wish to inform you that transfer of funds through electronic mode will be executed only on the basis of the account number of the beneficiary provided while initiating the transaction. ( As per RBI Circular RBI/2010-11/235 DPSS (CO) EPPD No. / 863 / 04.03.01 / 2010-11 dt October 14, 2010 ). Hence, the funds were credited to the account number mentioned while executing the transaction. In this regard we give below the judgment of Supreme Court on wrong Credit “The Supreme Court in Jammu & Kashmir Bank Ltd v. Attar-ul-Nisa (1967) 37 Comp case 62 (SC)." The Supreme Court held that if a third party, by mistake deposits the money in the account of some other person, as soon as the money is deposited in the a/c of such third person, who is a customer of the bank, the money becomes the money of the customer, and it is not open to the bank in such circumstances without obtaining the consent of the customer, to reverse the entry of credit made in his a/c and in effect pay back th...
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