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RBI Casts Enchanting Spell for Digital Fraud Protection

RBI Casts Enchanting Spell for Digital Fraud Protection

In a dazzling display of wizardry, the Reserve Bank of India has conjured draft guidelines to protect unsuspecting muggles from the sinister forces of digital fraud! With a promise to cover 85% of lost galleons, brave souls must report their misfortunes within five days to the enchanted National Cyber Crime Reporting Portal. But beware, this magical protection is a one-time potion for a lifetime!

Quick rundown

  1. RBI introduces draft guidelines to combat digital fraud.
  2. Compensation covers up to 85% of losses, capped at 25,000 rupees.
  3. Customers must report fraud within five days to qualify.
  4. Scheme initially valid for one year, subject to review.
  5. Guidelines effective from July 1, enhancing fraud response.

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