Banks to pay for fraud on transactions made by card
By Ankit Sharma
Sep 30, 2013
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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Different law authorization offices have considered cards which are cloned and cash withdrawn in outside nations.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burglary from other financial balances because of issues in the confirmation forms in the ward where the cash was withdrawn.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.

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