The Bombay High Court has ordered HDFC Bank to refund Rs 38 lakh to a Pune-based businessman, who lost the amount to digital fraud, observing that the account holder was not at fault.

As reported by news agency PTI, a bench of Justices Bharti Dangre and Manjusha Deshpande, while passing the order of April 6, held that account holder Subodh Korde was entitled to zero liability under guidelines issued by the Reserve Bank of India (RBI) as the online transactions transferring money from his account to beneficiaries added unauthorizedly were not initiated by him.