SC Says Banks Must Compensate Digital Fraud Victims If They Fail Due Diligence | Know More
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In a major step to safeguard citizens from cybercrime, the Supreme Court of India ruled that banks and financial institutions must fully compensate digital fraud victims if losses stem from lapses in banking due diligence.
A three-judge bench headed by Chief Justice Surya Kant, alongside Justices Joymalya Bagchi and V. Mohana, underscored that regulatory measures drawn up by the Reserve Bank of India (RBI) must mandate strict liability, requiring banks to reimburse an amount not less than th
A three-judge bench headed by Chief Justice Surya Kant, alongside Justices Joymalya Bagchi and V. Mohana, underscored that regulatory measures drawn up by the Reserve Bank of India (RBI) must mandate strict liability, requiring banks to reimburse an amount not less than th
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