vidhikarya

More often than not, an illegal UPI transaction causes much more perplexity than the financial harm that results from it. While the victim holds the bank accountable, the bank holds the customer responsible, and the payment service provider escapes responsibility by claiming that it merely helped with the transaction. When all the parties start passing blame around, the critical issue remains unclear – who bears the legal responsibility?   There is no universal answer to that. In accordance with Indian laws, legal responsibility for the fraud depends on the circumstances in which the fraud was committed, whether the customer used reasonable caution, and whether the bank or the payment service provider complied with the guidelines established by the Reserve Bank of India.   Liability Is Decided by Facts, Not Sympathy   One of the biggest misconceptions surrounding digital payment fraud is that banks must refund every unauthorised transaction. That is not what t...