Reserve Bank of India (RBI) has published new rules that apply to all cards (Debit/Credit/Prepaid), Net-banking, e-Wallets/Payment Bank Account, fund transfer Transaction.

Previously, banks used to make customer answerable for all the transaction carried out (Genuine or Fraudulent) until the customer doesn’t report the loss of card/fraudulent transaction.

As per the new rules, the customer won’t be answerable for the same. This is a blessing for customers, as they will feel more secure and protected.

A brief of new rules is mentioned below:

• Customer must be notified for every transaction via SMS and also through e-mail.

• Customer’s liability is zero, in case there is a security lapse/shortfall or negligence of the bank system/process irrespective of the fact whether the person has reported the loss or not.

• If the loss/fraudulent transaction is reported in 3 working days, excluding the day of receiving transaction notification/intimation/communication by the bank. The customer’s liability is null.

• If the loss/fraudulent transaction is reported in 4 to 7 working days, the maximum liability of the customer is Rs. 10,000/- (Ten thousand only) for most of the cases/Account/card holder (i.e. up to 5 lakhs) and maximum Rs. 25,000/- (Twenty-five thousand only) for others.