Understanding billing if chargeback raised due to fraudulent transaction. Zero liability on credit card ?
Hi all, raising this to understand what sort of liability arises if the bill is generated for a fraudulent transaction, which is already raised for chargeback with sbm bank. This is for niyo sbm credit card. As per RBI guidelines, there’s zero liability cover, if one reports a fraud within stipulated days.
More here -https://www.sbmbank.co.in/aboutus/sbmassest/pdf/policies/Customer_Compensation_Sub_Policy.pdf
Adding more details -
In case of loss/theft/ misuse of card, the Bank shall be guided by the ‘Customer Protection
Policy’ updated on the website of the Bank which has been formulated based on the RBI
circular on Customer Protection – Limiting Liability of Customers in Unauthorized
Electronic Banking Transactions’ as updated from time to time. (RBI Circular - ref.
DBR.No. Leg. BC.78/ 09.07.005/2017-18 dated July 6, 2017) Please Note you can refer
the Customer Protection Policy Note by visiting
https://www.sbmbank.co.in/aboutus/sbmassest/pdf/policies/Customer_Compensation_Su
b_Policy.pdf
