InvestorQ : The RBI has mandated Indian banks to take what procedures in place in order to make electronic banking transactions safer?
divya Sing made post

The RBI has mandated Indian banks to take what procedures in place in order to make electronic banking transactions safer?

Answer
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Nishita Gala answered.
1 year ago


The Reserve Bank of India (RBI) has mandated banks to take the following systems and procedures to make customers feel safe about carrying out electronic banking transactions:

i. appropriate systems and procedures to ensure safety and security of electronic banking transactions carried out by customers;

ii. robust and dynamic fraud detection and prevention mechanism;

iii. mechanism to assess the risks (for example, gaps in the bank’s existing systems) resulting from unauthorised transactions and measure the liabilities arising out of such events;

iv. appropriate measures to mitigate the risks and protect themselves against the liabilities arising therefrom; and

v. a system of continually and repeatedly advising customers on how to protect themselves from electronic banking and payments related fraud.