Ensure people hit by card,banking frauds get money back soon

The Finance Ministry has released guidelines for promotion of payments through cards and digital means to move towards less cash society
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Mar 02, 2016, 08.54 PM | Source: PTI

'Ensure people hit by card,banking frauds get money back soon'

The Finance Ministry has released guidelines for promotion of payments through cards and digital means to move towards "less cash society"

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Ensure people hit by card,banking frauds get money back soon

The Finance Ministry has released guidelines for promotion of payments through cards and digital means to move towards "less cash society"

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Ensure people hit by card,banking frauds get money back soon
In order to help people hit by card or banking frauds, the government and RBI will take steps for immediate crediting back of money to their accounts in blocked mode, and completion of probes within 3 months so as to release the amount.

The Finance Ministry has released guidelines for promotion of payments through cards and digital means to move towards "less cash society".

It has asked the departments and organisations concerned to take steps to withdraw convenience fee, service charge and surcharge on customers who make card or digital payments for essential commodities, utility service, petrol pumps, gas agencies, railway tickets, and tax department, among others.

"Department of Financial Services (DFS)/RBI shall take steps to create necessary assurance mechanisms for fraudulent transactions wherein, in case of a fraudulent transaction, the money will be credited back to customers' account and blocked and subsequently released after the investigation is complete, within maximum of 2-3 months," as per the guidelines.

They have also been asked to strengthen the role of banking ombudsman to provide greater customer confidence and to formulate a comprehensive customer protection policy for transactions through cards and digital means.

"DFS/RBI shall take steps to optimally use funds under Depositor Education and Awareness Fund (DEAF) for expanding acceptance infrastructure and conducting awareness campaigns for a less cash society," the Ministry said in an office memorandum.

Last month, the Cabinet had approved a host of measures for promotion of payments through cards and digital means. It also approved mandating payments beyond a prescribed threshold only through a card or digital mode.

As part of the short term steps, it said Ministry of Road Transport and Highways and Ministry of Urban Development to facilitate the use of existing open-loop systems issued by a bank for multipurpose use, including for making transit payments with a dedicated application (toll fees, metro rail and bus services).

Cabinet had approved several short term (to be implemented within one year) and medium term measures (to be implemented within two years) for implementation by the Ministries/Departments/Organisations.

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