RBI proposes 60-day limit on bank account holds in cyber fraud cases
Customers would get 20 days to explain suspicious transactions, while banks would have fixed timelines for review and police referrals, Mint reports.
TLDR
Mint reports that the RBI has proposed a 60-day maximum for temporary debit holds on bank accounts or transactions suspected of being linked to cyber fraud. Under the proposal, customers would get 20 days to explain suspicious transactions, and banks would have fixed timelines for reviews and police referrals.
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