Sbi ordered to waive of 4.09 LAKH towards CREDIT CARD fraud
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https://indianexpress.com/article/cities/bangal...
Interestingly despite the individual gave Card details & OTP .... Consumer court ordered to waive off quoting RBI 3 DAY customer ZERO LIABILITY AND EVEN GOT 30000 COMPENSATION
..... Interesting case outside of RBI ombudsman.... Hopefully it wouldn't be appealed or further legal proceedings
But still it's a consumer centric move in short term
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3rd Party breach -> I think the court took this as fault elsewhere in the system, and not in the hands of customer as well as the financial institution
Typical indian financial institution threatening lol hahahahaha
A good result for complaining within 3 days:) WIN FOR THE CUSTOMER - (i welcome this move personally)
I think it takes 3 days to settle transaction. So cc could have reversed it but they didn't do it. so i think court gave correct judgement.
So I have a chance to receive my 50k fraud money
Ya only if card owner complained within 3 days of transaction
Zero liability feature is not in all cards
Zero liability is RBI guidelines not to specific card category.... It's on all under RBI regulations subject to 3 day reporting
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