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As per RBI circular BCDBR.No.Leg.BC.78/09.07.005/2017-18 dated July 6, 2017, due to increase in customer grievances relating to unauthorized electronic Banking Transaction resulting in debits to their accounts, criteria for determining the customer’s liability has been reviewed and Banks have been advised to lay down policy for the same.
The objective of the policy is to protect the Bank’s Cardholders for Digital transactions, transactions shall be authenticated through the use of dual authentication process viz. card details CVV and One Time Passwords (OTP) for Ecom, ATM withdrawals & PoS transactions shall be authenticated with the Card and PIN, Mobile Banking Transactions through MPIN & TPIN, to ensure security and non repudiation. Users will select, secure, employ and manage cards, Mobiles and the OTP/Pin to protect against unauthorized usage of the cards.”
The Bank is required to lay down the Policy for Customer Protection – Limiting liability in unauthorized Electronic Banking Transactions, with the approval of its Board of Directors recommended by the Information Technology Committee. Customer Protection policy
New Vehicles(all four wheeler private vehicles) |
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LIMITED LIABILITY OF THE CUSTOMER |
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If the matter is reported within 4-7 days, per transaction liability of the customer is as follows:
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If the delay in reporting by the account holder is beyond seven working days, the customer’s will have to bear the entire loss.
On being notified by the customer, the bank will credit (shadow reversal) the amount involved in the unauthorized electronic transaction to the customer’s account within 10 working days from the date of such notification by the customer (without waiting for settlement of insurance claim, if any) for zero / limited liability
The complaint will be resolved within 90 days, if the Bank is unable to resolve the complaint or determine the customer liability, if any, within 90 days, the compensation will be paid to the customer.