Losing one's entire life savings is a nightmare, but that's precisely what happened to me and thousands of middle class Indian Citizens due to a fraudulent scheme under the disguise of a legitimate for of business that is invoice discounting run by Falcon Invoice Discounting was facilitated by poor regulatory oversight at the State Bank of India (SBI) and Worldline. Trusting a system that was supposed to secure and protect consumer interests but unfortunately this trust was shattered by the negligence of these financial behemoths in their merchant onboarding and monitoring processes.

SBI and Worldline are not just ordinary financial services companies; they are institutions that wield significant influence over the market and consumer trust. Their failure to perform adequate due diligence and effective monitoring of Merchant Falcon resulted in a platform for fraudsters to operate unhindered for multiple years. Their lack of regulatory oversight paved the way for countless consumers like myself to fall victim to deceit and financial ruin.

According to financial reports and case studies, regulatory negligence of this nature isn't an isolated incident but part of a recurring pattern that leaves consumers vulnerable. The Reserve Bank of India outlines strict guidelines on merchant onboarding and monitoring, which both SBI and WorldLine failed to adhere to, showcasing a glaring disregard for consumer protection.

We demand that SBI and Worldline take immediate corrective actions to prevent such incidents in the future. This includes revisiting their current merchant vetting processes, ensuring compliance with regulatory requirements, and establishing a stronger risk management framework. They must also provide restitution to those affected by this gross oversight by providing them compensation for their losses as this casuses irreparable harm to consumers while is peanuts for the with their lakhs of crores of balance sheets.

Your support in signing this petition can compel these corporations to acknowledge their shortcomings and make amends. Until they act, countless others remain at risk of losing their hard-earned savings due to preventable failures. Advocate for accountability and strict regulatory enforcement by adding your voice to ours.