RBI proposes framework to freeze only disputed amounts instead of entire accounts in cyber fraud cases

Banks will soon freeze only disputed transaction amounts, not entire accounts. AI systems will monitor unusual transfers of one thousand rupees or more. Customers get twenty days to prove transaction legitimacy with supporting documents. Banks then have ten days to assess explanations and lift holds. Law enforcement will have thirty days to issue formal restraint orders after referral.

from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/nexUVo7
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