The RBI has warned consumers against engaging in unauthorised transactions and has made it possible to request a refund of up to Rs 25,000 in most cases. While unauthorised transactions do happen, most banks have policies in place to reimburse customers.
While it's rare to find a bank that will reimburse a customer's money, the bank must make every effort to compensate the customer. A complaint filed within the specified time can result in a full refund. The bank can also buy insurance against credit card scams in India for the customer's benefit.
While you may get 100% of your money back, deductions may be made if the fraud is discovered after a long time. Moreover, if you have a high credit limit on your card, you may have to bear the credit limit deductions.
If you think you have been scammed, immediately contact the bank to report it. A missed call to 14440 will notify the bank of the scam. Make sure to keep the acknowledgement from the bank. If the bank does not resolve your complaint within the allotted time, you can file a lawsuit.
A complaint filed with the bank should be resolved within 90 days of the incident, or they must compensate the customer as per the terms of the bank's zero or limited liability policies.