The Reserve Bank of India may come out with regulatory directions on limiting the liability of customers on fraudulent transactions arising out of cards and electronic banking deals. Deputy governor S.S. Mundra disclosed this stating the central bank is discussing this and would finalize the limit. He said as online transactions have increased so have the rise in complaints related to electronic banking transactions. Complaints related to unauthorized fund transfers, fraudulent withdrawals from ATMs using duplicate cards, phishing e-mails aimed at extracting personal information etc. have witnessed manifold increase, he added. Mundra also said banks should ensure that Jan Dhan accounts should not be misused for money making purposes, mis-selling of products should not happen and excessive service charges are not levied. He added that it is imperative to have a robust mechanism to prevent incidents of fraud in areas of mobile/net banking and electronic fund transfer so as to retain customers’ confidence at a function in Mumbai.
