00:00You could get your money back if you fall for an online scam.
00:04The RBI is stepping in with a 25,000 rupees safety net.
00:09Under a new draft policy, the RBI is asking banks to better protect their customers.
00:15This means if you are tricked into sharing OTPs, are scammed through phishing,
00:20or forced to carry out transactions under threat, the RBI will treat that as fraud.
00:26Banks will also have to step up.
00:29They have to strengthen efforts to educate customers on safe digital banking practices,
00:34provide 24-7 fraud reporting channels, and send message alerts for all transactions above 500 rupees.
00:42Areas covered include UPI payments, internet banking, mobile banking, and card or ATM transactions.
00:49But there are several drawbacks.
00:51You can use this protection only once in your lifetime.
00:55It applies only to small-value frauds.
00:57You can receive 85% of the net loss or 25,000 rupees, whichever is lower.
01:04Speed matters.
01:05Act fast or the claim will weaken.
01:07You have to report the fraudulent transaction to your bank and National Cybercrime Reporting Portal or the 1930 helpline within
01:16five days.
01:17If you bank with small finance banks, payment banks, or regional rural banks, you aren't covered.
01:24The RBI has invited comments to this draft until April 6.
01:28Is this a good step, or should the compensation limit be higher?
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