#kyc
'Digital arrest' fraud: if the bank's checks failed, the victim gets the money back, Supreme Court tells RBI
The Supreme Court has said RBI's proposed KYC rules must require banks to compensate digital arrest victims by at least the amount lost where the fraud went through because the bank failed due diligence. It also wants banks to hold unusual transactions, alert the nearest police station and verify physically before releasing money.
Banks must compensate you if their lapse let a digital arrest scam through, Supreme Court says
Hearing a suo motu case on digital arrest frauds, the Supreme Court said the RBI's new rules must require financial institutions to compensate victims by at least the amount lost where due diligence failed. The court has asked the RBI for a list of all authorised institutions.