Bank Should Remain Vigilant' : Supreme Court Holds SBI Liable To Refund Amount To Customer Who Reported Fraudulent Transaction

The Supreme Court ruled that SBI must refund the amount to a customer who reported a fraudulent transaction after it was found that the bank failed to act with vigilance. The court held that financial institutions must remain vigilant and address customer complaints about fraudulent transactions promptly. The ruling underscores the importance of banks ensuring the security of customer transactions and protecting their interests by reimbursing any losses incurred due to fraud, as part of their accountability under consumer protection laws.