14 hrs ago
Consumer Commission Orders SBI to Refund Cyber Fraud Loss
A customer told their bank about cyber fraud in time, but the bank did not take the right action, according to a consumer commission.
The commission ordered the State Bank of India to return Rs.
5,00,250.
It also ordered the bank to pay interest and Rs.
30,000 for compensation and legal costs.
The article says people should report fraud to their bank as soon as possible.
They should keep proof, such as messages and complaint numbers.
RBI rules described in the article may protect customers who report certain unauthorized transactions quickly.
Those protections may not apply if someone shared their OTP, PIN, or password.
If a bank does not resolve a complaint, the customer may be able to take it to the RBI Ombudsman or a consumer commission.
The Nagpur District Consumer Disputes Redressal Commission found SBI's Tumsar branch failed to act appropriately on a timely cyber fraud complaint.
It ordered State Bank of India to refund Rs. 5,00,250 with 9% annual interest from July 18, 2021.
SBI must also pay Rs. 30,000 for compensation and litigation costs.
The commission found the bank deficient in service under the Consumer Protection Act, 2019.
The article says customers should report fraud immediately and may approach the RBI Ombudsman or a consumer commission if their bank does not resolve a complaint.
- Who
- The Nagpur District Consumer Disputes Redressal Commission and State Bank of India; the customer is not named.
- What
- The commission ordered SBI to refund Rs. 5,00,250 with interest and pay Rs. 30,000 in compensation and litigation costs.
- Where
- The case involved SBI's Tumsar branch and the Nagpur District Consumer Disputes Redressal Commission in India.
- When
- The article was published October 6, 2026; interest is calculated from July 18, 2021.
- Why
- The commission found that the bank failed to take appropriate action after receiving a timely cyber fraud complaint.
Bank's defence
Commission's finding
Whether the bank acted appropriately
Bank's defence
SBI presented a defence, but the article does not detail its arguments.
Commission's finding
The commission rejected the bank's defence and found it had failed to take precautionary measures and appropriate action after the complaint.
Key facts
- Refund ordered
- Rs. 5,00,250
- Interest
- 9% annually from July 18, 2021
- Additional payment
- Rs. 30,000 for compensation and litigation costs
- Commission
- Nagpur District Consumer Disputes Redressal Commission
- Bank branch
- SBI's Tumsar branch
- Fraud reporting
- The article advises reporting cyber fraud immediately and contacting the bank.
- Complaint options
- The article says customers may approach the RBI Ombudsman or a district consumer commission if the bank does not resolve the complaint.
Sources
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