RBI Proposes New Rules: Banks to Compensate Digital Fraud Victims, Learn Eligibility and Amounts
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Digital Fraud Victims to Get Compensation: RBI Proposes New Bank Rules
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CNBC Awaaz•06-03-2026, 18:04
Digital Fraud Victims to Get Compensation: RBI Proposes New Bank Rules
•RBI proposes new rules for digital fraud compensation, seeking suggestions until April 6, 2026, effective July 1, 2026.
•Victims of small digital frauds (up to ₹50,000 loss) can receive up to ₹25,000 compensation (85% of loss or ₹25,000, whichever is lower), once in a lifetime.
•To claim, fraud must be reported to the bank and National Cybercrime Portal within 5 days of occurrence.
•Compensation burden shared by RBI, customer's bank, and beneficiary bank; banks must pay within 5 days of application.
•RBI expands digital transaction definition, outlines zero customer liability (bank negligence) and customer negligence scenarios.
