Bank Fraud Complaints Rise, To 1.45 Lakh In FY21

Fraud complaints registered by the RBI under the various Ombudsman schemes in different categories have risen to 1,45,309 in 2020-21 against 1,35,448 in FY20, Finance Minister Nirmala Sitharaman informed the Rajya Sabha on Tuesday.

"RBI has informed that on comparing the complaints against ATM/Debit Cards, Credit Cards and Mobile/Electronic Banking during the period from 2019-20 to 2020-21, there is a decline of 13.01 per cent with regard to complaints in ATM/Debit Cards and there is an increase of 12.01 per cent and 52.99 per cent with regard to complaints in Mobile/Electronic Banking and Credit Card, respectively," she said.

The Reserve Bank of India, vide its circular dated July 6, 2017, has issued guidelines for safeguarding the customers from unauthorised electronic banking transactions, which include steps to address such complaints, she noted.

Strengthening of systems and procedures, limited liability of a customer, the burden of proof on banks and board-approved policy for customer protection are some of the measures announced to safeguard the interest of customers.

(PTI)