<h1>RBI Reports 4.4% Rise in Cyber Crimes; Mandates Banks to Strengthen Cyber-Security and Protect Customers.</h1> The Reserve Bank of India (RBI) reported a 4.4% increase in cyber crimes related to credit cards, ATMs, debit cards, and Internet banking from 2014-15 to 2016-17. To combat this, RBI mandated banks to implement a Board-approved cyber-security policy addressing cyber threats. Banks must reverse erroneous debits from fraudulent transactions and have policies for customer protection and compensation for unauthorized transactions. Under the Banking Ombudsman Scheme, customers can seek compensation up to Rs. 20 lakh for losses and Rs. 1 lakh for mental distress if dissatisfied with a bank's response to complaints. This information was provided by a government official in a parliamentary session.