Kerala HC orders SBI to refund ₹3.73 lakh in OTP fraud case
In short
The Kerala High Court told SBI to refund ₹3.73 lakh to a retired college principal. She lost the money after sharing an OTP with someone pretending to be a bank official.
The case matters because it shows how OTP fraud can hurt bank customers and how refund rules may apply. It is not stated whether SBI will challenge the order.
What the reporting says
The Kerala High Court ordered SBI to refund ₹3.73 lakh to a retired college principal after she lost money by sharing an OTP with a fraudster posing as a bank official. The Mint summary says the case is being used to explain how the scam worked and what RBI’s zero-liability rule says. The immediate consequence is the refund order; the reporting does not say whether SBI will appeal or when payment will be made.
Why it matters
The Kerala High Court’s order directs SBI to refund ₹3.73 lakh to a retired college principal in an OTP fraud case. The reported facts tie the loss to a fraudster posing as a bank official and mention the RBI’s zero-liability rule as the legal backdrop. The summary does not state the court’s full reasoning, any recovery from the fraudster, or whether SBI will contest the ruling.