Fraudulent Electronic Transfer, Customer Not Liable, Bangalore District Commission Orders SBI To Refund, Pay Compensation And Legal Costs
1 year, 4 months ago

Fraudulent Electronic Transfer, Customer Not Liable, Bangalore District Commission Orders SBI To Refund, Pay Compensation And Legal Costs

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The Additional District Consumer Disputes Redressal Commission-III, Bangalore bench comprising Sri Shivarama K., Sri Chandrashekar S. Noola and Smt. The District Commission cited a circular issued by the RBI which exempts customers from liability for unauthorized electronic banking transactions. Observations by the Commission: The District Commission held that the SBI had failed to safeguard the complainant's accounts and had not effectively traced the fraudulent transaction, despite receiving the complainant's written complaint. Crucially, the District Commission referenced a circular issued by the Reserve Bank of India in 2017, titled “Consumer Protection – Limiting Liability of Customers in Unauthorized Electronic Banking Transactions”.

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