Parl panel wants banks to compensate customers hit by cyber fraud

New Delhi: A Parliamentary panel on Wednesday suggested that banks should compensate customers hit by cyber fraud pending investigation by various agencies.

The Standing Committee on Finance noted the efforts undertaken by RBI on limiting the liability of customers in unauthorised electronic banking transactions and the guidelines framed for the Digital Banking Units (DBUs) to create awareness among customers on safe digital banking practices.

The hapless customers should not be made to suffer and forced to run from pillar to post for redressal, the panel headed by BJP leader Jayant Sinha said.