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Bank frauds: Limited liability for customers?

If RBI's recommendations are finalised, it will give more teeth to the existing fair practice code

Priya Nair 

Kumar Karpe, chief executive officer (CEO), TechProcess Payment Services, an electronic payments services firm, remembers the harrowing experience of a person who used his credit card in the US. Even after he came back to India, his card was used again.

When he lodged a complaint with the bank, he had to prove the fraud by showing his boarding pass, stamp of immigration and other documentary evidence. "Currently, the onus is on the customer to prove fraud and it is a tricky situation,'' he says. Victims like him might finally get some relief. With the Reserve Bank of India (RBI) ...

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First Published: Sun, August 21 2016. 23:09 IST