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RBI to Issue Guidelines to Protect Customers from Unauthorized Electronic Transactions
December 07, 2018
The central bank RBI said that it was working on a roadmap to reduce customers’ liability when unauthorized transactions are processed with prepaid payment instruments (PPIs) through entities that aren’t covered under the existing guidelines. Previously, it had issued similar guidelines for unauthorized transactions involving banks and NBFCs.
Under the current framework, customers can notify their banks about unauthorized transactions within 3 days of an incident to avail immunity from liability. The central bank said it will issue similar guidelines for PPI-based payments by the end of the year.
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