RBI to regulate frauds in online transactions
Q. RBI is working on regulations to curb frauds in e-transactions- what is the vision document for ushering cash less economy issued by the central bank called?- Published on 04 May 16a. Banking Codes Vision Document 2012-2015
b. Payment System Vision Document 2012-2015
c. Money System Vision Document 2012-2015
d. None of the above
ANSWER: Payment System Vision Document 2012-2015
RBI is working on a regulation to curb frauds in e-transactions. The central bank is putting a regulatory framework in place for addressing customer grievance and liability issues arising from fraud in electronic transactions. Banking Codes and Standards Board of India in 2014 had come out with the recommendations of customer liabilities in case of frauds taking place through electronic channels. In response to supplementaries, it was said that 87 percent transaction in India is in cash. A strategy for disincentivising this is needed according to the Payment System Vision Document 2012-2015 issued by the RBI.
