{"id":38245,"date":"2018-12-06T18:05:25","date_gmt":"2018-12-06T12:35:25","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=38245"},"modified":"2018-12-06T18:05:25","modified_gmt":"2018-12-06T12:35:25","slug":"ombudsman-limited-liability-cover-to-make-e-wallets-safer","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/ombudsman-limited-liability-cover-to-make-e-wallets-safer\/","title":{"rendered":"Ombudsman, limited liability cover to make e-wallets safer"},"content":{"rendered":"<p><a href=\"https:\/\/timesofindia.indiatimes.com\/business\/india-business\/ombudsman-limited-liability-cover-to-make-e-wallets-safer\/articleshow\/66961728.cms\">Ombudsman, limited liability cover to make e-wallets safer<\/a><\/p>\n<p><strong>News:<\/strong><\/p>\n<p>RBI to Introduce Limited Liability, for Prepaid Instruments such as digital wallets, smart cards, and online accounts.<\/p>\n<p><strong>Facts:<\/strong><\/p>\n<p><strong>What does it mean?<\/strong><\/p>\n<ul>\n<li>Limited liability guarantees users that they lose money through an unauthorized transaction such as a third-party hack, the extent of liability will be limited, even zero if they inform the bank immediately<\/li>\n<li>Until now limited liability <strong>was only applicable on credit\/debit cards<\/strong> however, now onwards prepaid Instruments such as <strong>digital wallets, smart cards, and online accounts will be covered<\/strong>.<\/li>\n<li>However, according to the banks, the liability limits for e-wallets is likely to be lower, considering the smaller transaction size and lower balances.<\/li>\n<li>Last year, the central bank had introduced the concept of \u2018<strong>zero liability\u2019 for card users<\/strong>. Under this policy, cardholders who lost money due to a third-party breach and who reported the loss within three days would get all their money back.<\/li>\n<li><strong>RBI will set up an ombudsman<\/strong> for digital transactions to address grievances related to prepaid instruments from individuals.<\/li>\n<li><strong>Ombudsman would be funded by the RBI<\/strong> and <strong>will be a cost-free<\/strong> and expeditious platform for individuals.<\/li>\n<\/ul>\n<p><strong>Significance<\/strong><\/p>\n<ul>\n<li>The introduction of limited liability will add a layer of safety to digital payments and promote a more mature finance ecosystem in India.<\/li>\n<li>It will help Government&#8217;s endeavors to promote a less-cash society<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Ombudsman, limited liability cover to make e-wallets safer News: RBI to Introduce Limited Liability, for Prepaid Instruments such as digital wallets, smart cards, and online accounts. Facts: What does it mean? Limited liability guarantees users that they lose money through an unauthorized transaction such as a third-party hack, the extent of liability will be limited,&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/ombudsman-limited-liability-cover-to-make-e-wallets-safer\/\">Continue reading <span class=\"screen-reader-text\">Ombudsman, limited liability cover to make e-wallets safer<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-38245","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":1700774817,"cached_date":1704407247},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/38245","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=38245"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/38245\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=38245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=38245"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=38245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}