This! Exactly the point I made above! Same issues plague "traditional" banks and RBI has imposed very limited liabilities on Bank or even safeguards like this o

This! Exactly the point I made above! Same issues plague "traditional" banks and RBI has imposed very limited liabilities on Bank or even safeguards like this one https://www.pcisecuritystandards.org/security_standards/ https://www.pcisecuritystandards.org/security_standards/. So if the Target fiasco had happened in India, Target would have minimum if any liabilities. Why do you think "cash on Delivery" is such a big thing in India. Consumers are paranoid, not just because it's their habit, they just feel vulnerable with no recourse even with traditional banking.