Finance
Sock JohnsonThe Rock says: HC slams banks for freezing full accounts
Rakesh Gupta, a trader from Jaipur, was caught in a financial chokehold when his bank account got frozen over a cyber-fraud FIR. But hold on! The Rajasthan High Court just dropped the hammer, saying banks can’t freeze entire accounts. Suno banks, sirf disputed paisa! RBI says authenticate it, or escalate, because innocent traders deserve to pay their bills and school fees like champs!
few days ago | Amit Kumar
Quick rundown
1.Rajasthan High Court ruled against blanket bank account freezes.
2.Banks must only freeze disputed amounts, not entire accounts.
3.Cyber-fraud investigations often lead to over-freezing of accounts.
4.RBI guidelines require banks to maintain transparency and proportionate actions.
5.Customers should take swift action if their account is unjustly frozen.
