STATE BANK OF INDIA Vs. PALLABH BHOWMICK

JUDGEMENT

(1.) The Division Bench of the High Court while dismissing the Intra-Court appeal filed by the Bank has observed in Para 42 as under:-

(2.) We are in complete agreement with the observations as contained in Para 42 of the impugned judgment referred to above.

(3.) All that the High Court has said is that the original petitioner who suffered the loss was not negligent in any manner. All transactions relating to the account of the respondent No.1 - herein maintained with the petitioner - Bank were found to be unauthorized and fraudulent. It is the responsibility of the bank so far as such unauthorized and fraudulent transactions are concerned. The Bank should remain vigilant. The Bank has the best of the technology available today to detect and prevent such unauthorized and fraudulent transaction. Further, clauses 8 and 9 respectively of the RBI's Circular dtd. 6/7/2017 make the position further clear.