Limited Liability also for Cyber crimes in PPI

The Reserve Bank of India has issued a circular “Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Payment Transactions in Prepaid Payment Instruments (PPIs) issued by Authorised Non-banks” on January 4, 2019.

This is similar to the circular earlier issued for Banks and cooperative Banks

Accordingly, if the victim of a Cyber Crime informs the PPI issuer within 3 days, there shall be no liability.

Naavi

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