 "RBI")
The Reserve Bank of India (RBI) on Thursday held that banks are responsible for liability arising out of any unauthorised electronic banking transactions that cause distress to customers. The regulator also said that a customer will have to inform banks about such transactions within a reasonable time period.
This is the second time since May that the central bank is taking a pro-customer approach to safeguard users against online frauds. RBI said it was doing so considering "the recent surge in customer grievances relating to unauthorised transactions resulting in debits to their accounts/cards."
In a statement on its website, the
