Reserve Bank of India (RBI) on Wednesday broadened its framework for limiting customer liability in digital transactions to cover a wider range of payment scams, including cases where customers are tricked into transferring money to fraudsters posing as legitimate recipients, and introduced a compensation mechanism for victims of small-value digital frauds.
Under the revised framework, bona fide victims suffering losses of up to ₹50,000 due to fraudulent electronic banking transactions will be eligible for compensation of 85% of their net loss, subject to a maximum of ₹25,000, once during their lifetime.
