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Bank liable if customer loses money due to unauthorised withdrawals from account: Kerala Consumer Court The consumer court added that a customer is not duty bound to read all SMS alerts sent about bank withdrawals, while directing SBI to pay the sum fraudulently withdrawn. A Consumer court in Kerala recently emphasised that a bank is liable if a customer loses money due to unauthorised transactions from their bank accounts.  [Salim PM v M/s State Bank of India]. The District Consumer Disputes Redressal Commission at Ernakulam made the observation while directing State Bank of India (SBI) to compensate a customer for an unauthorised withdrawal of money from his bank account. The consumer court also rejected SBI's contention that there was no deficiency of service or unfair trade practice on its part since the customer, Salim, had been informed about the withdrawal through SMS notifications. Rather, the consumer court opined that a customer cannot be expected to read all such SM...

Many of us use bank lockers for the safety of jewelery to important documents. If you also hold a locker in a bank or are planning to do so soon, then you should know the new rules related to it. The Reserve Bank of India (RBI) has also given instructions to the banks for this. RBI says that banks will now have to renew the contract for renting lockers with their customers. According to the new rules, this contract will be prepared, in which it will be clearly mentioned that what kind of goods the customers can keep in their locker and what kind cannot. Only these things can be kept in the locker According to the new rules of RBI, now customers will be able to keep only legally valid items like jewelery and important documents in the bank locker. In the contract with the bank, the customer will be told in detail what kind of goods are allowed to be kept and what are not. Not only this, the lockers of the bank will now be given only to the customers for their personal use. These will be...