RBI proposes debit-hold rules for suspected money-mule and cyber fraud-linked accounts, Businessline reports
Businessline says the proposed process would include customer notification, timelines for explanations and due diligence, with temporary debit holds lasting up to 60 days in specified cases.
TLDR
RBI has proposed a formal process for banks handling suspected money-mule and cyber fraud-linked accounts, Businessline reports. The proposal includes customer notification, timelines for explanations and due diligence. The outlet says temporary debit holds could last up to 60 days in specified cases.
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