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BANKING: Senior citizen loses Rs 10 lakh to hackers, court orders bank to refund amount …

Senior citizen loses Rs 10 lakh to hackers, court orders bank to refund amount
SC extends Aadhaar linking deadline to March 31, 2018
Government extends Aadhaar-bank a/c linking deadline to March 31, 2018
PM Modi attacks UPA government, big industry for banking sector crisis
More …

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Senior citizen loses Rs 10 lakh to hackers, court orders bank to refund amount

Dec 25, 2017
BENGALURU: An elderly Bengalurean who fell prey to hackers and lost Rs 10 lakh from his Axis Bank account was at his wit’s end when the bank refused to help him track the fraud. Finally, it took a city consumer court to cite an RBI mandate and come to the senior citizen’s rescue. On December 16, the court ordered the bank to fully refund the lost amount and also pay for the complainant’s court expenses. …

SC extends Aadhaar linking deadline to March 31, 2018

Dec 15, 2017
NEW DELHI: Supreme Court today extended the Aadhaar linking deadline to March 31, 2018.
The Centre had yesterday offered to extend the deadline from December 31, 2017
The apex court is hearing a host of petitions challenging the Constitutional validity of the Aadhaar Act.
Yesterday, a five-judge Constitution bench headed by Chief Justice Dipak Misra said the final hearing on the petitions challenging the Aadhaar scheme itself would commence from January 17 next year. …

Government extends Aadhaar-bank a/c linking deadline to March 31, 2018

Dec 14, 2017
NEW DELHI: The government on Wednesday extended the deadline for linking bank account with Aadhaar.
“It has been decided by the Government to notify 31st March, 2018 or six months from the date of commencement of bank account based relationship by the client, whichever is later, as the date of submission of Aadhaar number & PAN or Form 60 by the clients to the reporting entity,” a tweet by the Ministry of Finance said. …

PM Modi attacks UPA government, big industry for banking sector crisis

Dec 13, 2017
NEW DELHI: Prime Minister Narendra Modi on Wednesday accused the Congress-led UPA government and big industry for the banking sector crisis, even as he demanded to know if institutions like FICCI had raised their voice against the wrong-doings of the previous regime.
“When some in the government pressured the banks to give loans to a select few industrialists, where were organisations like FICCI then? Everybody knew what was happening was wrong,” PM Modi said in his address at FICCI’s 90th Annual General meeting in New Delhi. …

MORE: NPA crackdown: Read here for financial details of these 12 big loan defaulters likely to go for bankruptcy
Jun, 17 2017

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State Bank of IndiaSBI ATM Charges, Phone Banking Limit And Aadhaar Card Linking

September 16, 2017
SBI or State Bank of India, the biggest lender in India, said that its customers can avail of fund transfer services through phone banking. In a Twitter post, the state-owned lender said that one can transfer up to Rs. 25,000 to his own account per day through phone banking while for third party accounts, the transfer limit is Rs. 10,000 per day. However, the monthly limit for third party transfer will be Rs. 50,000 for phone banking, but there is no monthly limit for transfer to own account, SBI said. For phone banking transactions of more than Rs. 5,000, you will require a one-time password (OTP). …

On Strike

Bank strike on August 22: SBI, PSU banks to be affected; ICICI, HDFC to remain open

Aug 21, 2017 
Twenty one public sector banks, including State Bank of India (SBI) and IDBI Bank, are likely to see major disruption in operations tomorrow as bank unions go on a nation-wide strike to protest against government’s move to ‘privatise’ public sector banks. 
The call for strike was made by the United Forum of Bank Unions (UFBU), an umbrella body of nine unions in the sector including All India Bank Officer’s Confederation (AIBOC) and All India Bank Employees Association (AIBEA), after its meeting with the Chief Labour Commissioner AK Nayak regarding its several demands fell through. …

Bank unions threaten to strike work on Tuesday; services may be hit

Aug 20, 2017
Services at public sector banks may take a hit on Tuesday as all unions under the aegis of UFBU have threatened to go on strike against the government’s proposed consolidation move besides raising a host of other demands.
Most banks have already informed their customers that the functioning of branches and offices will be hit if the strike takes off.
Operations at private lenders like ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank are expected to be normal except for delay in cheque clearances. …

RBI to issue new notes of Rs 20 soon

RBI will issue new Rs 20 banknotes in Mahatma Gandhi series 2005 that will be similar in design to those currently in circulation. 
July 20,2017 
The Reserve Bank will shortly issue bank notes of denomination Rs 20 in Mahatma Gandhi series 2005 that will be similar in design to those currently in circulation.
The new notes will be bearing inset letter ‘S’ in the number panel and signature of Governor Urjit R Patel, the RBI said in a notification today. … Continue reading.

