CURRENT AFFAIRS

Detailed explanation-1: -A customer shall be liable for the loss occurring due to unauthorised transactions in the following cases: i. In cases where the loss is due to negligence by a customer, such as where he has shared the payment credentials, the customer will bear the entire loss until he reports the unauthorised transaction to the bank.

Detailed explanation-2: -A customer’s entitlement to zero liability shall arise where the unauthorised transaction occurs in the following events: Contributory fraud/ negligence/ deficiency on the part of the bank (irrespective of whether or not the transaction is reported by the customer).

Detailed explanation-3: -The customer will bear the entire loss until he reports the unauthorized transaction to the bank. Any loss occurring after the reporting of the unauthorized transaction shall be borne by the bank.

Detailed explanation-4: -What Is a Zero Liability Policy? A zero liability policy is a condition in a credit card or debit card agreement that states that the cardholder is not responsible for unauthorized charges.