RBI to limit of consumers causes by transaction fraud

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                                   RBI to limit of consumers causes by transaction fraud



The Reserve Bank of India(RBI) will soon list down to limit the liabilities of consumers for unauthorized Electronoc Transactions in their bank accounts.

The central bank will  soon come down hard on lenders that charge customers exorbitant fees,Deputy Governer SS Mundra said on Tuesday.

"Banks have been granted the autonomy to fix fees and charges,but it should not be used to deny services to the common man".

"we are seeing this worrying trend in some organisations.imposition of unserious charges will be one of the three main focus-areas during the annual supervisory cycle this year"Mundra said.

In a draft circular released in august 2016,the central bank had said that if a customer's involvement is not clearly established,customer liability will be limited to Rs 5000 provided it is reported within seven days.

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