Showing posts with label BANKS. Show all posts
Showing posts with label BANKS. Show all posts

Monday, 27 August 2018

Bank of England tales: The ghost, giant and heroic sewer worker

Over its three centuries, the institution nicknamed the Old Lady of Thread needle Street has built up as many stories as there are gold bars in its vaults.

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International News: When the Bank of England’s 121st governor takes over from Mark Carney next year, he or she will be reminded that the world’s second-oldest central bank is steeped in history.

From funding wars to a buried giant and a roaming ghost, over its three centuries the institution nicknamed the Old Lady of Threadneedle Street has built up as many stories as there are gold bars in the vault.

The BOE’s first job in July 1694, when it opened its doors at rented premises in the Mercer’s Hall in the City of London, was to raise capital for William and Mary’s war against France. It then moved a couple blocks away to the Grocer’s Hall, where it fended off an upstart South Sea Company, which tried to usurp it as the government’s banker.

When that enterprise’s bubble popped in 1720, the BOE cemented its position as the home of stable money, and in 1734 moved to its legendary address on Threadneedle Street. The BOE bought the neighboring St. Christopher’s church after a group of protesters climbed the steeple during the anti-Catholic Gordon Riots of 1780 and flung missiles into the bank.

It promised to leave the graves of the church undisturbed and refurbished the graveyard as its garden court. At the end of the 18th century, the garden would once again serve to bury the dead when a giant was laid to rest.

At 6 foot, 7.5 inches (202 cm), William Jenkins was a hulk at a time when the average man was 5 foot 7.

Sickly in the last weeks of his life, the bank teller developed a crippling fear that body snatchers might dig him up and sell his corpse to medical practitioners eager to inspect and display it. This was a rational fear in 1798 — the going rate for a corpse of that size was 200 guineas — about 25,000 pounds ($32,000) in today’s money.

Read full story → Bank of England Tales


News Source: BS

Tuesday, 21 August 2018

State Bank of India (SBI) charges for non-maintenance of minimum balance unfair

According to financial ministry data, the SBI collected Rs 24.34 billion for the financial year 2017 in penalty on non-maintenance of minimum balance alone.

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Finance News: The State Bank of India’s (SBI’s) charges for the non-maintenance of minimum balance were unreasonable, a report by a professor at the Indian Institute of Technology-Bombay has said.

The SBI started charging fees for non-maintenance of minimum balance from April 2017, after a gap of five years, the monthly fees ranged between Rs 20 and Rs 100 till September 2017 and were later slashed in October last year. According to financial ministry data, the SBI collected Rs 24.34 billion for the financial year 2017 in penalty on non-maintenance of minimum balance alone.

SBI Minimum Balance Penalty

Later on, the bank slashed these charges by nearly 80 per cent in April 2018, and the charges currently range from Rs 5-15.

The public sector lender had earlier said that only 60 per cent of its accounts were subject to these charges. It also said that people should convert their accounts in Basic Savings and Basic Deposit Accounts to avoid penalty for non-maintenance of balance.

“For April 2017, the SBI recovered Rs 2.35 billion as penalty from only 38.9 million of the 255 million savings bank accounts in question for not maintaining minimum monthly average...continue balance

News Source: BS

Thursday, 2 March 2017

Free withdrawal days are over: ICICI, Axis, HDFC Bank restore cash charges

The new charges would apply to savings as well as salary accounts effective from today

 banks2.jpgBreaking News - Some banks, including HDFC Bank, have begun charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.

The new charges would apply to savings as well as salary accounts effective from today, leading private sector player HDFC Bank said in a circular.
 
The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn effective today, the circular added.
 In the case of several banks, including ICICI Bank and Axis Bank, these charges came into effect early in January and are same as they were before the demonetisation move announced on November 8, while there is an increase in such fees in case of some others, including HDFC Bank, today onwards.

These charges are for cash transactions in the branches, and not through ATMs.

The move was seen in some quarters as aimed at discouraging cash transactions and furthering the digital payment drive.
 
For the basic no-frills accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits.(read more...)

