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Return to petitioners Rs 76 lakh lost in cyber fraud, HC tells Bank of Baroda | India News – Times of India

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MUMBAI: Observing that a case before it was an example of how innocent persons are becoming victims of cyber fraud, Bombay HC on Thursday relied on a July 2017 RBI circular and directed Bank of Baroda to return to a company Rs 76 lakh it had lost to an online fraud. The division bench of Justices Girish Kulkarni and F P Pooniwalla held that both the RBI circular and the bank’s policy say if a customer reports a fraudulent online transaction in three working days, a customer has zero liability. “When the unauthorised transactions occur due to a third-party breach where the deficiency lies neither with the bank nor with the customer but elsewhere in the system and the customer notifies the bank regarding the unauthorised transactions within a certain time frame,” HC said. Hence, the petitioners’ liability would be zero as three cyber cell reports noted that the deficiency lay neither with BoB nor with the account holders -the petitioners and petitioners entitled to refund, HC noted.


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