Good news for all card debit and credit holder

Banks Shall compensate the loss to Card Holders for fraudulent POS transaction w.e.f. 01.10.2013‏

Good News for all card Debit and credit holder , as RBI has directed all Banks to maintain certain security norms , which may help to avoid fraudulent use of the card at POS (Point of sale ) Terminals (where card are being swapped). Further , If  any fraudulent transaction takes place at POS where these security steps has not been maintained/taken by Banks after 30.09.2013 then the Bank shall compensate the loss to card holders.

Following benefit to CARD HOLDERS:

1. If security step has been taken by the bank: It will reduce the chance of fraud.
2. If security step has not been taken: Bank shall compensate the Loss to the card holder.

Ref.: https://www.simpletaxindia.net/2013/09/banks-shall-compensate-loss-to-card.html