MUMBAI: The Reserve Bank of India ( RBI ) will soon list down norms to limit the liabilities of consumers for unauthorized electronic transactions in their bank accounts, establishing a safety net for the citizens amid the national drive toward digital transactions and rising incidents of fraud.The central bank will also come down hard on lenders that charge customers exorbitant fees, deputy governor SS Mundra said Tuesday. In its annual supervision of banks this year, the RBI will focus on the mis-selling of third-party products, violation of KYC norms, and usurious bank charges, he said.“Banks have been granted the autonomy to fix fees and charges, but it should not be used to deny services to the common man. We are seeing this worrying trend in some organisations. Imposition of usurious charges will be one of the three main focus-areas during the annual supervisory cycle this year,” Mundra said.In a draft circular released in August 2016, the central bank had said that if a customer’s involvement is not clearly established, customer liability will be limited to Rs 5,000 provided it is reported within seven working days.Customers will have zero liability if there is a breach of the security architecture and systems of the bank, provided it is reported within three working days after receiving a communication from the bank. Mundra said the new norms are being considered in light of the increase in digital transactions after the demonetisation.The RBI’s annual supervision of banks usually starts in the second quarter and is completed by the end of the fiscal year.The central bank will also soon issue a minimum narration for most frequent transactions for the benefit of senior citizens. Mundra also pointed to the issue of fake cheques in the banking system.“There are a number of complaints of fake cheques because serial number information is being compromised, and also because the print quality of cheques is not too high. Banks have to be vigilant in this regard,” he said.Just like mobile-phone numbers, bank account numbers may also be transferred between banks because of the the success of the Aadhaar, IMPS, and BHIM systems.“Two years ago, I had mentioned this subject of bank account portability: This is now very much in the realm of possibility thanks to the success of Aadhaar and systems such as IMPS. If bank accounts can be transferred, then the silent customers will simply move away without talking to their banks. Banks should think about how this is going to work,” Mundra said.