Banking & Bancassurance

RBI issues new debit and credit card rules to improve security

Indian News       Jan 15, 2020

  Mumbai: To improve user convenience and increase the security of debit and credit card transactions, the banking regulator Reserve Bank of India(RBI) has now asked the banks to provide facility to switch on / off and set / modify transaction limits (within the overall card...

Prudential Vietnam and SeABank establish exclusive bancassurance partnership

International News       Jan 06, 2020

HONG KONG, CHINA: Prudential Vietnam Assurance Private Limited ("Prudential Vietnam"), a subsidiary of Prudential plc, and Southeast Asia Commercial Joint Stock Bank ("SeABank") have entered into an exclusive bancassurance partnership with a 20-year term.   Prudential Vietnam will also become the preferred life insurance provider to...

Many PSBs may exit insurance JVs in 2020 to raise funds

Indian News       Jan 05, 2020

  New Delhi: The government is unlikely to announce capital infusion for the public sector banks (PSBs) in the upcoming Budget and will rather encourage them to expedite recovery of bad loans and raise funds from the market.   Besides, sources said, banks may also look for...

Deposit Insurance Corporation receives Rs 14,100 cr claims amid PMC Bank crisis

Indian News       Dec 29, 2019

  Mumbai: The Deposit Insurance and Credit Guarantee Corporation has received a total claim of about Rs 14,100 crore in case of defaulting co-operative banks amid massive scam at the now-crippled Punjab & Maharashtra Cooperative Bank, according to the RBI.   However, the regulator, the Financial Stability...

Bank frauds rise to record high of ₹1.13 lakh crore in H1FY20: RBI

Indian News       Dec 27, 2019

  Mumbai: Frauds reported by banks during the first half of the current fiscal touched an all-time high amount of ₹1.13 lakh crore, owing to delay in detection by lenders, according to an RBI report.   This involved 4,412 fraud cases of ₹1 lakh and above, as...

Banks see biggest job cull since 2015,cut a combined 77,780 jobs

      Dec 27, 2019

  Banks around the world are unveiling the biggest round of job cuts in four years as they slash costs to weather a slowing economy and adapt to digital technology.   This year, more than 50 lenders have announced plans to cut a combined 77,780 jobs, the...

To safeguard banking, SBI to introduce OTP-based ATM transactions from Jan

      Dec 27, 2019

New Delhi: From January, SBI customers will be able to make ATM withdrawal above Rs 10,000 only after an OTP verification during 8 PM to 8 AM.   The OTP-validated ATM transaction has been introduced to minimise the number of unauthorised transactions, State Bank of India...

Total frauds at banks rise 74% to Rs 71,543 crore in 2018-19: RBI

Indian News       Dec 24, 2019

New Delhi: Banks reported a total fraud of Rs 71,543 crore in 2018-19, a 74 per cent increase as against Rs 41,167 crore in the previous financial year, according to a report by the Reserve Bank of India.   The number of fraud cases reported by...

FinMin asks govt depts/agencies to continue to bank with IDBI

Indian News       Dec 18, 2019

Mumbai: Concerned over the Central and state departments withdrawing deposits from IDBI Bank and also not offering fresh business to the LIC-owned lender, the finance ministry has suggested these departments to continue to do business with the struggling lender.   In a letter to these departments,...

Complaints to banking ombudsman rise 20% in FY19: RBI

Indian News       Dec 17, 2019

  Mumbai: Complaints to banking ombudsman rose by nearly 20 per cent to over 1.96 lakh during 2018-19, with non-adherence to fair practices accounting for the highest number of cases, RBI data released Tuesday showed. Non-observance of fair practices code accounted for a maximum number of...

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