RBI proposes 60-day limit on bank account holds
The Reserve Bank of India proposed a 60-day limit on freezing bank accounts linked to cyber fraud, aiming to protect customers from prolonged access issues. Banks will need to follow strict timelines for holds and notifications as per the new guidelines.
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- 60-day limit
The Reserve Bank of India (RBI) has proposed a 60-day limit for banks to freeze accounts linked to cyber fraud. This framework aims to balance the need for swift action against fraud while minimizing disruption for genuine customers. Banks must adhere to defined timelines for holds and customer notifications following a Supreme Court directive.
Not investment advice. For informational purposes only.