Debasish Panda, chairman, IRDAI "Surety bonds play a crucial role...
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Banking & Bancassurance
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Court not super regulator says HC on Swamy’s plea against Axis-Max transaction
In his petition, Swamy alleged Axis Bank made undue profits...
Government, Banks, regulators and security agencies need to collaborate to check cyber security for banking industry
L to R- Vivek Joshi, secretary, Department of Financial Services,...
Cabinet okays changes to bank laws to avoid repeat of PMC Bank-like crises
There are 1,540 cooperative banks with depositor base of 86 million having total savings of about Rs 5 trillion.
Nearly 6,900 cases of online banking frauds registered in 2017-18: Govt
To prevent online frauds and protect users, the Ministry of Home Affairs has taken several steps, including formation of an Inter-Ministerial Committee on Phone Fraud (IMCPF). It has members of stakeholder organisations such as the Ministry of Electronics and Information Technology (MeitY), Department of Financial Services, Department of Telecommunication, Reserve Bank of India and law enforcement agencies.
Bank frauds declining sharply annually: Govt
Frauds rose slightly to Rs 18,893 crore in 2018-19 but started declining again to Rs 5,244 crore in the first three quarters of 2019-20 fiscal, he said during Question Hour.
IRDAI issues guidelines on group health insurance policies of merged PSBs
Upon merger of these PSBs, the underlying group health Insurance policies of the customers of the merged banks will be continued to be serviced by the respective insurance companies which issued the policies till the end of policy period. The insurance companies will make suitable arrangements with the acquiring banks to this effect.
FinMin’s new measures to protect prudent commercial decision of bankers
Considering the complexities involved in the commercial decisions of managers in public sector firms, the Central Vigilance Commission set up the Advisory Board for Banking and Financial Frauds (ABBFF) for a mandatory first level examination on suspected frauds in excess of Rs 50 crore, involving public servants equivalent in rank to GMs and above, before enquiry or investigations begin.
RBI issues new debit and credit card rules to improve security
RBI has directed banks and other card issuers to enable cards only for use at contact based points i.e. ATMs and Point of Sale (Pos) devices within India at the time of issue of the cards. This means that when a card is issued it will, by default, only be usable to physically swipe at a PoS or at a ATM. It would not be enabled for use online or for contact-less transactions.
Prudential Vietnam and SeABank establish exclusive bancassurance partnership
Prudential Vietnam will also become the preferred life insurance provider to BRG Group Joint Stock Company (“BRG Group”), a leading conglomerate in Vietnam with approximately 10 million customers. The partnership is expected to be effective from April 2020.
Many PSBs may exit insurance JVs in 2020 to raise funds
According to Finance Ministry estimates last year, PSBs will require Rs 1.8 lakh crore additional capital in the next four financial years. Of this, they will have to raise Rs 1.1 lakh crore from the market or via the sale of non-core assets. The ministry of finance earlier indicated that weaker banks will have to sell assets, reduce overheads, shut loss-making domestic and foreign branches and temporarily stop employee benefits, if necessary, in order to independently raise capital to meet the shortage.
Deposit Insurance Corporation receives Rs 14,100 cr claims amid PMC Bank crisis
The break-up of the claim with DICGC shows Rs 3,414 crore in the case of state cooperative banks and district central cooperative banks, and Rs 10,684 crore in the case of urban cooperative banks, including PMC Bank, according to the RBI.
Bank frauds rise to record high of ₹1.13 lakh crore in H1FY20: RBI
The Reserve Bank is taking steps to integrate fraud reporting of NBFCs and urban co-operative banks in its central fraud registry database.