The Highly Networked Bank of the Country - State Bank of India has been asked to pay a compensation of Rs 3 lakh. It has been reported that the bank has to pay a compensation of Rs 3 lakh to a senior citizen who has gone through an online fraud. The man has lost his lifetime savings of Rs 3.77 lakh to fraudulent ATM.
It has been stated that banks need to have more strict policies and consumer friendly policies. There should be more secure provisions to provide the safe banking to the customers. The SBI has not given any meaningful report from its Fraud Investigation Unit, mandated by RBI guidelines.
The complainant was using ATM card to withdraw monthly pension. On December 17, 2013, he twice visited ATM kiosk, but the machine didn't dispense cash. Besides this, neither a CCTV camera was installed in the ATM nor was the security guard posted The Pin of the person was misused and transactions were made and he didn’t receive and SMS regarding the transactions made.