Latest news with #VangaKrishnaReddy
Time of India
27-06-2025
- Business
- Time of India
Man loses Rs 52k due to typo in insurance payment: Consumer court finds both banks at fault; ordered to refund with 10% interest
I struggle to understand my online banking. The interface is confusing, and the insurance document is overwhelming. HYDERABAD: What began as a routine health insurance payment turned into a two-year battle for 69-year-old Vanga Krishna Reddy, involving two banks, an insurance firm, and eventually a consumer court. A single-digit error while transferring Rs 52,659 online for policy renewal in June 2023 led to the amount being transferred into a wrong account - and staying there. Krishna Reddy, a Peerzadiguda resident, used his bank's app to pay for his health insurance renewal three days before the deadline. In haste, he mistyped one digit of the beneficiary account number. The amount didn't reach the insurer. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad Realising the mistake, he immediately made a second payment with correct details to keep the policy active. But the first transaction of Rs 52,659 was lost in digital limbo. Krishna Reddy acted quickly and informed the bank. "They said they'd look into it. But after that, there was complete silence," he stated. His bank initially acknowledged the mistake and raised a chargeback with the receiving bank. But things stalled when the other bank replied: "Customer cannot be contacted for obtaining debit confirmation." Reddy approached the Ranga Reddy District Consumer Disputes Redressal Commission in May 2024. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo During hearings, his bank claimed it followed procedure and bore no fault. The other bank failed to appear. The commission ruled both banks guilty of service deficiency. It said even if the customer erred, banks are responsible for verifying mismatches between account numbers and beneficiary names. The two banks will jointly refund the 52,659 with 10% annual interest.
Time of India
26-06-2025
- Business
- Time of India
Man loses money due to account number error, court orders banks to pay up
Hyderabad: What began as a routine health insurance payment turned into a two-year battle for 69-year-old Vanga Krishna Reddy, involving two banks, an insurance firm, and eventually a consumer court. A single-digit error while transferring Rs 52,659 online for policy renewal in June 2023 led to the amount vanishing into the wrong account — and staying there. Krishna Reddy, a Peerzadiguda resident, had used his bank's mobile app to pay for his health insurance renewal just three days before the deadline. In haste, he mistyped one digit of the beneficiary account number. Though the transaction showed as 'successful,' the funds didn't reach the insurer. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad Realising the mistake only after receiving no confirmation of renewal, he immediately made a second payment with correct details to keep the policy active. But the first transaction of Rs 52,659 was lost in digital limbo. Krishna Reddy acted quickly and informed the bank. 'They said they'd look into it. But after that, there was complete silence,' the complainant stated. His bank initially acknowledged the mistake and raised a chargeback with the receiving bank. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo But things stalled when the other bank replied: 'Customer cannot be contacted for obtaining debit confirmation.' Left with no resolution, Krishna Reddy approached the Ranga Reddy District Consumer Disputes Redressal Commission in May 2024. During hearings, his bank claimed it followed procedure and bore no fault, having never received the money. The other bank failed to appear and was declared ex-parte. The commission ruled both banks guilty of service deficiency. It noted that even if the customer erred, banks are responsible for verifying mismatches between account numbers and beneficiary names — something neither did. The court observed that the banks showed apathy despite being alerted. This caused financial loss and mental agony, the court said and directed the two banks to jointly refund the Rs 52,659 with 10% annual interest, along with Rs 10,000 each towards compensation and legal expenses.
