Banks Legally Obligated To Ensure Account Safety: Delhi State Commission Holds SBI Liable For Deficiency In Service

The Delhi State Consumer Disputes Redressal Commission held the State Bank of India (SBI) liable for a deficiency in service after a customer lost money due to unauthorized transactions. The commission emphasized that banks have a legal obligation to ensure the safety of account holders’ funds and penalized SBI for negligence. This case underscores the importance of robust cybersecurity measures in banking services.