Bank branches could be shut for 4 days next week due to strike, holidays
Bank unions announce strike on March 27 to oppose bank mergers
Govt may notify merger of 10 PSBs to 4 lenders this week
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17 Mar 2020
* Bank unions have called for a day-long strike on March 27
* The bank strike is timed in between a bank holiday and the weekend offs
NEW DELHI : Bank branches could be open only for three days next week due to a day-long bank strike and other bank holidays. To protest against the mega merger plan of 10 PSU banks into four larger banks, the All India Bank Employees’ Association (AIBEA) and All India Bank Officers’ Association (AIBOA) has decided to sit on an all-India bank strike on March 27. The Bank Employees Federation of India has also decided to join the strike call. Read more …
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This comes days after bank unions called off a three-day bank strike which was scheduled from March 11. The strike had been called after talks over wage revision failed to initiate with the Indian Banks’ Association (IBA).
Mar 05, 2020,
Two big unions in the banking sector, All India Bank Employees’ Association (AIBEA) and All India Bank Officers Association (AIBOA) will go on strike on March 27th to oppose the mega bank mergers approved by the Union Cabinet on Wednesday. Read more …
After it is notified, the respective bank boards will meet to give their customary final approval.
Feb 10, 2020
KOLKATA: The government is likely to notify the merger of 10 public sector banks to create four big lenders later this week, as they have completed the groundwork for the same, two people familiar with the development said. …
RBI: Draft Framework for authorisation of a pan-India New Umbrella Entity (NUE) for Retail Payment Systems
Dtf.in : 11.02.2020
New Delhi. The Reserve Bank of India has placed on its website a ‘draft framework for authorisation of a pan-India New Umbrella Entity (NUE) for Retail Payment Systems’ for public comments (to see a copy, please click here.).
The Reserve Bank has invited comments on the draft framework from all stakeholders by February 25, 2020. The comments may be sent by post to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400001, or by email.
Copy of the Draft Framework >>> Draft Framework for authorisation of a pan-India New Umbrella Entity (NUE) for Retail Payment Systems (As on RBI website-11.02.2020) >>> RBI Circulars
January 4, 2020
A Thane resident lost a little over Rs 1 lakh in an online fraud involving popular payment gateways, police said on Saturday. The complainant, a resident of Patlipada, wanted to sell his furniture and posted an ad on Facebook on December 21, an official said.
On December 24, he received a call from one Rajendra Sharma who offered to buy the furniture and wanted to transfer the amount through payment gateways — Paytm and Google Pay, he said. …
Jan 1, 2020
The State Bank of India (SBI) is trying to make cash withdrawals at ATMs safer by including two-factor authentication. Not just that, SBI is also looking at cardless cash withdrawal at ATMs through the ‘Yono Cash’ feature. ATM card skimming, PIN thefts and loss of debit cards have forced banks to look at alternatives to help users get cash securely. Recently, the Reserve Bank of India (RBI) made it mandatory for banks to discard traditional magnetic stripe cards and opt for secure chip cards instead to deter card skimming attempts. Now, SBI is introducing a new system to secure ATM withdrawals. Here is everything you need to know. …
Dec 21, 2019
BENGALURU/MUMBAI: Soon, banks may introduce a new column in ‘know your customer’ (KYC) forms for their depositors and clients to mention their religion.
This requirement has arisen in the wake of the recent change made to Fema Act regulations, which extend the benefits of opening NRO accounts and holding property to select religious minorities, excluding Muslims. …
Dec 16, 2019
BENGALURU: The Unified Payments Interface (UPI) is one of the most popular platforms in India with transaction size crossing the 1 billion mark this year. However, a serious vulnerability is its call collect option. Hundreds of banking customers are being duped and their money stolen due to it. …
Dec 16, 2019
NEW DELHI: Starting December 16, you can now transfer money online, using the National Electronic Fund Transfer (NEFT) system at any time of the day, all through the year. Earlier, NEFT transactions could only be carried out between 8 am to 7 pm on weekdays plus first and third Saturday – second and fourth Saturdays, plus Sundays, excluded. …
After having banned banks from extending any services to crypto entities, the Reserve Bank of India (RBI), on Thursday (December 5), said that it is planning to develop India’s own digital currency in India.
RBI said that it is seriously thinking about developing a sovereign digital currency in the country and will be releasing it appropriately. However, the RBI’s stance on the ban of private cryptocurrency still remains the same. …
Nov 20, 2019
NEW DELHI: Government-owned banks reported frauds of over Rs 95,700 crore in the first six months of the current fiscal, the Parliament was informed on Tuesday. …
November 14, 2019
Carrying out a change of address on Aadhaar card has become easier now, the government has amended the anti-money laundering rules to allow people to use Aadhaar for identity proof and yet give their current address, other than mentioned in their Aadhaar for a valid know-your-customer (KYC) requirement. The decision will help migrant workers who have address of their native place in Aadhaar but wants a bank account with their current address where they are living for work. It will also help them in getting a new mobile connection and bank account. The changes were made by amending the Prevention of Money-laundering (Maintenance of Records) Rules, as per a gazette notification issued on Wednesday. …
More: See MoF Notification dated 13.11.2019 >>> MoF Notification dated 13.11.2019 – Current address as different from Aadhaar Card to be provided by self-declaration-Amendment to PMLA, 2005
November 08, 2019
NEW DELHI: The Reserve Bank of India (RBI) on Friday mandated banks “not to charge savings bank account customers for online transactions in the NEFT (National Electronic Funds Transfer) system with effect from January 2020. …
Oct 17, 2019
NEW DELHI: State-run banks are set to implement doorstep banking for millions of consumers – including the facility to deposit and withdraw cash -making life easier for senior citizens and disabled. …
October 14, 2019
The Reserve Bank has imposed a monetary penalty of Rs 1 crore on Lakshmi Vilas Bank and Rs 75 lakh on Syndicate Bank for violating asset classification and fraud detection norms.
