RBI Digital Fraud Rule: In today’s digital age, every aspect of our lives has gone online. Shopping, bill payments, banking, investments, and money transfers—everything is now done through mobile phones or computers. This convenience is certainly beneficial, but it has also led to a rapid increase in online fraud cases. Phishing links, fake calls, OTP scams, card detail theft, and UPI fraud have resulted in thousands of people losing their hard-earned money in minutes.

In this environment, the Reserve Bank of India (RBI) has taken a new step to protect customers. The RBI is soon going to implement a new rule under which victims of small digital frauds will be provided financial assistance. Now, if someone loses money due to online fraud, they can receive compensation of up to ₹25,000.

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RBI’s Compensation Rules

According to RBI Governor Sanjay Malhotra, draft guidelines will be issued soon. Under these guidelines, customers will be provided financial relief, provided they inform their bank about the fraud in a timely manner. This compensation will be given only once, not every year. The maximum amount has been fixed at ₹25,000. The compensation will be calculated based on the loss. The customer will receive 85 percent of the loss or ₹25,000, whichever is less.

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How much compensation will be given for a ₹25,000 fraud?

If a customer experiences a fraud of ₹50,000, 85 percent of that would be ₹42,500. However, the maximum compensation will be ₹25,000. If the loss is ₹1,00,000, 85 percent would be ₹85,000, but the compensation will still be ₹25,000. However, if the loss is ₹20,000, 85 percent would be ₹17,000, and the customer can receive the full ₹17,000, as it is within the prescribed limit.

About the Author

Adarsh P

Adarsh Pal is a content writer at Timesbull Media. He specializes in writing news related to industry updates, the automotive sector, banking, telecommunications, the travel sector, and personal finance. Adarsh has previously worked with several digital media channels. He is skilled at presenting news accurately and disseminating information based on...

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