Banks must block suspect money transfers: Supreme Court
The Supreme Court has mandated banks to implement AI for detecting suspicious transactions, issuing alerts, and pausing transfers until account holder verification. This directive follows the Home Ministry's report of nearly Rs 52,000 crore siphoned through online fraud. Justices emphasized banks' fiduciary duty as trustees of public money, urging them to prioritize security over profit.
The Supreme Court has mandated banks to implement AI for detecting suspicious transactions, issuing alerts, and pausing transfers until account holder verification. This directive follows the Home Ministry's report of nearly Rs 52,000 crore siphoned through online fraud. Justices emphasized banks' fiduciary duty as trustees of public money, urging them to prioritize security over profit.
