RBI had come out with a draft circular on “Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions” earlier and based on feedback received from the concerned stakeholders, final guidelines are expected to be issued shortly.
In view of the impending guidelines it would be prudent on part of the banks to internally tighten their IT security systems and operating procedures so that grievances are minimized. d. Customer service in the emerging regulatory/supervisory environment i) As you are aware, several new small finance banks and payment Banks have started their operations in the recent past.