Recently, the Reserve Bank has imposed a penalty on two big banks keeping the interests of the customers paramount. The Reserve Bank has imposed a penalty of Rs 1 crore on SBI, Rs 1.95 crore on Standard Chartered Bank.
New Delhi: If you fall victim to any fraud while shopping online, then there is no need to panic. You can get your money back within 10 days by complaining to the bank. If your bank does not take cognizance of the complaint within the stipulated time, then a complaint can be lodged in the CMS portal of the Reserve Bank i.e. Complaint Management System. Nevertheless, if the bank does not settle the customer’s complaint, then the Reserve Bank can impose a penalty on the bank.
RBI imposed penalty on two banks
Recently, the Reserve Bank has imposed a penalty on two big banks keeping the interests of the customers paramount. The Reserve Bank has imposed a penalty of Rs 1 crore on SBI, Rs 1.95 crore on Standard Chartered Bank. According to the RBI, SBI violated the rules for fraud classification and reporting of frauds with customers on behalf of commercial banks and selected financial institutions.
Banks did this negligence
Standard Chartered Bank had delayed refund of unauthorized transaction amount. Therefore, the Reserve Bank imposed a penalty of Rs 1.95 crore and SBI had delayed reporting the fraud in the customer account, due to which a penalty of Rs 1 crore has been imposed on the bank.
The Reserve Bank has a clear message to banks and financial institutions that penalty will be imposed for not taking cognizance of customer complaints and late settlement. Therefore, people doing transactions related to banking should also be aware of their rights.
Customers must be careful
Customers need to be alert during online shopping or transactions so that they can avoid falling prey to any kind of fraud. Whenever you do online shopping, always try that the computer or mobile from which you are making the payment has antivirus present. Also, it is important to always keep your software up to date. Apart from this, banking password should never be saved in your computer.
During the lockdown, there has been a significant increase in the cases of cybercrime like online fraud. According to a report, in the last one year alone, more than 27 million people have been the target of identity hackers.
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