Governance
Digital Arrests Down Half, Says AG. SC: Let Banks Pay
The Take
The Attorney General told the Supreme Court that digital-arrest cases have fallen 50% since the court stepped in. At the same hearing, the court's adviser said one woman lost Rs 2.5 crore the week before. Chief Justice Surya Kant now proposes that wherever such fraud takes place, the "bank will compensate victim and suffer prosecution".
The Wire
The Supreme Court on 29 October proposed that banks compensate victims of digital-arrest scams where their due diligence failed, The Hans India reported. The RBI's new KYC rules are due by 30 November.
Why it matters
The court wants banks, not just scam victims, to pay when their checks fail.
The receipts
Source: The Hans India