Current Affairs · Banking Regulation & Schemes
A customer suffered financial losses due to a coordinated malware cyber-attack targeting his banking credentials across three distinct accounts simultaneously: Bank A (₹15 Lakh), Bank B (₹10 Lakh), and Bank C (₹5 Lakh). He reported the fraud within 24 hours, but the banks rejected compensation claiming negligence. He filed separate complaints with the Integrated Ombudsman, who ruled that the banks failed to comply with critical security directives. What is the maximum total compensation for financial loss that the customer can receive across these separate proceedings from the Integrated Ombudsman?
- 1No compensation is permitted as multi-account fraud falls strictly under criminal court jurisdictions.
- 2The full sum of ₹30,000,000 as the ₹20 lakh limit applies per distinct complaint against each independent regulated entity.✓
- 3A fixed ceiling of ₹10,000,000 applicable to modern digital security incidents.
- 4A combined maximum cap of ₹20,000,000 across all banking grievances.
Correct answer
The full sum of ₹30,000,000 as the ₹20 lakh limit applies per distinct complaint against each independent regulated entity.
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