KOCHI: Banks cannot ask a customer to repay money lost through online fraud using its powers under SARFAESI Act as it is a disputed transaction, the high court has held. Banks would have to approach a civil court to recover the money from the persons responsible, the court said. After referring to two rulings by the Supreme Court and a ruling by the high court that banks are liable for unauthorized withdrawals, Justice A Muhamed Mustaque said in the judgment, “Thus, it is clear that the bank cannot claim any amount from the customer when a transaction is shown to be a ‘disputed transaction’. The bank can recover from the customers only when it can unequivocally prove that the customer was responsible for such transaction, independently through the civil court. The RBI guidelines is a clear
Customers have provided a ray of sunshine for Metro Bank as the embattled business topped official satisfaction ratings.Metro was joint top with First Direct, with 82% of personal British customers saying they would recommend the banks to their family and friends.Metro has seen its share price nosedive in recent months and is looking for a new chairman.RBS remained bottom of the twice-yearly customer rankings.The survey was the result of demands from the UK's competition authority to encourage switching and competition on customer service. Banks must prominently display the results in branches, on websites and apps.In Northern Ireland, HSBC was top of the ranking among personal customers, with a satisfaction rate of 77%. ...
By Mark Kleinman, City editor One of Britain's biggest short-term consumer lenders is to ring-fence an £18m compensation pot for creditors as it prepares to wind itself up following a surge in customer complaints.Sky News has learnt that Instant Cash Loans (ICL), which owns The Money Shop, Payday Express and Payday UK, has been in talks with the City watchdog for several weeks about the programme. Sources said that ICL would begin writing to up to 2 million customers on Tuesday to seek their support for a scheme of arrangement, under which they could receive payments if they have a valid complaint about a loan they took out from the company.ICL is owned by the US-based hedge fund HPS Investment Partners, which has taken the decision to close a business
By John-Paul Ford Rojas, business reporter The owner of British Airways is facing a fine of £183.4m after a data breach which saw personal details belonging to 500,000 people compromised.The Information Commissioner's Office (ICO) has told the International Airlines Group (IAG) that BA will be penalised under the Data Protection Act, and that the fine will be equivalent to 1.5% of its worldwide turnover for 2017. BA boss Alex Cruz said the airline was "surprised and disappointed" while IAG chief executive Willie Walsh said BA would make representations to the ICO about the scale of the fine, and could appeal it.The record penalty is the first under tough new data protection rules that came into effect in 2018. Facebook was last year fined £500,000 by t
[unable to retrieve full-text content]By Artak Hamazaspyan, CEO, Beaxy Knowledge is power. It’s an ancient cliché, but its longevity suggests that it’s truth. Few in the cryptocurrency world would dispute the statement, nor would they disagree with its corollary, that anonymity — freedom from others’ knowledge — can also be power. “Anonymous” Latest Articles in