According to the press release, the primary objective of the framework was to protect customers from fraudulent transactions and enhance customer convenience. Based on a request from Indian Banks’ Association (IBA) for an extension of time to enable the banks to complete the migration, Reserve Bank had advised the stakeholders in December 2020 to migrate to the framework by 31 March 2021. Thus, adequate time was given to the stakeholders to comply with the framework.
However, the framework has not been fully implemented even after the extended timeline. The delay in implementation by some stakeholders has given rise to a situation of possible large-scale customer inconvenience and default. Consequently, to prevent any inconvenience to the customers, Reserve Bank has decided to extend the timeline for the stakeholders to migrate to the framework by six months, until 30 September 2021.
Any further delay in ensuring complete adherence to the framework beyond the extended timeline will attract stringent supervisory action.
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