Video length: 1 min 24 sec · Published on YouTube: 30 June 2026 · Law Chambers of Mridul Jindal
What is this video about?
A short explainer on what to do when your card or bank account is misused and the bank says the transaction was “OTP verified”. It covers the RBI customer liability framework and the steps to claim a refund.
Key points
- Under the RBI circular of 6 July 2017, if you report an unauthorised electronic transaction within 3 working days of the bank’s alert, your liability is zero where a third party was at fault.
- The bank must provisionally credit the amount within 10 working days.
- Courts have held that “OTP verified” alone does not let the bank escape liability in social-engineering frauds; the bank must prove your negligence.
- If the bank refuses: written complaint, then the RBI Ombudsman, then the Consumer Commission.
- Update: for transactions from 1 January 2027, the zero-liability window becomes 5 calendar days, with a one-time compensation for small frauds (see the full article).
Read the full article: Card Fraud, Zero Liability and the 3-Day Window · हिंदी में पढ़ें
This video and summary are general legal information, not legal advice for your specific case. Law and procedure change; please consult an advocate before acting.
