Customer Liability Policy
Customers to mandatorily register for App alerts and wherever available register for e-mail alerts, for electronic banking transactions. PANCHYAJANYA is now working on raising SMS alerts and which will soon be operational. PANCHYAJANYA will send App/SMS alerts to the customers, while email alerts may be sent, wherever registered.
The customers must notify PANCHYAJANYA of any unauthorised electronic banking transaction at the earliest after the occurrence of such transaction. Customers are cautioned that the longer the time taken to notify PANCHYAJANYA, the higher will be the risk of loss to customer. To facilitate this, PANCHYAJANYA will provide customers with 24×7 access through multiple channels viz., via website, App, e-mail, etc. for reporting unauthorised transactions that have taken place and/ or loss or theft of payment instrument such as card, etc. PANCHYAJANYA will also enable customers to instantly respond by “Reply” to the App and e-mail alerts.
Further, a direct link for lodging the complaints, with specific option to report unauthorised electronic transactions will be provided by PANCHYAJANYA on home page of our website.
The loss/ fraud reporting system will also ensure that an immediate auto response is sent to the customers acknowledging the complaint along with the registered complaint number. The communication systems used by PANCHYAJANYA to send alerts and receive their responses records the time and date of delivery of the message and receipt of customer’s response, if any, to them. PANCHYAJANYA will not offer facility of electronic transactions to customers who do not provide mobile numbers to PANCHYAJANYA. On noticing an unauthorised transaction the customer should first change their MPIN and immediately inform PANCHYAJANYA. Based on Customer consent PANCHYAJANYA will b/lock the account to ensure that further unauthorised transactions are avoided.
Limited Liability of a Customer
1. A customer’s entitlement to zero liability shall arise where the unauthorised transaction occurs in the following events:
1. Contributory fraud/ negligence/ deficiency on the part of PANCHYAJANYA (irrespective of whether or not the transaction is reported by the customer).
2. However, PANCHYAJANYA may, at its sole discretion, deny the customer the said benefit entirely or increase the amount of customer’s liability in this regard:
1. If PANCHYAJANYA, in its sole opinion, determines, based on available evidence (provided by the customer or otherwise obtained) that the customer has shown any delay in reporting or was negligent or fraudulent in the handling of the card (including protecting the card or the PIN or reporting the loss or unauthorised transactions)
2. If PANCHYAJANYA, in its sole opinion, decides that further investigation is necessary including those for the unauthorised transactions and/or merchant types
3. If the prior card handling history of the customer is unsatisfactory
3. The responsibility of PANCHYAJANYA for non-execution or defective execution of the unauthorised transactions is limited as follows:
1. If reported within 3 days, customer’s liability is: Zero
2. If reported within 4-7 days, customer’s liability is: Transaction value or Rs.10,000 per transaction whichever is lower
3. If reported beyond 7 days customer’s liability is: To the fullest extent
Limited Liability of a Customer
1. A customer shall be liable for the loss occurring due to unauthorised transactions in the following cases:
1. 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 PANCHYAJANYA
2. Any loss occurring after the reporting of the unauthorised transaction shall be borne by PANCHYAJANYA
2. Third party breach where the deficiency lies neither with PANCHYAJANYA nor with the customer but lies elsewhere in the system, and the customer notifies PANCHYAJANYA regarding the unauthorised transaction. The per transaction customer liability in such cases will depend on the number of days lapsed between the receipt of the transaction communication by the customer from PANCHYAJANYA and the reporting of the unauthorised transaction to the PPI issuer
PANCHYAJANYA will provide these policy details in regard to customers’ liability formulated in pursuance of regulatory requirements to individual customers at the time of opening the accounts; it will be available on the website and will be accessible through a link in the PANCHYAJANYA APP.
Further, PANCHYAJANYA will ensure that:
§ A complaint is resolved and liability of the customer, if any, established within 90 days