Card, online payments made safer; customer liability cut

Jul 7, 2017 
MUMBAI: Electronic payments have become safer for consumers with the Reserve Bank of India (RBI) introducing the concept of ‘zero liability’ and ‘limited liability’ for bank customers+ for any card or online fraud. The central bank has also made it mandatory for banks to register all customers for text message alerts and permit reporting of unauthorized transactions through a reply to the alert message. 
The proposal to limit customer liability in a fraudulent transaction was floated in a draft circular in August 2016. The RBI has now come out with final guidelines and sought to make rules stricter for banks than originally envisaged. … Continue reading
More: To see the relevant RBI Circular dated 05.07.2017, please click here.

Old Notes
Representative Photo

Govt opens new window for banks, post offices to deposit old notes with RBI

The finance ministry has opened a new one-month window for district cooperative banks, commercial banks and post offices to deposit demonetised notes with RBI
June 22,2017 
New Delhi: The finance ministry has opened a new one-month window for district cooperative banks, commercial banks and post offices to deposit demonetised Rs500 and Rs1,000 currency notes with the Reserve Bank of India (RBI), provided these notes were collected from customers within the specified time period.
While post offices and commercial banks were allowed to receive the old high-value currency notes till 30 December, district central cooperative banks were allowed to accept these only till 14 November.
In a gazette notification published on Tuesday, the finance ministry said banks and post offices have to give reasons for not depositing the withdrawn notes within the specified time period, “subject to the satisfaction of the RBI”. …

Banks can accept coloured notes, but avoid dirtying them: RBI

March 09, 2017 
The Reserve Bank of India on Thursday clarified that banks can accept colour-stained notes amid messages circulating on WhatsApp that public sector banks have been asked not to accept coloured Rs.2,000 and Rs.500 notes. 
In a statement, the central bank, however, has dissuaded citizens from colouring or dirtying currency notes. … 

Adhaar Services
Aadhaar Services (Image Courtesy: uidai website)

Centre pushes for fingerprint money transactions through Aadhaar Pay

Jan 23, 2017 
NEW DELHI: Keen to push digital payments among the poor and illiterate in rural areas of the country, the government is pushing to popularise Aadhaar Pay which ensures financial transactions by just using fingerprint. 
Aadhaar Pay, which is merchant version of the already in use Aadhaar-enabled payment system (AEPS), will become an alternative for all online and card transactions which require password and PIN. …

AitelAirtel Payments Bank launched, with vow to shake up old banking system

Jan 13, 2017 
New Delhi: Airtel Payments Bank (APB), a joint venture between Bharti Airtel Ltd and Kotak Mahindra Bank Ltd, said it will spend Rs.3,000 crore to develop a pan-India banking network and digital payments ecosystem.
xx  xx  xx
APB offers 7.25% interest compared to 3-4% offered by conventional banks. Besides the high interest rate, the bank also offers personal accidental insurance of Rs1 lakh with every savings account and free talktime equaling the amount deposited in the payments bank-savings account. …

credit-report-iHow to keep your credit score high

Financial discipline in usage of your credit card and repayment of loans alone will enhance your credit score

Financial Express 
November 18, 2016 
In order to avoid situations where a loan turns into a non-performing asset, bankers pay attention to the CIBIL scores before sanctioning any loans. Your CIBIL score or credit score is an important factor in determining whether your loan application will be approved. These scores are computed based on various parameters such as your credit history, payment patterns, defaults, etc. Let us see how one can maintain a good score. …

Credit Card
Representational Image (Pixabay Image)

Now Skip The PIN For Online Card Payments Up To Rs 2,000

December 6, 2016 
The Reserve Bank of India has allowed banks to give retail customers the option to complete card-not-present transactions worth less than Rs 2,000 without having to enter an additional factor of authentication, or the PIN code, according to a notification on its website.
A card-not-present transaction is one in which a customer does not physically present a card to a merchant. A common example is a purchase made on an e-commerce website using either a debit or a credit card. …

Indian currency
(Pixabay Image)

Step Up Vigil To Check Fake Currency Circulation: RBI To Banks

The RBI said the failure of banks in detection and impounding of counterfeit notes and in preventing such currencies from being recirculated will be violative of the directions and “will, therefore, attract penal action”. 
October 27, 2016
Mumbai: In an effort to check fake currency circulation, especially of higher denominations, the Reserve Bank of India on Thursday asked banks to put entire banking areas under CCTV surveillance and keep all the recordings that can help identify “unscrupulous elements”. …

credit-report-iCredit Information Companies (CICs) directed by RBI to provide access to free full credit report, including credit score, to individuals

Sep 02, 2016 : Dtf.in 
The Credit Information Companies (CICs) have been directed by the Reserve Bank of India (RBI) to provide access to free full credit report, including credit score, once a year (January-December) to individuals whose credit history is available with the companies.
According to the RBI, “Given the importance of the credit report in an individual’s financial matters, he/she is entitled to have a copy of the report upon request”. Such a report may enable consideration for applying for fresh credit facilities. Further, with a copy of the report in hand, the borrower will have an opportunity to have the errors, if any, in her/his credit history rectified.
The credit information companies should notify on their website the procedure for accessing the report, RBI said.
The four credit information companies in India are CIBIL, Equifax, Experian and Crif High Mark.

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