Current Affairs · RBI Policy Framework & Banking Guidelines
RBI's framework for digital fraud compensation provides 85% of net loss or ₹25,000 (whichever is lower) for gross loss up to ₹50,000, subject to reporting within five calendar days. Which of the following statements represents an incorrect/trap interpretation of this framework?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Reporting must be made to the cyber portal/helpline and the concerned bank
- 2Banks must credit compensation within five days of application and later seek quarterly reimbursement
- 3Compensation is available only once during a customer's lifetime
- 4Compensation applies to all fraudulent transactions irrespective of date✓
Correct answer
Compensation applies to all fraudulent transactions irrespective of date
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