Something very absurd is going on in the State Bank of India (SBI) that also within the actual knowledge of none other than Reserve Bank of India (RBI). There is a spate of credit card frauds in SBI and the bank is doing nothing in this regard. SBI is neither refunding back the stolen money nor is it strengthening its cyber security and banking security. This is despite the legal obligations that all banks are required to comply with regarding refund of stole money and establishment of robust cyber security.
So what exactly is going on at SBI? To get the idea, just follow a single discussion at Twitter regarding credit card fraud that is pending for redressal for the last two months. The mere fact that SBI has not been able to resolve the issue for 60 days is self explanatory. Credit card frauds are happening at SBI and neither SBI nor RBI is doing anything about this situation. Bank customers are running from one place to another with no remedy.
If a bank customer has promptly informed the concerned bank branch about any credit card fraud, it is the legal duty of that bank to not only refund the money quickly but also to investigate such credit card fraud. But banks in India, including SBI, are simply harassing the victims in the hope that they would not pursue the matter further. And this is happening as well.
If a victim of banking fraud has no remedy either at the bank level or at the RBI level, he/she can only hope that the government would listen to him/her. But our government not only lacks the will but also the necessary infrastructure to manage such disputes.
We at Perry4Law Organisation (P4LO) are trying to fill this vacuum. We have launched a test online dispute resolution (ODR) platform few years back. If nothing works for a victim, he/she can open a ticket at our platform and we would help him/her in this regard. Just add the relevant documents either at the time of creating the ticket or when we reply back through e-mail and mention about the status of Aadhaar. Once this is done, we would pursue your cause as our own.
As mentioned above, we are currently pursuing one such ticket about credit card fraud that happened about two months back as per the creator of the ticket. We have given sufficient time to SBI to respond back but SBI is engaging in time wasting tactics and next level of action against SBI is needed. That is why we have written this article that would be updated from time to time till the matter is resolved. If SBI continues with its present approach, we would take few more steps and with every such step the accountability and legal obligations of SBI would increase.
We also offered to help SBI to resolve its debit and credit card frauds so that victims can get their money back immediately. However, SBI is not interested in early resolution of disputes for reasons best known to it.
We hope SBI would resolve the issue mentioned in the ticket immediately so that we need not to escalate this issue to next levels.