RBI
Also known as: Reserve Bank of India
The Reserve Bank of India — the central bank that regulates banking, monetary policy, and most consumer financial protections in India.
The Reserve Bank of India (RBI) is the central bank of India. It sets monetary policy (interest rates, money supply), licences and supervises all commercial banks, regulates payment systems including UPI and IMPS, manages foreign exchange, and issues currency notes. For most consumers, the RBI matters because it sets the rules that banks must follow regarding loans, accounts, deposits, and fraud protection.
The RBI’s zero-liability framework for unauthorised electronic transactions is one of the strongest consumer protections in Indian banking. If you report an unauthorised transaction within 3 working days, you have zero liability for the lost amount. Reporting within 4-7 working days limits liability based on the account type. Beyond 7 working days, the limit depends on bank policy.
For scam-related complaints, the RBI’s grievance mechanism — including the Banking Ombudsman scheme — provides an escalation path after the bank’s own grievance team. For payment system fraud, the National Cyber Crime Reporting Portal and the 1930 helpline are the faster first-line channels; the RBI route is appropriate for systemic disputes that the bank refuses to resolve.