By Admin 
RBI Refund Policy: In today’s time, payment through UPI and debit-credit cards has become an important part of people’s lives. Be it a small shop or a big shopping mall, people everywhere now use digital payment instead of cash. But as digital payments are increasing, the cases of online fraud and cyber fraud are also increasing. In such a situation, the rules of the Reserve Bank of India (RBI) work to provide security and relief to the customers.
According to RBI, if money is deducted from your account due to fraud or technical fault and you inform the bank within 5 days, then you can get the entire money back under zero liability. That is, if there is no fault of the customer in this fraud, then the bank will have to return the entire amount. However, in many cases, if you file a complaint, the bank is required to resolve the entire matter within 90 days.
Refunds are given on the basis of responsibility
Usually the bank decides the refund on the basis of your responsibility and fault.
- Zero Liability: If this fraud has happened due to the bank’s mistake or system error and it is not your fault, then you will get the entire money back.
- Limited Liability: If you delay in filing the complaint, i.e. not within 5 to 6 days, then only a part of your loss will be refunded.
- Full Liability: If fraud occurs due to your small mistake in sharing OTP, PIN or CVV, then it may be difficult to get a refund.
Big relief from RBI to pensioners, even if excess money comes into the account, banks will not be able to deduct even one rupee without informing.
What to do immediately in case of fraud?
If you too get cheated online, then instead of panicking, take these steps as soon as possible. With this you can get your money back soon.
- Immediately give information and card to the bank, get UPI blocked.
- Call cyber crime helpline number 1930
- Change all your banking passwords and UPI PIN
- Check your bank statement carefully and report unknown transactions
- Keep the complaint number and evidence safe with you.
- Register an FIR if necessary
Easy way to avoid fraud
- Do not share OTP, PIN and password with anyone.
- Never trust any unknown link or number
- Use only official apps and websites
- Always verify carefully before making UPI payment.
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