Shaktikanta Das,Governor,RBI RBI Governor Shaktikanta Das said to...
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Indian lenders lag global peers on cybersecurity spends, BCG Says
Digital payment frauds saw a more than fivefold jump to 14.6...
Private US banks can embrace UPI for faster digital payments: Fed Reserve Governor
Christopher Waller,Governor,Federal Reserve “The technology-driven...
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.
To safeguard banking, SBI to introduce OTP-based ATM transactions from Jan
“This will safeguard the customers against the risk of unauthorized transactions on account of skimmed/cloned cards, while withdrawing cash at State Bank ATMs,” the bank said.
Banks see biggest job cull since 2015,cut a combined 77,780 jobs
This year, more than 50 lenders have announced plans to cut a combined 77,780 jobs, the most since 91,448 in 2015, according to filings by the companies and labor unions. Banks in Europe, which face the added burden of negative interest rates for years to come, account for almost 82% of the total.The 2019 cuts bring the total for the last six years to more than 425,000.
Total frauds at banks rise 74% to Rs 71,543 crore in 2018-19: RBI
“Public sector banks accounted for a bulk of frauds reported in 2018-19 — 55.4 per cent of the number of cases reported and 90.2 per cent of the amount involved — mainly reflecting the lack of adequate internal processes, people and systems to tackle operational risks,” the RBI’s report on ‘Trends and Progress of Banking 2018-19’ showed.
FinMin asks govt depts/agencies to continue to bank with IDBI
LIC is wholly-owned by the government and together with the government’s holding of 46.46 percent, the direct and indirect government holding in the bank is 97.46 percent, making it a quasi-sovereign entity.