SBI to pay Kerala couple Rs 1.35 lakh after ‘fake KYC’ update leads to illegal debit

The State Bank of India (SBI) will compensate a Kerala couple around Rs 1.35 lakh for unauthorized debit from their fixed deposit account due to a fake KYC update link. The Kerala consumer commission found that the bank failed to provide sufficient evidence to prove that the customers had contributed to the fraud by sharing their credentials.

The couple claimed they were unaware of the fraudulent activity and requested Rs 99,874 be returned to them, along with Rs 25,000 for compensation for mental distress. The bank must provide the refund within 45 days.