According to Pratidin Time, the Supreme Court of India has issued a directive to the Reserve Bank of India (RBI) to develop and implement a standard operating procedure (SOP) aimed at curbing the rising tide of cyber fraud and digital arrest cases. The court has mandated that this framework be established within a four-week timeframe to provide a unified national approach to the issue.
The proposed SOP is intended to standardize how financial institutions manage suspicious activities, including the identification and freezing of mule accounts and the tracking of funds linked to money laundering and cybercrime. By creating a consistent protocol, the judiciary aims to improve the speed and effectiveness of the banking sector's response to fraud, thereby offering greater protection to account holders who fall victim to digital scams.
In addition to the internal implementation by banks, the Supreme Court has ordered that a copy of the finalized SOP be shared with the Registrars General of all High Courts. This measure is designed to ensure that judicial proceedings and legal responses to cybercrime remain consistent across different jurisdictions. The move reflects growing concern among Indian authorities regarding the sophistication of digital financial crimes and the need for a more robust, coordinated defense mechanism across the nation's banking infrastructure.
The report originates from a credible regional news outlet and concerns a specific legal directive regarding financial regulation. While not yet corroborated by international wire services, the report is internally consistent and describes a standard administrative procedure involving the Supreme Court and the Reserve Bank of India.
No corroborating trusted sources found.
Original report: Pratidin Time