Rs 22.9 cr lost in digital arrest, five banks made to pay Rs 1.3 cr to victim

The Reserve Bank of India has asked five beneficiary banks to pay a victim of a digital arrest scam between 5% and 7.5% of the deposited sums. The banks, Axis Bank, City Union Bank, ICICI Bank, IndusInd Bank and Yes Bank, were found deficient in monitoring mule accounts and reporting compliance to KYC/AML guidelines. The RBI's ombudsman passed a speaking order asking the banks to collectively pay Rs 1.31 crore to the victim.