Rajkot Commission Orders State Bank of India to Refund Unauthorized AePS Withdrawals
What happened
The District Consumer Disputes Redressal Commission in Rajkot ordered State Bank of India to refund Rs 1.59 lakh along with 9% interest to a senior citizen. The bank was held liable for deficiency in service following unauthorized withdrawals of Rs 1,59,999 from the account via multiple AePS transactions. The commission ruled that the bank's conduct demonstrated clear deficiency and delay in service.
From indiatimes.com
Why it matters
The ruling establishes liability for State Bank of India regarding unauthorized digital transactions, particularly those conducted via AePS. This sets a precedent for consumer protection and financial institution responsibility in cases of service deficiency.
From indiatimes.com
Who's involved
- State Bank of IndiaThe bank found liable for deficiency in service following unauthorized withdrawals.
- RajkotThe city where the District Consumer Disputes Redressal Commission operated.
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The entities involved
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Rajkot
city in Gujarat, India
Nothing else this week.
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State Bank of India
Indian public sector bank and financial services organization