RBI proposes 1-time compensation for digital payment fraud victims
The RBI released draft guidelines: if you're hit by a small digital payment scam, you could get back up to 85% of your loss under the proposed scheme, a split coverage, with part provided by the central bank and part by banks, capped at ₹25,000 (with the proposal indicating the compensation would be available only once per customer).
Announced by Governor Sanjay Malhotra, this move is all about making people feel safer using digital payments as online frauds keep rising.
Proposed plan aims to boost user confidence in online payments
It's a one-time compensation per person, designed to help regular users without letting the system get abused.
The RBI is also looking at extra protections for seniors and better ways to handle scams quickly.
If you use UPI or other online banking tools, this plan could mean more peace of mind every time you pay online.