RBI extends consumer protection to transactions of users of authorised prepaid payment instruments

The Reserve Bank of India (RBI) has extended its customer protection framework in cases of payment frauds or unauthorised transactions to the users of authorised prepaid payment instruments (PPIs), according to the Economic Times.
 
Earlier, the framework was restricted just to customer frauds in banks and NBFCs (non-banking finance companies). The users of PPIs now will not be liable for losses incurred due to fraud or discrepancy on the part of the issuers. 
 
In cases of third-party interference, there will be no customer liability if the matter is brought to notice within three working days, and up to Rs10,000, if reported between four to seven days.

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