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Topic 172 · Economy, Budget & Banking

RBI compensation for small digital-fraud victims

10 MCQs · tap an option to check it · All answers

Revise the 12 points first Book 1 RATNA
  1. Core Trigger: On 24 June 2026 the RBI finalised compensation for small digital-fraud victims, first announced 6 February 2026.
  2. Key Terms: A loss up to Rs 50,000, reported within five calendar days, earns 85% or Rs 25,000, whichever is lower.
  3. Current Head: Governor Sanjay Malhotra announced the plan after the 6 February 2026 monetary policy.
  4. Key Rule: Relief is once in a lifetime, for transactions from 1 January 2027, deferred from 1 July 2026.
  5. Data Point: Portal-reported frauds rose from 2.6 lakh in 2021 to 28 lakh in 2025, worth Rs 22,931 crore.
  6. Agreements: On 12 May 2026 I4C and the RBI Innovation Hub signed an MoU to feed Suspect Registry data into MuleHunter.ai.
  7. India Link: An April 2026 RBI discussion paper proposed a one-hour delay on transfers from Rs 10,000 and a kill switch.
  8. Headquarters: The RBI Central Office first sat in Kolkata and moved permanently to Mumbai in 1937.
  9. Founded: The RBI was established on 1 April 1935 under the RBI Act, 1934.
  10. Landmark: The 6 July 2017 circular gave zero customer liability for bank fault, with burden of proof on banks.
  11. Statute: The DEA Fund Scheme, 2014, under Section 26A of the Banking Regulation Act, 1949, holds long-unclaimed deposits.
  12. Definition: A shadow reversal is a provisional credit of the disputed sum while the bank investigates.
Question 1 of 10

When was the RBI's small digital-fraud compensation first announced?

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Answer: (B) 6 February 2026

Core Trigger: On 24 June 2026 the RBI finalised compensation for small digital-fraud victims, first announced 6 February 2026.From Book 1 RATNA, topic 172, point 1

Question 2 of 10

Consider: 1. A loss up to Rs 50,000 reported within five calendar days qualifies. 2. Compensation is 85% or Rs 25,000, whichever is higher. Which is/are correct?

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Answer: (A) Only 1

Key Terms: A loss up to Rs 50,000, reported within five calendar days, earns 85% or Rs 25,000, whichever is lower.From Book 1 RATNA, topic 172, point 2

Question 3 of 10

Which RBI Governor announced the compensation plan after the 6 February 2026 policy?

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Answer: (D) Sanjay Malhotra

Current Head: Governor Sanjay Malhotra announced the plan after the 6 February 2026 monetary policy.From Book 1 RATNA, topic 172, point 3

Question 4 of 10

From which date does the scheme apply to transactions?

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Answer: (C) 1 January 2027

Key Rule: Relief is once in a lifetime, for transactions from 1 January 2027, deferred from 1 July 2026.From Book 1 RATNA, topic 172, point 4

Question 5 of 10

Portal-reported frauds rose from 2.6 lakh in 2021 to how many lakh in 2025?

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Answer: (B) 28

Data Point: Portal-reported frauds rose from 2.6 lakh in 2021 to 28 lakh in 2025, worth Rs 22,931 crore.From Book 1 RATNA, topic 172, point 5

Question 6 of 10

Suspect Registry data is to be fed into which tool?

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Answer: (A) MuleHunter.ai

Agreements: On 12 May 2026 I4C and the RBI Innovation Hub signed an MoU to feed Suspect Registry data into MuleHunter.ai.From Book 1 RATNA, topic 172, point 6

Question 7 of 10

In which year did the RBI Central Office move permanently to Mumbai?

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Answer: (D) 1937

Headquarters: The RBI Central Office first sat in Kolkata and moved permanently to Mumbai in 1937.From Book 1 RATNA, topic 172, point 8

Question 8 of 10

The RBI came into being in which year?

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Answer: (C) 1935

Founded: The RBI was established on 1 April 1935 under the RBI Act, 1934.From Book 1 RATNA, topic 172, point 9

Question 9 of 10

Under the 6 July 2017 circular, the burden of proof lies on whom?

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Answer: (D) Banks

Landmark: The 6 July 2017 circular gave zero customer liability for bank fault, with burden of proof on banks.From Book 1 RATNA, topic 172, point 10

Question 10 of 10

Consider: 1. A shadow reversal is a provisional credit while the bank investigates. 2. The DEA Fund Scheme, 2014 is under Section 26A of the Banking Regulation Act, 1949. Which is/are correct?

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Answer: (C) Both 1 and 2

Statute: The DEA Fund Scheme, 2014, under Section 26A of the Banking Regulation Act, 1949, holds long-unclaimed deposits.From Book 1 RATNA, topic 172, point 11

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