SBI says small data breach, funds safe, RBI rules imminent
SBI recently faced a data breach, but the bank says only a "very very small number" of customers were affected, and everyone's money is safe.
Still, it's a good reminder to know what happens if someone makes an unauthorized transaction from your account, especially with new RBI rules kicking in soon.
Five day reporting, banks prove fault
Right now, customers can have zero liability if the loss results from the bank's negligence. They can also qualify for zero liability when a third-party breach is reported within 3 working days.
Starting January 1, 2027, you'll get 5 calendar days to report fraud, and banks will have to prove if it was your fault before holding you liable, even for scams involving stolen credentials or pressure tactics.
If something seems off with your account, just reach out to SBI through customer service or its app right away.