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Customers Must Report Frauds in 3 Days to Avoid Penalties: RBI
July 12, 2017
The Reserve Bank of India says that the customers can avoid losses by reporting unauthorized electronic banking transactions within 3 days. In doing so they can receive their lost funds within 10 days. On the other hand, if such incidents are reported in 4-7 working days then the customers will have to pay a fine of Rs. 25,000. The central bank also said that the lenders won’t be held responsible if the loss is due to a customer’s own negligence, such as entering wrong banking details of the funds’ recipient.
