I have been recently affected by ICICI bank credit card and surprised to hear from them that I will have to bear the charge if the merchant provides required proofs.
Since this transaction is not authorized and not done by me, I had raised dispute request with the bank. Also have sent an application to cyber crime office in pune.
While I was reading through the RBI guidelines to understand my rights. I understand it is mandatory for banks to implement additional level of authentication. Else the banks have to bear the charge if dispute not resolved in favour of credit card holder.
I bit surprised that the consumers in India are not protected though we are holding visa/master cards which have strigent stipluations in country like US to provide "zero liability protection" to the credit card holders.
I notice now that holding a credit card in india is like openly inviting frauds since credit card holders are not having enough protection. Also banks are not providing enough understanding to the users on rights and protections/risks.
I have to take trouble now myself in going through the RBI guidelines, follow up with ICICI bank, file FIR. Is it advisable to have credit cards in India under current circumstances.
can you please throw some light on RBi guideline
RBI/2010-2011/243
RBI / DPSS No.914 / 02.14.003 / 2010-2011
since the bank is claiming that it is international transaction and not in purview of the RBI guidelines though it is not authorized by me, not done by me and it is fraud online transaction.
thanks,