“The Reserve Bank of India (RBI) has, by an order dated October 14, 2019, imposed monetary penalty of Rs 1 crore on Lakshmi Vilas Bank Ltd for non-compliance with certain provisions of directions issued by RBI on ‘Income Recognition and Asset Classification (IRAC) norms,” RBI said in a release on Monday. …
23 Sep 2019
NEW DELHI: Officers’ unions of public sector banks have deferred the proposed two-day strike following an assurance from finance secretary Rajiv Kumar to look into their concerns …
September 17, 2019
Banking Jobs: Indian banks have more officers than clerks and subordinates as officers account for nearly two-third of the total workforce and clerks and subordinates account for just one third. It is completely opposite of the situation 15 years ago when there were at least two subordinates, clerk or peons, for every bank officer. According to the latest official data about the manpower in the scheduled commercial banks, nearly 14 lakh people were employed in the banking sector in the country in March 2018 and 8.6 lakh or nearly two-third of them were officers. In 2003, more than 9 lakh people were employed in scheduled commercial banks and officers accounted for less than one-third of the total strength at 2.87 lakh, clerks (4.19 lakh) and subordinate staff (1.95 lakh). …
Sep 15, 2019
MUMBAI: Fraudsters made more than 150 transactions and swindled Rs 8.16 lakh from the account of a south Mumbai businessman’s son between April and August, with the victim receiving no alerts for any of the transactions.
Jul 01, 2019
New Delhi: No bank has the power to employ bouncers for forceful recovery of loans from customers, Union Minister of State for Finance Anurag Thakur said in the Lok Sabha on Monday.
Singh also said there is a clear directive of the Reserve Bank of India (RBI) to appoint recovery agents only after proper police verification and fulfilling other relevant formalities. …
The nine banks allegedly made ‘unauthorised auto-deductions from IL&FS escrow accounts” between October last year and April
June 10, 2019
Infrastructure Leasing & Financial Services (IL&FS) will initiate contempt proceedings against nine banks — State Bank of India (SBI), Bank of Baroda (BoB), HDFC Bank, Yes Bank, Punjab and Sind Bank, Punjab National Bank (PNB), Indian Bank and Indian Overseas Bank — for unauthorised withdrawals of about Rs 800 crore, according to a report by The Economic Times. …
21 May 2019
New Delhi: In further consolidation of the public sector banking industry, Punjab National Bank (PNB) could take control of two to three small state-run banks that could include Oriental Bank Of Commerce, Andhra Bank and Allahabad Bank, news agency Reuters reported, citing sources. …
April 30, 2019
Some public sector banks may soon receive an invitation from the government to discuss another round of mergers in the sector, a Finance Ministry official told The Economic Times. These may include Punjab National Bank (PNB), Union Bank of India (UBI) and Bank of India (BoI). …
November 22, 2018
According to changes made by the Ministry of Home Affairs (MHA), the CEOs of public sector banks (PSBs) can now make the request for issuance of LOCs to the ministry.
As India struggles to get back high-profile loan defaulters back to the country, the government has vested banks with authorisation to keep a check on wilful defaulters by requesting the issuance of look-out circulars (LOCs) against suspects even if FIRs against are yet to be filed, news agency PTI reported. …
Oct 16, 2018
The scam came to light after a Delhi-based man complained about Rs 11.5 lakh withdrawn from his account without his knowledge. The victim had an account in Central Bank of India, Ashok Hotel, New Delhi. …
Jul 13, 2018
MUMBAI: In a bid to curb money laundering using anonymous demand drafts (DDs), the Reserve Bank of India (RBI) has made it mandatory to incorporate the name of the purchaser on the face of the financial instrument. …
Fraudulent transaction alert for bank account holders! Here is RBI’s message you – What users must know
June 20, 2018
The Reserve Bank of India (RBI) recently sent out an SMS to people with regard to a ‘fraudulent transaction in the bank account’. RBI in its message said that people need to inform their bank immediately when they face an illegal transaction from their bank account. The apex monetary institution also advised people to call on ‘14440’ for more details on the subject. The RBI message read, “Fraudulent transaction in your bank account? Limit your loss. Notify your bank immediately. For more details, give a missed call on 14440.” …
June 16, 2018
Have you defaulted on your loan or credit card payment and are evading the bank by not receiving their calls or changing your residence? Better mend your ways as even a notice about a litigation served by your bank or the concerned party via WhatsApp is valid, the Bombay High Court has ruled recently. …
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