RBI plans faster fraud refunds and stricter transfer norms
pre-market1 source ↓written by the desknot a recommendation
The Reserve Bank of India (RBI) is set to overhaul the fraud-prevention and refund mechanism, aiming for faster refunds and stricter rules on large-value transactions. This initiative responds to rising online fraud and delays in refunds, enhancing consumer protection. A proposed consent-based transfer model will require users to authorize fund usage within one hour, potentially reshaping digital banking practices. 📈
Not investment advice. For informational purposes only.