Bank of Baroda ordered to refund ₹1.24 cr lost in SIM swap fraud

The Bombay High Court ordered Bank of Baroda to refund ₹1.24 crore to a firm hit by SIM swap fraud, affirming 'zero liability' for customers who report fraud within three days. The court held banks accountable, rejecting arguments about OTP-based security, and reinforced RBI rules that protect users from unauthorised digital banking transactions.