RBI- Big announcement by RBI on cyber fraud, affected customers will get Rs 25,000

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RBI: The Reserve Bank of India (RBI) has devised a major plan for customers who are victims of cyber fraud. Now such customers will be able to receive compensation of up to Rs 25,000 in case of fraudulent transactions. RBI Governor Sanjay Malhotra gave this information in a statement issued after the Monetary Policy Committee meeting on Friday. He said that a framework is proposed to provide compensation of up to Rs 25,000 in cases of low-value fraudulent transactions.

Fraud cases up to Rs 50,000 included

This will encompass fraud incidents of Rs 50,000 or less. The RBI Governor mentioned that 85 percent of the total amount (up to Rs 25,000) will be reimbursed to customers “without any questions asked.” The customer will incur a 15 percent loss, while the bank will also absorb an additional 15 percent. The RBI will cover the remaining 70 percent. However, customers will not receive compensation exceeding Rs 25,000 in any situation.

You can avail the benefit only once

The RBI Governor made it clear that customers can take advantage of this facility only once in their lifetime. He stated, “We want customers to learn from this one-time error.” In response to a query, he confirmed that even if the customer has shared the OTP (One Time Password) with the fraudsters, they will still qualify for compensation. Malhotra noted that in cases of digital fraud involving amounts up to Rs 50,000, 65 percent are reported, although their overall value is significantly lower.

This is the first time the RBI has introduced compensation for victims of cyber fraud. According to RBI statistics, Indian banks reported 13,469 fraud cases related to card and internet transactions in the fiscal year 2024-25, leading to losses of Rs 520 crore. In 2023-24, there were 29,080 fraud cases with losses amounting to Rs 1,457 crore.

Cyber fraud complaint

First, inform your bank or payment app. Next, call 1930, the official number for the National Cyber Crime Helpline. File a complaint online by visiting https://cybercrime.gov.in. After entering all necessary details, you will receive an acknowledgment number. It is crucial to keep this number safe. Use it to reach out to the nearest cyber cell or police station. You can also track the status of your complaint at cybercrime.gov.in.

About the Author

Sweta Mitra

Working in the media for last 7 years. The journey started in the year 2018. For the past few years, my working experience has been in Bengali media. Currently working at Timesbull.com. Here I write like Business, National, and Utility News. My favorite hobbies are listening to music, traveling, food,...

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SwetaMitra@timesbull.com Author at TimesBull TimesBull
Working in the media for last 7 years. The journey started in the year 2018. For the past few years, my working experience has been in Bengali media. Currently working at Timesbull.com. Here I write like Business, National, and Utility News. My favorite hobbies are listening to music, traveling, food, and books. For feedback - timesbull@gmail.com
Sweta Mitra - Author at TimesBull
About the Author

Sweta Mitra

Sweta Mitra - Author at TimesBull

Working in the media for last 7 years. The journey started in the year 2018. For the past few years, my working experience has been in Bengali media. Currently working at Timesbull.com. Here I write like Business, National, and Utility News. My favorite hobbies are listening to music, traveling, food,...

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