Digital
3M successfully conducts ‘Tech Connect 2023’
Mumbai: 3M, the American multinational conglomerate known for its operations in the fields of industry, worker safety, healthcare, and consumer goods hosted its annual product showcase – “Tech Connect 2023” on the 6 October 2023 in Gurgaon.
Tech Connect is a visionary tech fair aimed at promoting innovation, collaboration, and the exchange of transformative ideas in the ever-evolving tech landscape. It is a unique event that brings together distinguished business leaders from 3M & its customers, offering attendees the unique opportunity to engage in meaningful conversations and gain insights into the impact of 3M’s scientific expertise on everyday life.
The event saw attendees from across business sectors and allowed customers and client partners to experience technology and innovation at the Customer Technical Center to experience the product firsthand.
Speaking on Tech Connect, 3M India consumer business group leader Siddhesh Borkar said, “We’re thrilled with the response at Tech Connect 2023. This event allowed us to showcase our technology and how innovation can improve everyday lives. For instance, Scotch-Brite™ is no longer only a green pad for dishwashing. Imagine not ending up poking your hands with tough steel scrubbers to remove those daily tough stains in your utensils – brought to life with a new, economical scrubber Scotch-Brite™ Super Strong. Imagine not having to use many makeshift tools to keep your bathroom looking new – brought to life with our uniquely designed Scotch-Brite™ Bathroom Scrubber Brush. And imagine a home where creativity knows no bounds when it comes to home décor – where instead of being limited with the only option as drilling nails into the wall, you get a choice of 3M mounting solutions like the strong Scotch® double-sided tapes range, or the Command™ range of hooks and strips which can both hold strongly and come off cleanly.
Every aspect of our products is designed with the aim of improving consumers’ lives and making things easier for them.
Digital
RBI proposes Rs 25,000 compensation cap for small digital fraud losses
RBI, customer bank and beneficiary bank will share payouts
NATIONAL: The Reserve Bank of India has proposed a new compensation framework for small-value fraudulent electronic banking transactions, requiring the central bank, the customer’s bank and the beneficiary’s bank to share payouts to affected customers.
Under draft rules released on Friday, compensation will be capped at the lower of 85 per cent of the net loss amount or Rs 25,000 in cases where the gross loss from a fraudulent electronic transaction is up to Rs 50,000.
The proposal comes as regulators step up efforts to strengthen customer protection amid a rise in digital banking frauds.
RBI governor Sanjay Malhotra had indicated during last month’s monetary policy announcement that the central bank planned to introduce a compensation framework for small-value digital frauds, allowing affected customers to claim relief once during their lifetime.
According to the draft guidelines, when the loss is below Rs 29,412, compensation of 85 per cent of the loss will be paid. Of this amount, 65 per cent will be borne by the RBI, while the customer’s bank and the beneficiary bank will contribute 10 per cent each.
For losses of Rs 29,412 or more but up to Rs 50,000, the compensation will be capped at Rs 25,000. In such cases, the RBI will contribute Rs 19,118, while the customer’s bank and the beneficiary bank will each contribute Rs 2,941.
If funds are later recovered after compensation has been paid, the customer’s bank must recalculate the payout based on the revised net loss and adjust the recovered amount accordingly.
Customers will be eligible for compensation only if they report the fraudulent transaction within five calendar days of its occurrence.
Complaints must be lodged both with the bank and through the National Cyber Crime reporting portal or the National Cyber Crime helpline. Banks must also confirm that the loss is bona fide under their internal processes.
Once a complaint is received, banks must compensate the customer within five calendar days, the draft rules state.
In joint accounts, only one account holder may submit a compensation claim.
The central bank has also proposed tightening transaction alerts by mandating instant SMS notifications for all electronic banking transactions above Rs 500. For transactions of up to Rs 500, banks may decide whether to send alerts based on internal policies.
Banks will not be allowed to charge customers for SMS messages sent to meet regulatory requirements or those used for promotional, marketing or customer awareness purposes.
The draft framework also calls for stronger oversight by requiring banks to periodically report complaints related to fraudulent electronic transactions to their boards or board-level committees. These reports must detail the number and value of cases across categories including card-present transactions, card-not-present transactions, internet banking, mobile banking and ATM transactions.
The RBI has invited public comments on the draft guidelines until 6 April, 2026. The rules are expected to take effect on 1 July, 2026 once finalised.
Banking officials say the proposed sharing of compensation between the RBI, the customer’s bank and the beneficiary bank is intended to increase vigilance across the digital payments ecosystem.
