UPI PIN used in 11 unauthorised transactions; Punjab bank told to pay customer Rs 82,495
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓The Punjab State Consumer Disputes Redressal Commission ordered a bank to pay Vijay Kumar Rs 82,495 after 11 unauthorised transactions occurred on June 4 and 5, 2019.
- ✓The commission said, "The contention of the appellant that the transactions were authenticated through MPIN is not sufficient to fasten liability upon the complainant."
Story at a Glance
- Category
- MARKET
- Reported By
- Financial Express
- Reading Speed
- 4 Minute(s)
- Market Focus
- India Economy
The Punjab State Consumer Disputes Redressal Commission rejected the bank's contention that the customer must have shared or compromised his mobile personal identification number (MPIN) because the disputed transactions were authenticated using it.
According to The Indian Express, the commission upheld a June 1, 2023, order of the District Consumer Disputes Redressal Commission, Bathinda, in favour of Vijay Kumar. The state commission's order was passed on October 1 by judicial member H P S Mahal and member Kiran Sibal.
"The contention of the appellant/OP (bank) that the transactions were authenticated through MPIN and, therefore, the MPIN must have been disclosed or compromised by the complainant, by itself, is not sufficient to fasten liability upon the complainant," The Indian Express quoted the commission as saying.
Unlock the Full Story with ArthNow Premium
To continue reading this complete financial story and in-depth market context, upgrade to ArthNow Premium. Enjoy unlimited access across Web and Mobile.
Financial Express
Read the full, original unfiltered story directly on the publisher's portal.