There is a relief news for the common people amid increasing cyber fraud in the country. In small cases to bank fraud, customers will get compensation up to Rs 25,000. Central bank RBI is preparing to bring a regulatory framework i.e. rules and guidelines for this. Reserve Bank of India (RBI) Governor Sanjay Malhotra made this announcement on Friday after the monetary policy meeting held from 4 to 6 February. He said, ‘The central bank is preparing new rules to compensate bank customers in case of small-value fraudulent transactions.

If you are defrauded, the bank will give you money!

The central bank has taken this step in the interest of the customers. Experts say that a large number of poor and economically weaker sections are made victims of cyber fraud. Sometimes by sending OTP on mobile, sometimes on the pretext of marriage card, sometimes by pretending to be a fake bank or insurance agent, sometimes by showing fear of withholding pension etc., cyber criminals prey on innocent people. A large number of victims include people from the poor class. In such a situation, the new rule of RBI can prove to be a big relief for the common people. The Central Bank will soon give detailed information about this rule.

Draft rules will be issued, you will also be able to give your opinion

The Governor said that in the year 2017, instructions were issued to limit the liability of customers in unauthorized electronic banking transactions. These rules set out the conditions and time limits under which the customer’s liability is zero or limited.

In view of the increasing use of technology in the banking sector and payment systems, these old instructions have been reviewed. The RBI Governor said that accordingly, the draft of the revised instructions, which also include the framework for compensation in small value fraud cases, will soon be released for public consultation. In this you will also be able to send your opinion to RBI.