New Delhi, Feb 7 (SocialNews.XYZ) The Delhi High Court has directed the Indian Banks Association (IBA) to convene a meeting aimed at ensuring that all banks adhere to the Standard Operating Procedure (SOP) concerning the disclosure of information on fraudulent transactions to law enforcement agencies.
Justice Prathiba M. Singh's directive came in response to a batch of petitions concerning the proliferation of fraudulent domain names, filed by trademark and brand owners seeking relief against the misuse of their marks and names by unauthorised persons.
Justice Singh said that while the SOP exists, its implementation across banks remains a work in progress.
During proceedings, the court was informed that despite a meeting called by the Reserve Bank of India (RBI) in response to the court's earlier directive, there was a need for expedited information sharing on fraudulent transactions.
Both the IBA and the RBI were said to have taken cognisance of the issue at hand.
The court then issued a notice to the IBA's Senior Advisor, summoning him to present the stance of all banks before the court.
The matter is scheduled for further hearing on April 6.
Previously, the court had directed the Joint Secretary concerned of the Ministry of Home Affairs to convene a meeting of Cyber Crime Cells in various states to enhance coordination in dealing with cases involving fraudulent transactions. It also urged the RBI to take measures to curb malpractices where funds are accepted by banks in the names of reputable companies, but the accounts are held by third parties.
Additionally, the court sought clarification from RBI's counsel regarding the possibility of issuing guidelines mandating banks to verify the beneficiary's name or billing details against the account holder's name, not just the account number, for both online and offline payments.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz