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New banking code may keep your online transactions secure

As per revised code of commitment to customers by Banking Codes and Standards Board of India’s (BCSBI) banks will now have to take a lot more responsibility for any “unauthorized” transactions in a customer’s account due to security breach of the internet banking system. The bank will bear the loss incurred by the customer if the bank cannot prove that the customer was responsible for sensitive data leaking out that resulted in unauthorized transaction through internet banking.

Similarly banks have been told to refrain from upgrading any customer’s bank account, and levying charges for non maintenance of minimum balance, without written consent of the customer.  .

No need to worry about unauthorized transaction.

No need to worry about unauthorized transaction.

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