Bank Bound To Personally Notify Discontinuation Of Policy: NCDRC Holds SBI Liable For Deficiency In Service

The National Consumer Disputes Redressal Commission (NCDRC) held that the State Bank of India (SBI) was liable for deficiency in service for failing to personally notify the discontinuation of a policy. The case involved a customer whose insurance policy was discontinued by SBI without proper notification. The NCDRC ruled that the bank had a responsibility to personally notify the customer of such changes, and by failing to do so, the bank was liable for deficiency in service. This decision underscores the importance of clear communication and transparency in service delivery by financial institutions.