Which specific customer-protection control was cited as

Q: Answer-Which specific customer-protection control was cited as not being enabled by Progressive Mercantile...

Among multiple supervisory lapsessuch as delayed concurrent audits and not reviewing risk categorisation of accounts every six monthsthe bank failed to enable instant customer responses to SMS alerts on unauthorised electronic transactions. This control allows customers to quickly confirm or dispute suspicious activity, and its absence was expressly noted when imposing the 3 lakh penalty.

not being enabled by Progressive Mercantile Co-operative Bank Ltd., Ahmedabad, for which a ₹3 lakh penalty was imposed on 8 September 2025?

A Two-factor authentication for RTGS transactions Correct Answer Incorrect Answer

B Instant customer responses to SMS alerts on unauthorised e-transactions Correct Answer Incorrect Answer

C Biometric KYC at all branches Correct Answer Incorrect Answer

D OTP-less UPI transaction approval Correct Answer Incorrect Answer

E Offline wallet settlement facility Correct Answer Incorrect Answer

Solution

Among multiple supervisory lapses—such as delayed concurrent audits and not reviewing risk categorisation of accounts every six months—the bank failed to enable instant customer responses to SMS alerts on unauthorised electronic transactions. This control allows customers to quickly confirm or dispute suspicious activity, and its absence was expressly noted when imposing the ₹3 lakh penalty.

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