wordpress blog stats
Connect with us

Hi, what are you looking for?

RBI looking to cap customer liability in online frauds and bank account portability


The Reserve Bank of India (RBI) is looking to cap customer’s liability in the event of online fraud, deputy governor SS Mundra said at an event yesterday. However, he did not elaborate on the RBI’s plans.

Earlier in the month, minister of state for finance Jayant Sinha said that the RBI is working on a regulatory mechanism for customers to address customer grievance and liability issues arising out of frauds in electronic transactions.

“Complaints related to unauthorized fund transfers, fraudulent withdrawals from ATMs using duplicate cards, phishing E-mails aimed at extracting personal information etc. have witnessed manifold increase in recent times,” Mundra said. He added that the RBI had conducted a survey of nearly 4,000 ATMs in the country and found that nearly one third of the machines were not working.

Bank account portability

Mundra added that the NPCI is working on bank account portability in case a customer is dissatisfied with the services received at the present bank. “With the introduction of unified payments interface, a customer can be identified with his unique “virtual address” mapped to his mobile phone linked to the bank account number. With this information available centrally at the NPCI, the portability of the account would merely need a change in linkage to an account in another bank at the backend,” he added.

Advertisement. Scroll to continue reading.

ATMs to provide all banking services and products

In January, to provide more operational freedom for banks, the RBI said that banks could now offer all their products and services through their off-site ATMs. Earlier, the facilities that could be provided at off-site ATMs included deposits/withdrawals, PIN change, request for cheque books, statement of accounts and balance enquiry, among others.

You May Also Like


PayPal Holdings Inc. is working on building a super app, encompassing payments, finance, crypto-currencies and shopping services all in one “personalised” app. Paypal reported...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