Consumer Panel Faults Sbi, Asks To Refund ₹1.4l | Hyderabad News | #cybersecurity | #cyberattack

Hyderabad: Finding fault with the State Bank of India for not keeping in place a sufficient mechanism to alert its customers of any suspicious transactions, the state consumer commission has directed the SBI to make good the money lost by its customer MK Mishra of Cherlapally in Rangareddy district due to a fraud committed by hackers within a month from now with 9% interest per annum for the last nine years.
A commission bench comprising president Justice MSK Jaiswal and members Meena Ramanathan and K Ranga Rao said if someone hacks into the systems of SBI and perpetrates fraud, then the bank has to own the responsibility and that it cannot pass on the burden to the customer merely because the money was stolen from his account.
Mishra is an employee of CISF and has an account with SBI’s ECIL branch at Kapra. He sought a personal loan of 3 lakh and the bank credited the same into his account on April 26, 2013. Between May 5 and 7, an amount of 1.46 lakh was missing from his account. He made a complaint to the bank. It merely informed him that this amount was spent using his ATM card and advised him to approach police if he has any doubts and refused to hear him anymore on this aspect. The bank’s Ombudsman said that he cannot determine the facts of cyber fraud and closed the case.
The customer then approached the Rangareddy district consumer forum. The forum directed the bank to refund the lost money with 9% interest. The bank filed an appeal before the state consumer commission. The commission after going through the record was convinced that there is a failure on the part of the bank and refused to interfere in the forum’s order.

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