Kumari Palany & Co

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Inform your bank about unauthorized transactions within 3 days

Posted on: 07/Jul/2017 12:58:44 PM
According to an RBI statement made on Thursday, customers will completely bear with the loss caused due to negligence by customer by sharing their payment credentials resulting in misuse of mobile banking or internet banking services.
When the loss is caused due to negligence of customer by sharing their confidential payment details, the entire loss caused will fall on the customer until he complains about such unauthorized transaction to the bank. When the loss takes place after reporting to the bank, such losses will be borne by the bank itself.
The customer will have zero liability of a customer when the breach lies neither with the customer nor anyone else with the system.
The customer is however bound to notify the customer within 3 working days of getting the banks communication about such unauthorized transactions. In case of unauthorized transactions due to contributory fraud or negligence or deficiency, the customer will be entitled to zero liability, says RBI.
25,000 is the maximum liability of a customer in case of unauthorized e-transactions caused neither by the bank nor customer, but there is a flaw in the system and when there is about 4 to 7 days delay in reporting.