NEWS & ADVICE : CREDIT CARDS
Banks to pay for fraud on transactions made by card
By Ankit Sharma
Sep 30, 2013
Print    Email    RSS   

Banks will now have to bear the expense of fraudulent charges on transactions made by a card through sales points (Pos) at vendor foundations that don't have security facilities or features which have been prescribed by the RBI or Reserve Bank of India In an initiative to abridge climbing frauds of charge cards, the RBI stated that banks which are not following security prerequisites might as well remunerate the misfortune brought about by the card holder.

Different law authorization offices have considered cards which are cloned and cash withdrawn in outside nations. There has been an example of unlawful card-skimming expediting burglary from other financial balances because of issues in the confirmation forms in the ward where the cash was withdrawn.

The RBI had, asked banks to stop zero for every penny EMI plots on buyer merchandise buys earlier in the week. It likewise it even informed the banks to not allow the merchants from imposing charge on transactions paid through debit cards.


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
American Express Platinum Corporate Card:...
Kinds of auto insurance coverage
How to Manage Multiple Credit Cards?
Cash-Back offer at Corporation Bank this...
Rupeetimes guide to different types of...


I want to get my credit card statements for the...
Radhey@09646870399 @Escoℛts In#Chandigarh...
Radhey@09646870399 @Escoℛt In#Chandigarh...
Radhey@09646870399 @Call#Giℛls In#Chandigarh...

NEWS THIS WEEK
91st Founders day of the Karnataka Bank Feb 18, 2015
Banks on strike from 25th February Feb 16, 2015
SBT bank postponed the Open House meet Feb 13, 2015
Yes bank planning to line up for credit card portfolio Feb 12, 2015
Pocket banking – new app by ICICI bank Feb 11, 2015
News Archive