RBI Introduces New Digital Fraud Compensation Rules
The Reserve Bank of India (RBI) has introduced new rules for digital fraud compensation, allowing victims to recover up to Rs 25,000. These rules, effective by 2027, outline how to claim compensation for money lost in online scams.
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RBI digital fraud compensation rules 2027: How to recover money lost in online fraud
The Reserve Bank of India has notified new rules letting victims of digital banking fraud recover up to Rs 25,000. For losses up to Rs 50,000, customers can claim 85% of the amount or Rs 25,000, whichever is lower, once in a lifetime. Victims must report the fraud within five days to qualify. The RBI bears most of the cost. Effective January 1, 2027, the rules run as a one-year pilot.
By TOI TECH DESK
Read full article →Lost Money In Online Scam? RBI Says You Could Get Up to Rs 25,000 Back Soon
The Reserve Bank of India has unveiled a new framework that could provide compensation of up to Rs 25,000 to victims of digital payment frauds.
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