AIBEA asks RBI to come up with mechanism to protect consumers

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The banking industry has requested the RBI to come up with a mechanism to protect consumers from unauthorised transactions following the increase in use of payments through the digital mode.


The All India Bank Employees’ Association (AIBEA), representing public and private sector banks, has presented a memorandum to the Reserve Bank of India Governor and Finance Ministry in this regard.


In the memorandum submitted recently, AIBEA General Secretary C H Venkatachalam alleged that the Centre was pushing customers to take to digital transactions,but banks do not adopt global test practices to protect them.


“We feel that the increased use of digital payments post the demonetisation drive (by the Centre), it is necessary to have in place a mechanism or system to protect customers from unauthorised banking transactions”, he said.


A master circular by the apex bank on unauthorised banking transactions would have a huge impact on protecting customers from frauds, he said.

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