..."It has been decided not to grant any further extension of time. Accordingly, banks not complying with the requirements shall compensate loss, if any, incurred by the card holder using card at POS (points of sale) terminals not adhering to the mandated standards," RBI said in a notification. In this context, it said, since the card holder would be approaching the card issuing bank for any fraudulent POS transaction in India which have occurred after September 30, 2013), the bank should claim the amount paid by it to the customer from the respective bank which have acquired the POS transaction in question......
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