The Reserve Bank recently imposed a penalty on two large banks, putting the interests of customers first. SBI has been fined Rs 1 crore, while Standard Chartered Bank has been fined Rs 1.95 crore by the Reserve Bank.
There’s no need to be alarmed if you’re a victim of online shopping scam. By filing a complaint with the bank, you can get your money back within ten days. If your bank does not respond to your complaint within a reasonable amount of time, you can file a complaint with the Reserve Bank’s CMS (Complaint Management System) online. However, if the bank does not resolve the customer’s complaint, the Reserve Bank has the authority to levy a penalty.
Two banks have been fined by the RBI.
The Reserve Bank recently imposed a penalty on two large banks, putting the interests of customers first. SBI has been fined Rs 1 crore, while Standard Chartered Bank has been fined Rs 1.95 crore by the Reserve Bank. SBI broke the norms for fraud classification and reporting of frauds with consumers on behalf of commercial banks and designated financial institutions, according to the RBI.
Banks were the ones who were negligent.
The repayment of the unlawful transaction money was delayed by Standard Chartered Bank. As a result, the Reserve Bank levied a penalty of Rs 1.95 crore, while SBI delayed reporting the fraud in the customer account, resulting in a penalty of Rs 1 crore.
The Reserve Bank has sent a strong message to banks and financial organizations that failure to address customer complaints and late settlement will result in penalties. As a result, those who engage in banking transactions should be informed of their rights.
Customers must use caution.
Customers must be vigilant when purchasing or transacting online in order to prevent becoming victims of a scam. When doing online purchasing, make sure the computer or mobile device you’re using has antivirus software installed. It’s also critical to keep your software up to current at all times. Apart from that, you should never save your banking password on your computer.
There has been a considerable surge in reports of cybercrime, such as internet fraud, during the shutdown. According to a survey, identity thieves have targeted more than 27 million people in the last year alone.