RBI’s 2027 Fraud Compensation Framework: Redefining Customer Liability in Digital Banking
The Reserve Bank of India has issued fresh directions amending its 2017 circular on “Limiting Liability of Customers in Unauthorised Electronic Banking Transactions,” introducing the new concept of “fraudulent Electronic Banking Transactions” (EBTs). Effective January 1, 2027, as a one-year pilot, these rules represent a significant evolution in consumer protection law for digital financial transactions,…