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Wrong debiting of bank account - SC

The Supreme Court ruled last week that State Bank of India (SBI), Overseas Branch, Mumbai, was wrong in debiting the account of an exporting firm after a long delay of two and a half years on the ground that it was wrongly deposited in the account. When the firm moved the Bombay High Court with the complaint, it dismissed it on the ground that it would not interfere in contractual matters in a writ petition. The firm, Metro Exporters Ltd, therefore appealed to the Supreme Court. SBI argued that the amount credited to the firm did not belong to it but it exclusively belonged to the bank. The amount was deposited in the firm's account by mistake and hence it could be recovered debiting its account. It is a 'normal' practice and was done in good faith, it was argued. Rejecting the contention, the judgment emphasised that the exporter should not suffer for the mistake committed by the bank.

 Article referred: http://www.business-standard.com/article/opinion/wrong-debiting-of-bank-account-114042700695_1.html

 Comment:
This article has been copied from the newspaper link provided above. However, we have till date been unable to trace the actual Supreme Court Judgement.

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