Good news for all card debit and credit holder

CA Deepesh Ruhela (Keen to Learn) (3271 Points)

30 September 2013  

Banks Shall compensate the loss to Card Holders for fraudulent POS transaction w.e.f. 01.10.2013‏

Good News for all card Debit and credit holder , as RBI has directed all Banks to maintain certain security norms , which may help to avoid fraudulent use of the card at POS (Point of sale ) Terminals (where card are being swapped). Further , If  any fraudulent transaction takes place at POS where these security steps has not been maintained/taken by Banks after 30.09.2013 then the Bank shall compensate the loss to card holders.

Following benefit to CARD HOLDERS:

  1. If security step has been taken by the bank: It will reduce the chance of fraud.
  2. If security step has not been taken: Bank shall compensate the Loss to the card holder.

Ref.: https://www.simpletaxindia.net/2013/09/banks-shall-compensate-loss-to-card.html