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RBI extends customer protection to PPI deals

Staff reporter, New Delhi
05/01/2019   0 Comments

The Reserve Bank of India (RBI) has extended its customer protection framework in cases of payment frauds or unauthorised transactions to the users of authorised prepaid payment instruments (PPIs). Earlier the framework was restricted just to customer frauds in banks and NBFCs. The users of PPIs now will not be liable for losses incurred due to fraud or discrepancy on part of the issuers. In cases of third-party interference, there will be no customer liability if the matter is brought to notice within three working days, and up to Rs 10,000 if reported between four to seven days.

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