ICICI Bank to pay compensation for failure in SMS alerts

The National Consumer Commission directed ICICI Bank to pay compensation to Karan Singh who did not get SMS alerts while he lost money from his savings account. He had over Rs. 2 lakh in the account the last time he used the ATM card. But when he used the card again after three months, the account had only Rs. 203.

The Bank defended by arguing that the card and the PIN were only with Singh, and therefore it was not responsible. The Haryana state commission rejected Bank’s plea and asked to refund the losses and pay compensation with interest. That decision was upheld by the National Commission.