Banks Must Pay Up
The Supreme Court’s suo motu intervention in the growing menace of digital arrest scams in the country is a step in the right direction. The Court is right in asking banks to compensate those who have lost money in such scams. Banks have so far washed their hands of the issue, claiming that account holders themselves transfer money to scammers posing as officials of the CBI, ED or RBI.
The Supreme Court bench has said banks have been softpedalling on the issue. The Court also questioned why individual account holders cannot be compensated, especially when crores of rupees in unpaid loans can be written off. Most victims, it noted, are senior citizens.
The Attorney General........
