New Delhi, March 7 -- Reserve Bank of India (RBI) has issued draft Amendment Directions for 'Review of Framework of Limiting Customer Liability in Digital Transactions'.

Under the proposed framework, customers could receive up to 85 per cent of the loss or Rs 25,000 (whichever is lower) for frauds up to Rs 50,000 if reported promptly.

The proposed revision is aimed at enhancing the scope of existing instructions on limiting liability of customers in unauthorised electronic banking transactions to cover other categories of fraudulent electronic banking transactions, reduce the time taken by banks to process complaints related to fraudulent electronic banking transactions, and introduce a compensation mechanism for small value fraudulent ...