The Reserve Bank of India (RBI) announced several measures for customer security. Recently, complaints of digital fraud have increased. Many bank customers are falling into the trap of digital fraud. In this situation, RBI Governor Sanjay Malhotra has assured compensation arrangements for defrauded customers. On February 6, Friday, after the RBI's Monetary Policy meeting, he announced that in cases of small-scale digital fraud, bank customers can receive compensation up to ₹25,000.
RBI Governor Sanjay Malhotra announced a series of plans for further improvement of banking infrastructure. Besides strengthening customer security further, there are plans to strengthen urban cooperative banks and make the business scope of NBFCs easier.
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What is RBI thinking for customer convenience?
Guidelines will be introduced to stop the sale of products or services through misleading practices
Guidelines on debt recovery matters and how recovery agents will work in that capacity
Guidelines will be made to reduce the burden of responsibility on customers for any fraud in online banking transactions. A framework will be created so that if any customer becomes a victim of small-scale digital fraud, they can receive compensation up to ₹25,000.
