RBI announces draft compensation scheme: 85% up to ₹25,000
RBI just announced a scheme to help people who lose money in small-value digital banking scams.
If the draft rules are finalized and notified, they would apply to transactions starting July 1, 2026.
If you fall victim to unauthorized transfers, phishing, or coerced payments (and report it within five days), you could get back 85% of your net loss (after any recoveries), up to ₹25,000.
Report fraud to claim compensation
Report the fraud quickly through the National Cyber Crime Portal or helpline 1930 and your bank to be eligible.
If the scam happened because of a bank's mistake, you won't pay anything: the bank covers it all and must reverse the transaction fast.
Even if you slipped up (like sharing an OTP), you might still get compensation if RBI's conditions are met.
Banks have 30 days to decide liability and must pay valid claims within five days.