General Knowledge · Banking Regulations
An unauthorized UPI transaction occurred in a customer's account due to a third-party breach where the deficiency lies in the bank's system. The customer reported the transaction to the bank upon checking messages. As per RBI guidelines on customer liability in unauthorized electronic transactions, what is the customer's liability and the amount the bank must refund?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Customer liability: 20,000 rupees; Refund: Zero
- 2Customer liability: 10,000 rupees; Refund: 10,000 rupees
- 3Customer liability: Zero; Refund: Full amount (20,000 rupees)✓
- 4Customer liability: 5,000 rupees; Refund: 15,000 rupees
Correct answer
Customer liability: Zero; Refund: Full amount (20,000 rupees)
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