As per data reported by the Reserve Bank of India (RBI), the number of cyber crime cases pertaining to credit card, ATM, debit card and Internet banking shows a marginal increase of 4.4% from 13,083 in FY2014-15 to 13,653 in FY2016-17.
RBI has issued Cyber Security Framework in banks, mandating banks to put in place a board-approved cyber-security policy, which covers the risks from cyber threats and the measures to address/mitigate these risks.
RBI has issued instructions to banks for reversal of erroneous debits arising from fraudulent or other transactions, and for board-approved bank policy to cover customer protection, the mechanism of compensating the customer for the unauthorised electronic banking transactions and display of the same on the bank’s website, along with the details of grievance-handling/escalation procedure.
Under the Banking Ombudsman Scheme, if a customer does not receive any reply within a period of one month after receipt of representation by the bank or is not satisfied with the reply given, he can file a complaint before the Ombudsman, who can ask the bank to pay compensation of up to Rs. 20 lakh to the customer for loss, suffered by the customer due to an act of omission of the bank, and also compensation of up to Rs. 1 lakh for mental agony and harassment.
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