Amid rising cases of digital fraud, the Reserve Bank of India (RBI) on Thursday announced that bank customers will receive compensation of up to ?25,000 for losses due to fraudulent transactions.RBI Governor Sanjay Malhotra said customers may receive compensation even if they accidentally shared their one-time password (OTP) with fraudsters.
The amount will be paid from the ?85,000-crore Depositor Education and Awareness Fund.Officials clarified that the compensation can be claimed only once in a lifetime and will be provided only if no malicious intent is found. RBI also noted that nearly two-thirds of digital fraud cases involve amounts below ?50,000, meaning a large number of affected customers are expected to benefit from the scheme.Malhotra said compensation will be provided whenever customers lose money unintentionally due to fraud, regardless of how the incident occurred.
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