SC says RBI rules must make banks fully compensate digital arrest victims if banks fail due diligence
The court stated that RBI rules should mandate financial institutions to indemnify victims for losses resulting from a failure in due diligence. Proposed measures include suspending unusual transactions and automatically alerting police.
Key points
- Banks must compensate victims if due diligence fails
- Proposed requirement to hold unusual transactions
- Mandatory police alerts for suspicious activity
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