Claim your refund on unauthorized transaction

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Were you a victim of unauthorised Debit?

Banks must ask their customers to mandatorily register for SMS alerts and wherever available register for e-mail alerts, for electronic banking transactions.

The SMS alerts shall mandatorily be sent to the customers.

The customers must be advised to notify their bank of any unauthorised electronic banking transaction at the earliest after the occurrence of such transaction, and informed that the longer the time taken to notify the bank, the higher will be the risk of loss to the bank/ customer.

For this banks have 24 x 7 Complaint facilities available.

If there is an Unauthorised transaction the customer has two kinds of liablities

a) Zero Liability when

👉Fraud/negligence was due to bank

👉Third party breach where the negligence does not lie with the customer or bank but lies with the system the transaction HAS TO BE REPORTED WITHIN 3 WORKING DAYS

b) Limited Liability of customer

👉where unauthorised transaction lies somewhere in the system and customer makes a delay of FOUR TO SEVEN WORKING DAYS in making the complaint customer liability shall be limited to the transaction value or ₹10,000 whichever is lower

Source: RBI circular RBI/2017-18/15 Link-

https://www.rbi.org.in/Scripts/Notifi...