......The Reserve Bank of India has the last word on banking rules and the directive is part of the code prepared by its Banking Codes and Standards Board of India (BCSBI) unit, which seeks to ensure that customers do not get a raw deal. Banks are usually implacable when it comes to redressing such losses, asking customers to prove their innocence before restitution is made. The new code says that for any unauthorised internet banking transactions, the customer’s liability is limited, irrespective of the funds moved out of the account. An unauthorised transaction is one that doesn’t have the express and implied approval of the account holder............
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