Dear CardBhai,
Last year I had lost my SBI credit card. The next day itself, someone has purchased Rs. 21000 worth of diesel (via three transactions) from a petrol station (Obtained this information from Police investigation). Unfortunately I realized that my card was lost only 5 days later. Hence I am being held liable for the above amount. I have since filed the dispute form and obtained copies of the chargeslips. The signature of all three chargeslips are different from each other and clearly indicate that they are not mine. I have also looked into the Mastercard rules (since my card is Mastercard) and found the following (see below) regarding liability for unauthorized use. My understanding is that the cardholder liability will be zero for my case. Attempts to settle the account by paying a part of the outstanding amount has been unsuccessful since SBI cards will not agree to mention in the settlement letter that "(i) There are no outstanding dues left (ii) I haven't purchased the goods or services indicated by the disputed amount and (iii) As per BCSBI's code of commitment, they will inform CIBIL that all outstanding dues have been cleared."
After this there has been no communication between me and SBI cards. The outstanding amount is now above 40,000. Is there anything that I can do or should I just sit tight? I don't foresee the need for a loan in the near future. Does my name come off the CIBIL list after a certain period of time?
If you have dealt with a similar case can you please direct me to that thread in this board?
Sincerely
Sudeep
11.4B Additional South Asia/Middle East/Africa Region Rules
11-16
Rules that begin with a designation of “11.4B” are additional intraregional Rules that are not variances to the Corporation’s “global” Rules.
11.4.B.1 Limitation of Liability of South Asia/Middle East/Africa Cardholders for Unauthorized Use
1. Limitation on amount. Subject to the laws of the country within which a Card is issued, the liability of a Cardholder for unauthorized use of a Card (regardless of the type of account to which Transactions initiated with such Card are posted)
a. shall not exceed USD 0 if the conditions set forth in paragraph 2, below, have been met or,
b. shall be in accordance with the corresponding Cardholder agreement if the conditions set forth in paragraph 2 have not been met.
2. Conditions to USD 0 liability. The liability limitations set forth in clause (a) of paragraph 1, above, shall apply only if
a. the Cardholder has exercised vigilant care in safeguarding such Card from risk of loss, theft, or unauthorized use;
b. the Cardholder immediately and without delay notifies the Issuer upon discovery of the loss, theft, or unauthorized use;
c. the Cardholder has not reported two or more incidents of unauthorized use to the Issuer in the immediately preceding 12-month period;
d. the account to which Transactions initiated with such Card are posted is in good standing; and
e. the Cardholder has complied with the terms and conditions of the corresponding Cardholder agreement.
3. Effect of other applicable law or agreement. If country or local law or an agreement between a Cardholder and the Issuer of a Card (regardless of the type of account to which Transactions initiated with such Card are posted) imposes lesser liability than that provided in this Rule, the lesser liability shall govern.
4. Unauthorized use. For purposes of this Rule, “unauthorized use” means the use of a Card (regardless of the type of account to which Transactions initiated with such Card are posted) by a person other than the Cardholder who does not have actual, implied, or apparent authority for such use, and from which the Cardholder receives no benefit.
©1969–2009 MasterCard 3 June 2009 ␣ MasterCard Rules
Other Regional Rules 11.4B Additional South Asia/Middle East/Africa Region Rules
5. Nonapplicability. This Rule shall not apply to Cards issued
a. b. c.
to an entity other than a natural person; primarily for business, commercial, or agricultural purposes; or
if a PIN or MasterCard SecureCode is used as the Cardholder verification method for unauthorized Transaction(s).
