The bank will not be responsible if you make a mistake of telling OTP on the phone and are a victim of fraud

If a thug calls you and steals money from your bank account by taking details of bank details, OTP etc. from you, then the bank will not be responsible. The bank does not ask for your debit and credit card number information along with your CVV and OTP. So do not share your bank details with anyone.

Consumer Forum said that banks are constantly warning their customers not to share their bank details, credit cards, debit cart numbers and CVV and OTP with anyone, not at all over the phone. Despite this, if a person gives his bank details and OTP to a fraud on the phone and there is a hoax, then the bank will not be responsible.

According to the Reserve Bank of India (RBI) Regulation, if a bank fraud occurs due to the negligence of the customers then they will be fully responsible if they do not immediately inform the bank about the unauthorized transaction. There will be no responsibility on the bank.

But if the fraud is caused by the bank’s mistake on behalf of the bank then there is no need to worry about the customers. In such a situation, the bank will make up for the entire loss. At the same time, if neither the customer nor the bank is negligent in the fraud, and still the banking fraud has occurred, in such a situation, if the customer informs the bank within 3 days, the customer will have zero loss.

Here’s the case

Kurji Javia, a retired teacher of Amreli fell victim to similar frauds over phone. He was called by a thug that I am speaking to SBI and he gave all the information to the thug. After this the thugs withdrew the money from their bank account. Javia reached the Consumer Forum to get compensation for this.

Javia alleged that after she got the money from the bank account, she called the SBI branch, but did not get any response, saying that she would not have been cheated by the bank if she wanted to. But the Consumer Forum rejected his plea and said that the bank is not responsible for it.

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