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Banks to pay for credit card frauds, RBI says


Simply a DIGITian
Staff member
The Reserve Bank of India has refused to extend the deadline for upgrading security on credit card swipe machines and has ordered banks to compensate cardholders in seven days if any fraud occurs on non-compliant terminals.

If the bank fails to refund the disputed amount in seven days, it has to compensate the cardholder with a penalty of Rs 100 per day until the date of payment. At present, dispute resolution is a cumbersome process and takes several weeks in case of credit card frauds.

Source : Banks to pay for credit card frauds, RBI says - The Times of India


King of my own Castle
Thats one hell of a Good News after long time if you ask me. No bank wants to bear extra expenditure for infrastructure updatation even if it means taking risks with customers hard earned money.

But this will change all. Banks have been delaying this since long and RBI did fair enough give them extension but this was about it. After 30th September I for once feel lot secure .
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