Online Banking

XYZ Bank Ltd. Is a renowned commercial bank in the Nepalese market. It has a 15 years of experience in the banking sector. It has been very successful in providing the quality service with the increasing trend of internet in the banking sector, the bank introduces a new scheme for the customer i.e online banking for the first time in Nepal to the customers. This would charge no cost for those who register within first three months and uses e-banking which is clearly mentioned in the policy. It has affiliated with Maxpro Solution for handling this e-banking stuff. XYZ bank has also talked with the Maxpro regarding the budget and the security. Both of them has come to the point that firewall would not be necessary for this e-bankingas this is beyond the budget and not necessary for this market too.

Mr. BIKASH is a very busy person who lives in Lalitpur with his family.He has got a good income and he is saving his monthly income in the nearby. ABC Bank Ltd. Now, he has a deposit of Rs.80 lakhs in his bank account.One of his friends shares him about the free e-bankingof ABC bank Ltd. After 6 months of e-bankingexperience. And he goes to the bank and straightly applies for e-banking without any further inquiry and bank also doesn’t  specify about the policy too.

Being a very  busy person Mr.Bikash could not get his time to use e-banking but goes on saving some of his income to the bank. After 1 year, Mr. Bikash becomes shocked seeing his saving account. When he visits the bank and asks for the balance he couldn’t hear the voice more than Rs. 1000 balance while checking in his bank account and Rs. 80 lakh missing from his bank account. After checking his bank account he further goes on inquiry about the issues he figures out that his balance has been transferred from the e-banking all the way through hacking the site by the foreigners. Now Mr. Bikash is very angry and wants XYZ bank to compensate his amount of Rs. 80 lakhs. And also blames for not providing the required information to the customer about the update in the e-banking. But XYZ bank agrues that Maxpro company. Furthermore, Maxpro refutes by saying that Maxpro is not liable as XYZ bank hasn’t provided the enough fund to secure the e-banking and also blames the customer for not maintaining the standard password as required.