Can't hear out holders before declaring a/cs fraud: RBI, SBI
Banks and RBI informed the Supreme Court that personal hearings before declaring accounts fraudulent are unfeasible due to a surge in cases. With tens of thousands of frauds annually, the sheer volume makes individual hearings impractical, potentially hindering the fraud declaration process. The regulator emphasized operational challenges and left the decision to banks' discretion.
Banks and RBI informed the Supreme Court that personal hearings before declaring accounts fraudulent are unfeasible due to a surge in cases. With tens of thousands of frauds annually, the sheer volume makes individual hearings impractical, potentially hindering the fraud declaration process. The regulator emphasized operational challenges and left the decision to banks' discretion.
