- The Reserve Bank of India announced on Friday a new plan to reimburse customers for losses up to ₹25,000 from small-value fraudulent digital transactions, aiming to enhance the security of digital payments.
- In his address, Governor Sanjay Malhotra stated that to protect customers, “we will be issuing three draft guidelines: the first will focus on mis-selling; the second will address loan recovery and the role of recovery agents; and the third will limit customer liability in unauthorized electronic banking transactions.” He added, “We also plan to introduce a framework to compensate customers for losses incurred in small-value fraudulent transactions, with a cap of ₹25,000.” The RBI chief mentioned, “Additionally, we will release a discussion paper exploring potential measures to boost the safety of digital payments.
- These measures could include delayed credits and extra authentication for certain user groups, such as senior citizens.” According to RBI data, Indian banks reported 13,469 cases of fraud related to card and internet transactions, resulting in losses of ₹520 crore in the fiscal year 2024-25, following 29,080 fraud cases and losses of ₹1,457 crore in 2023-24.
- RBI holds steady The RBI decided to keep its key repo rate steady on Friday, just as everyone anticipated, thanks to robust economic growth and a decrease in US tariff pressures following a recent trade agreement.
- The rate-setting committee voted to hold the repo rate at 5.25%.
The Reserve Bank of India announced on Friday a new plan to reimburse customers for losses up to ₹25,000 from small-value fraudulent digital transactions, aiming to enhance the security of digital payments.
In his address, Governor Sanjay Malhotra stated that to protect customers, “we will be issuing three draft guidelines: the first will focus on mis-selling; the second will address loan recovery and the role of recovery agents; and the third will limit customer liability in unauthorized electronic banking transactions.”
He added, “We also plan to introduce a framework to compensate customers for losses incurred in small-value fraudulent transactions, with a cap of ₹25,000.”
The RBI chief mentioned, “Additionally, we will release a discussion paper exploring potential measures to boost the safety of digital payments. These measures could include delayed credits and extra authentication for certain user groups, such as senior citizens.”
According to RBI data, Indian banks reported 13,469 cases of fraud related to card and internet transactions, resulting in losses of ₹520 crore in the fiscal year 2024-25, following 29,080 fraud cases and losses of ₹1,457 crore in 2023-24.
RBI holds steady
The RBI decided to keep its key repo rate steady on Friday, just as everyone anticipated, thanks to robust economic growth and a decrease in US tariff pressures following a recent trade agreement.
The rate-setting committee voted to hold the repo rate at 5.25%.
Since February 2025, the central bank has slashed rates by a total of 125 basis points, marking the most significant easing since 2019. They had previously cut rates by 25 basis points during their last meeting in December.
Looking ahead, the Indian economy is projected to grow by 7.4% in the current financial year, with the government’s economic advisor predicting growth between 6.8% and 7.2% for the next year.