Dec 3: Naavi has been personally fighting several Bank fraud cases on behalf of victim customers. This struggle has been temporarily blocked because the Government of India has failed to appoint the chairperson for Cyber Appellate Tribunal (CAT) since June 2011 when the previous chairperson retired. Naavi believes that the delay is caused by some of the influential Banks who donot want a progress in the cases pending against them and are in the meantime trying to convince the Reserve Bank of India to change the regulations to their liking to manipulate the environment in their favour. Much to the disappointment of these Banks, RBI actually has so far refused to dilute the security prescriptions as desired by the influential Banks though the MCIT appears to be more flexible to amend laws to make it adverse to Bank customers.
Reversal of the first ruling: :Here (on July 3, 2012) the federal appeal court reversed the earlier District Court ruling holding that the Password based system was “Commercially Unreasonable”. Copy of order
Settlement: The Bank finally settled with the customer and reimbursed the loss of Us$ 345,000/- after the customer agreed to drop claim for expenses and other collateral claims.
This has finally brought the curtains down on an interesting battle which will be a guide even in the Indian scenario.