In July 2017, RBI Capped how much Customer liability if they report unauthorised transactions within seven working days?

Explanation

In a major step to protect customers from large financial losses due to fraud, the Reserve Bank of India capped customer liability at ` 25,000, If they reported unauthorised transactions within seven working days in July 2017. Furthermore, if the reporting delay exceeds seven working days, the customer liability will be determined in accordance with the bank’s Board-approved policy. Banks must provide details of their policy on customer liability developed in accordance with these guidelines when opening accounts. Banks must also post their approved policies in the public domain for wider distribution. Existing customers must also be informed about the bank’s policy on an individual basis.