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Tag: liability

RBI issues consumer protection rules for mobile wallets: Users liability limited

RBI issues consumer protection rules for mobile wallets: Users liability limited

Finance
The Reserve Bank of India (RBI) has issued the guidelines limiting consumers' liability in case of unauthorised transactions that have taken place from their mobile wallets. As per the guidelines, Prepaid Payment Instrument (PPI) issuers will be required to provide a contact number and/or email ID in the transaction alert SMS through which consumers can report the unauthorised transactions or notify objections. If an unauthorised transaction takes place from the customer's mobile wallet due to the negligence of PPI issuer, then in that case the customer's liability will be ZERO, as per these new guidelines.As per the guidelines issued by RBI in a circular dated January 4, 2019, Prepaid Payment Instrument (PPI) issuers such as Paytm, Amazon Pay, PhonePe and so on must ensure that their cust...