Economics · Customer Protection and Banking Regulations
A customer discovers unauthorized electronic transactions resulting from a phishing attack due to their own negligence in sharing credentials. The customer reports the breach to the bank within 4 to 7 working days of receiving the alerts. According to the RBI guidelines on 'Limiting Liability of Customers in Unauthorized Electronic Banking Transactions', what is the maximum customer liability for a basic savings bank deposit account?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The bank must mandatorily refund the entire amount within 24 hours under the statutory framework.
- 2The customer is fully liable for the entire transacted amount due to established initial negligence.
- 3The customer has a limited liability capped at 10,000 rupees (or the transaction value, whichever is lower).✓
- 4The customer has zero liability since it was reported within 7 days.
Correct answer
The customer has a limited liability capped at 10,000 rupees (or the transaction value, whichever is lower).
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