Banks asked to pay customers for card transaction fraud

Sep 28 2013, 08:30 IST
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RBI has said that banks not complying with security requirements should compensate the loss incurred by the card holder. (Reuters) RBI has said that banks not complying with security requirements should compensate the loss incurred by the card holder. (Reuters)
SummaryBanks will now have to bear cost of fraudulent card transaction through PoS.

is often camouflaged and passed on to customer in the form of processing fee. Some banks were loading the expenses incurred in sourcing the loan (DSA commission) in the rate of interest.

*On subventions and discounts on price or moratorium period for payment offered by the dealers/ manufacturers, banks should get the better bargain to make the customers fully aware of these benefits and also pass on the benefits to them while sanctioning loan for the purchases.

*If there is a discount offered in the price of a product, the loan amount sanctioned for the purchase should be after taking into account the discount rather than giving effect to the benefit by reducing the rate of interest

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