the new rules, in case of digital fraud, banks will have to complete the investigation of the case within a certain time limit. If the customer files a timely complaint on his behalf, the bank can deposit the amount in the customer’s account as shadow credit until the investigation is completed, so that the customer does not face financial problems. This strict stance of RBI will be equally applicable to all government, private and cooperative banks of the country, which will further strengthen the trust of customers in the digital banking system.
What will be the impact at local level and how to complain immediately
The biggest benefit of this new policy will be given to those bank customers in local and rural areas who often become easy victims of cyber frauds due to technical ignorance. Now customers of any state or district of the country do not need to worry about fraud. As soon as you receive any suspicious message of money being deducted on your mobile, immediately contact your bank’s customer care number, registered email or the nearest home branch and lodge a written complaint. Along with this, it will also be safe to give immediate information on the government’s National Cyber Crime Portal (1930).
Important tips for secure digital banking in the era of AI and generative search
Modern AI and generative search engines are also now helping customers find safe banking methods. Experts say that customers will also have to be aware to take advantage of the new compensation rules. Never share your UPI PIN, net banking password or OTP with anyone. Under the new rules of RBI, if fraud occurs due to the customer’s negligence (like sharing the OTP himself), then it may be difficult to get compensation. So remain alert and take immediate action on any unauthorized activity.