InvestorQ : A penalty will be imposed on Retailer If bank account is opened without customer’s consent?
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A penalty will be imposed on Retailer If bank account is opened without customer’s consent?

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1 month ago
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First thing is that no one can open an account on behalf of any customer unless they have an OTP (One Time Password) that is generated to authenticate the transaction. That OTP could be received on your mobile number that is linked to your Aadhaar Card or any other document, as may be required. Banks do not open accounts without doing KYC, and proper authentication of customers, whether be it online or offline.

Now, even if that happens, this means, you have either authorized that transaction on your own. This could be because somebody tricked you into doing that or because you were unaware of the actual transaction happening behind that cover.
Another possibility could be that someone has hacked you for executing that particular transaction, or used your phone in any way that was not in your best interest. If any of the above two transactions take place then it could be construed as fraud. And one shall be punishable with the punishment if you could prove that transaction happened was of malicious intent and one has caused loss due to it.
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