‘Banks may pay customers who become victims of digital fraud’:SC asks RBI to provide steps to make up for losses of victims

Banks must be made accountable to indemnify losses of victims of digital fraud, says Supreme Court (SC). The apex court will examine the RBI’s KYC amendment directions to be operationalised by 31 December, 2026. The top court added that it is duty of banks to alert neighbouring police stations about unusual transactions by customers being duped. Provide steps that you will take for digital fraud victims: SC to RBI SC has asked the RBI to provide list of banks to be regulated by its guidelines on digital arrest and measures to make up for losses of victims. Victims lost ₹800 crore to digital frauds this year SC said that though digital crimes have decreased by 50%, yet victims lost ₹800 crore to such offences this year so far.
SC allows WhatsApp to intervene in few digital arrest cases The top court also allowed WhatsApp to intervene in suo motu proceedings related to digital arrest. WhatsApp told SC that it has banned 9,400 suspicious accounts so far. (This is a developing story.)