Lost money in online banking fraud? You might get refund
Digital scams are on the rise, so the Reserve Bank of India (RBI) is stepping in with a new plan: if you lose money in a small online banking fraud, you could get compensation equal to the lower of 85% of the net loss or ₹25,000, for cases where the gross loss is up to ₹50,000.
RBI Governor Sanjay Malhotra announced this move on Friday, aiming to give regular users some peace of mind.
Eligibility criteria for compensation
You may be eligible if the fraud was unintentional (including inadvertent OTP sharing), you report it promptly (within the required reporting window) and the loss is verified as genuine; compensation is available only once per account holder.
Around two-thirds of digital frauds are under ₹50,000, so the proposal targets the majority of cases.
The proposal aims for faster relief in clear-cut cases, while more complex incidents would be subject to investigation before any payout.
New rules and security measures
RBI isn't stopping at refunds. They're rolling out new rules to limit how much customers lose in unauthorized transactions and make loan recovery fairer.
Plus, they're planning more security measures, like extra authentication for seniors, to keep everyone safer online.
Cyber fraud losses reached ₹22,846 crore
Cyber fraud losses hit a massive ₹22,846 crore.
With these changes, RBI hopes people feel more secure using digital banking, but also reminds everyone to stay alert and protect their info.