Legal Question in Banking Law in India
i lost my citibank credit card on 26.03.13 and unfortunately, the card was misused by some one for Rs. 8500/- and Rs. 12310/- before i got it blocked. I informed Citibank regarding this fraudulent transactions and bank has informed that they will conduct an enquiry which will take approx 45-60 days. How can a merchant allow unauthorised transactions on my card without verifying my signatures. what legal action i can take to resolve this problem. Isn't it binding on the merchant by law, to verify my signatures before authorising transaction on the card.
Thanks
3 Answer from Attorneys
Verification of signature, has its limitation. And a Merchant is not as expert as a Banker in verifying the signature. Hence he will get away. Here responsibility is yours also, as you were not careful and lost the card.
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