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What is the liability of the bank in case of errors or fraud in RTGS transactions?

Curious about RTGS

What is the liability of the bank in case of errors or fraud in RTGS transactions?

In case of any error or fraud in an RTGS transaction, the liability of the bank depends on the nature of the error or fraud. If the error is due to a mistake by the bank, then the bank is liable to rectify the error and compensate the customer for any losses incurred. If the error is due to the customer providing incorrect details, then the bank is not liable.

In case of fraud, if the bank is found to be at fault, it is liable to compensate the customer for any losses incurred. However, if the fraud is due to the customer's negligence or sharing of confidential information with a third party, the bank is not liable.

It is important for customers to take necessary precautions while making RTGS transactions, such as verifying the beneficiary's details and keeping their confidential information secure.

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