The use of digital payments in India is growing rapidly. Due to UPI, net banking, mobile banking and card payments, cyber fraud and online fraud cases are increasing steadily. Every day thousands of people fall prey to fake links, fake calls, OTP and UPI scams. Due to this, they lose their hard-earned money in an instant. In such a situation, the Reserve Bank of India or RBI is going to give reassurance to the customers. According to the RBI rules, the victims of cyber fraud will get compensation. RBI will pay 85% of the money lost or Rs 25,000.
When will it be implemented?
The RBI will compensate those who have lost money in online banking and digital payments. The RBI is going to implement this rule from January 1, 2027. Initially, it was planned to be implemented from July 2026, but later it was extended by 6 months. According to the Arabian proposal, the victim customer will be compensated for 85% of the loss or a maximum of Rs 25,000. If the loss is Rs 50,000, then a maximum of Rs 25,000 will be given. So this compensation will be available in all cases. For this, the conditions set by the RBI have to be fulfilled.
How much compensation will be available?
According to the new rules of the RBI, the complaint must be filed in a timely manner. If the customer complains to the bank or its affiliated branch within five days of the fraud, then the chances of getting compensation will increase. As soon as the cyber fraud is known, the customer should immediately complain to the bank helpline, cyber helpline 1930 and the national cyber crime portal.
Be careful to avoid cyber fraud
It is important to be careful instead of just trusting in compensation. Do not click on any unknown link. Avoid sharing OTP with anyone. Do not download screen sharing apps. Do not trust people who claim to be bank officials and call.
In this case, compensation will not be provided.
-If you have purchased something that is defective and the service is not provided on time, then compensation will not be provided in this dispute.
-Cheque fraud has been excluded from the Electronic Working Framework.
More time for banks
Banks will now have 45 days to investigate and resolve domestic fraud complaints. The previous draft had a limit of 30 days. Banks will get 60 days to resolve cases related to foreign transactions.
