SBI LOSES MASSIVE AMOUNT AS FLIPKART USERS GET DOUBLE REFUND

State Bank of India suffered a major loss of ₹7 crore after 39 account holders were found to use a trick to earn double refund credit after cancelling online orders through popular e-banking platform Flipkart, reports Financial Express.

The incidents were reported from Mehsana, Patan and Ahmedabad districts of Gujarat where users got a double refund - once from SBI and again from Flipkart. The anomaly is said to have reportedly been caused by a new VISA update.