Overview
- Under the draft, bona fide victims of fraudulent electronic banking transactions up to ₹50,000 would receive 85% of net loss or ₹25,000, whichever is lower, once in their lifetime.
- Eligibility hinges on reporting the incident to the bank and the National Cyber Crime portal or helpline (1930) within five calendar days.
- Banks would have to credit approved compensation within five days, rule on complaints within 30 days, and share supporting logs if a claim is rejected.
- Customers would have zero liability with reversal where fraud stems from bank negligence or specified third‑party breaches, with reversals value‑dated to the original transaction.
- The pilot’s loss‑sharing model assigns most of the 85% payout to the RBI (65% for losses under ₹29,412 and ₹19,118 for higher small‑value cases), with the customer’s and beneficiary banks covering the remainder.