RBI requires 24/7 online banking reporting and ₹500 SMS alerts
The Reserve Bank of India (RBI) is stepping up its game against online banking fraud.
Banks must offer 24/7 ways to report suspicious transactions: think phone, SMS, and toll-free helplines.
Plus, you'll get instant SMS alerts for any transaction over ₹500, so you can spot anything fishy right away.
Banks must reverify mobile and email
Banks now have to double-check your mobile number and email when you sign up and every so often after that.
If you're hit by small-value fraud, you can claim up to ₹25,000 in compensation.
And if you report a scam within five days (especially if it's the bank's fault or a third-party breach), you won't be held liable for the loss.
RBI is also rolling out a "shadow reversal" feature: if money goes missing during an investigation, you'll get temporary credit without extra charges until things are sorted out.