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Parliamentary panel advocates automated compensation process for banking fraud victims

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A complaint needs to be resolved within 90 days. However, the Department related Standing Committee on Finance remain concerned that the current system, despite its provisions, still relies on a reactive approach, "Customers are obligated to report ...
The Parliamentary Standing Committee on Finance has recommended the establishment of an automated compensation process for victims of banking frauds, as highlighted in a recent report. This recommendation comes in response to the increasing incidents of digital frauds, particularly those involving the Aadhaar Enabled Payment System (AePS). The committee emphasized the need for banks to compensate victims promptly without requiring them to navigate through lengthy legal processes. They suggested that banks should automatically compensate affected customers, with the option to recover the funds from the fraudsters later. This approach aims to reduce the financial and emotional distress faced by victims and enhance trust in digital banking systems. Additionally, the panel urged the Reserve Bank of India (RBI) to ensure that banks implement robust security measures to prevent such frauds and to monitor the effectiveness of these measures regularly.

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