Bombay High Court orders Bank of Baroda to refund ₹76 lakh for unauthorized transactions due to third-party breach.
Bombay High Court ruled that a customer has zero liability for unauthorized transactions caused by a third-party breach where the issue does not lie with the bank or customer, citing the RBI's July 2017 circular and Bank of Baroda's Consumer Protection Policy (Unauthorized Electronic Banking Transactions). The court directed the Bank of Baroda to refund Rs 76 lakh debited from a company's account fraudulently.
June 13, 2024
3 Articles