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Customers should report fraud in 3 days to avoid losses

Customers should report fraud in 3 days to avoid losses

Customers will not suffer any loss if unauthorised electronic banking transactions are reported within 3 days and the amount involved will be credited in the accounts concerned within 10 days,RBI said. In case the 3rd party fraud is reported with a delay of 4 to 7 working days,a customer will face liability of upto Rs 25k. However,in cases of negligence by the account holder,the customer will bear the entire loss.

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