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- RBI Seeks Public Suggestions On 238 Banking Regulations, Cyber Fraud Rules By April 2026
Mumbai36 minutes ago
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There are going to be many big changes in the functioning of your bank in the next 3-4 months. RBI has released 238 draft banking rules to the public. Suggestions have been sought on these till November 10. Former RBI Governor R. Gandhi said, ‘For the first time in regulatory laws, drafts are being released to the public and suggestions are being sought from them.’
The new rules will come into effect from the beginning of 2026. Under the proposed reforms, in cases of cyber fraud, if the customer gives information within three days, then his liability will be zero. If banks do not take timely action, they may be fined up to ₹25,000.
In case of theft or negligence, the bank will have to pay compensation up to 100 times the locker rent. KYC for normal accounts will have to be done once in 10 years, for medium risk accounts every 8 years, and for high risk accounts every 2 years.
A similar formula will be applicable in determining the loan interest rate. Prepayment penalty will be abolished on all loans. Customers above 70 years of age will get banking facility sitting at home. After considering these suggestions, all these rules will come into effect from January 1 to April 1, 2026.
Know in 20 points… the proposed major changes and what is their impact on you?
1. Locker theft/loss: The bank will have to pay compensation 100 times the rent.
First: There was no accountability on the bank.
Effect: Strong security guarantee will be available.
2. Claim Settlement: It will be mandatory to settle the claim within 15 days.
First: There was no time limit set.
Effect: Solution will be found soon.
3. Cyber Fraud: If the customer informs within three days, the liability will be 0, if the bank delays, the penalty will be Rs 25,000.
First: There was no deadline.
Effect: Banks will become accountable.
4. KYC: KYC in 10 years in normal accounts, 8 years in medium, 2 years in high risk.
First: The time was not fixed.
Effect: Freedom from again and again.
5. KYC Outsourced: Banks will do KYC themselves, not any agencies.
First: Many banks used to outsource.
Effect: Customer data more secure.
6. Senior Citizen Banking: Will provide home based service to people above 70 years of age.
First: There was no clear rule on this.
Effect: Banking made easy for the elderly.
7. Loan Interest Formula: Interest will be decided through a unified formula.
First: Banks used to decide their own rates.
Effect: Transparency and equality will increase.
8. Short Term Loans: Loans for less than 3 years are also not below MCLR.
First: Could have been given at lower rates.
Effect: End discrimination in interest rates.
9. Prepayment penalty waived: There will be no additional charges on all loans.
First: The exemption was only on retail loans.
Effect: Easy to repay loan quickly.
10. Loan Details: The bank will have to give details of interest, fees, penalty.
First: The information remained unclear.
Effect: Hidden charges will be eliminated.
11. Unclaimed Deposit: As soon as the claim comes, the bank will return the money and then take it from RBI.
First: The amount went to RBI fund.
Effect: Refund of deposit amount will be easy.
12. Ban on lottery/chit funds: Will not approve such accounts or transactions.
First: There was no restriction on lotteries.
Effect: You will get protection from fake schemes.
13. CIBIL Update: Payment/default will be updated by 15th of every month.
First: There was a time limit of 90 days.
Effect: Credit score report will improve.
14. Seize Property: Seized properties will be updated on the website every month.
First: The details were not made public.
Effect: The customer will get complete information.
15. Loan Downpayment: 80% will be available on home loans above ₹20 lakh.
First: The limit on all loans was 90%.
Effect: Will have to pay more down payment.
16. Digital Loan: A cooling off period of at least 1 day is necessary.
First: There was no time limit set.
Effect: It will be time to cancel the loan.
17. Loan Documents: Banks will return the loan within 30 days after repayment, otherwise a fine of ₹ 5,000 per day.
First: There was no fixed limit.
Effect: The hustle and bustle will end.
18. Gold Loan Auction: Presence and affidavit of the customer will be mandatory.
First: Companies used to do it as per their wish.
Effect: Fair auction will be possible.
19. Asset Declaration: Private bank employees will have to give details of the property.
First: Was applicable only in government.
Effect: Transparency and accountability will increase.
20. Leave on sensitive posts: 10 days compulsory leave for bank employees.
First: It was not the same in all banks.
Effect: Will help in preventing fraud.
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