Responsibility Of Bank To Prevent Unauthorized Transactions , Bangalore District Commission Holds SBI Liable

The Bangalore District Consumer Disputes Redressal Commission held the State Bank of India (SBI) liable for failing to safeguard a customer's Fixed Deposit (FD) account, resulting in unauthorized transactions. The customer, misled by a fraudulent message to update his PAN card, lost Rs. 64,000 from his accounts. Despite reporting to the bank and cybercrime police, the bank's inadequate response led to a consumer complaint. The Commission found SBI negligent for the Rs. 25,000 loss from the FD account and ordered compensation of Rs. 45,000, including litigation costs and mental agony compensation.