The State Bank of India (SBI) has been ordered to pay ₹63.74 lakh to a customer as a refund after the National Consumer Disputes Redressal Commission (NCDRC) ruled in favor of the customer who was a victim of a fraudulent account drain. The NCDRC found that the bank failed to secure the account and that the incident could have been avoided if the bank had updated security protocols.
The Biden Administration has issued final rules that require airlines to automatically issue cash refunds for canceled flights and significant delays, as well as better disclose fees for baggage and cancellations. The Transportation Department defines a significant delay as lasting at least three hours for domestic flights and six hours for international ones.
The Reserve Bank of India (RBI) has imposed restrictions on Kotak Mahindra Bank due to concerns over data security and inadequate IT infrastructure. These restrictions include a ban on onboarding new customers online and issuing new credit cards. The RBI cited significant deficiencies in the bank’s IT inventory management, data security, and business continuity planning. The bank has faced frequent outages in its digital banking channels, causing inconvenience to customers. Despite repeated engagement by the RBI, the bank failed to address these issues adequately. The restrictions are intended to protect customers and prevent potential outages that could impact the financial ecosystem. They will be reviewed once a comprehensive external audit is completed and necessary corrective measures are taken.