Pay Rs 150 after 4 cash transactions in a month at HDFC Bank, ICICI, Axis

The bank would also cap the third party cash transactions at Rs 25,000 per day

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Breaking News -  Banks including HDFC Bank, ICICI Bank and Axis Bank today began charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.

The charges would apply to savings as well as salary accounts effective from today, leading private sector player HDFC Bank said in a circular.

The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn effective today, the circular added.

The move was seen in some quarters as aimed at discouraging cash transactions and furthering the digital payment drive.

For the basic no-frills accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits.

In case of ICICI Bank, the charges are same as they were before the demonetisation move announced on November 8, while there is an increase in such fees in case of some others.

According to details on ICICI Bank website, there will be no charge for first four transactions a month in home branch while Rs 5 per thousand rupees would be charged thereafter subject to a minimum of Rs 150 in the same month. (read more...)

Tuesday, 25 October 2016

57 defaulters owe banks a whopping Rs 85,000 cr: RBI to SC

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Only 57 borrowers have defaulted on bank loans worth a whopping Rs 85,000 crore.

The Supreme Court said this after perusing a report submitted by the Reserve Bank of India (RBI) about persons who have taken loans worth over Rs 500 crore and defaulted and asked the central bank why their names should not be made public.

"Who are these people who have borrowed money and are not paying back? Why this fact that the person has borrowed money and not paying back be not known to public," asked a bench headed by Chief Justice T S Thakur. 
Related Story:  Now, RBI takes complete charge of monitoring debit card data breach
The bench, also comprising Justices D Y Chandrachud and L Nageswara Rao, said if the bar was lowered below Rs 500 crore, then the default amount would cross over Rs one lakh crore.

Observing that if people file an RTI query, they must know who the defaulters are, the bench asked the Reserve Bank of India (RBI) why the information on defaulters should be withheld.

"People should know how much money a person has borrowed and how much money he needs to pay back. The amount payable should be known to public. Why should you withhold the information," the bench said.

Monday, 24 October 2016

Watch out! Lenders are now tracking your social media profile

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If you are involved in clandestine gambling activities or drunk driving, watch out – you might be hampering your chances of getting a loan from new-age online lenders like InstaPaisaGoPaySenseFaircentCashCare and Vote4Cash! Lenders have been using an algorithm to track your social media profile for assessing your creditworthiness.

A report in the Economic Times on Monday says: "Online credit marketplaces like CreditMantri and BankBazaar.com that have found a clientele in the 25-35 age group do their due diligence on borrowers using not just payslips and bank statements but also unorthodox metrics like phone location data, SMS alerts and social media behaviour.”

How does it work?
The social lenders run their algorithms through tonnes of data in just a few minutes to assign someone a personality score. This score determines the rate at which the person would get a loan. The rate so determined could range from, say, 9% to 30% -- against the standard industry norm of 13-17%.

Besides, mobile phone data also give lenders and other financial service providers useful information about potential borrowers. From someone’s smartphone usage – how much the person spends on airtime, how he or she uses mobile wallet, etc – algorithms can determine both creditworthiness and need for credit.

Debit card scare: Why you need to change the ATM PIN immediately

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Recently, many customers have got mails and messages from their banks to change the ATM PIN of their debit cards. We now know the reason, with reports suggesting 3.2 million accounts in five leading banks -- State Bank of India, Axis Bank, ICICI Bank, HDFC Bank and YES Bank -- are compromised.
Bankers and cyber experts advise that ideally an ATM PIN should be changed every three to six months. Are they being overly cautious? Perhaps not. Several banks have already asked their customers to change their card security details and to stick to own ATM networks.
An ATM breach means the PIN numbers of not only that bank’s customers but all those who use that bank’s ATM network could be compromised.
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“Once the malware is detected, the bank or payment services company will fix it but the problem is to identify the malware. While such incidents are common overseas, they are increasingly happening in India, too, as banks adopt more technology and transactions become digital. There is a need to be more pro-active and put the proper checks in place,’’ Khurana adds.
“While we have leapfrogged in digital technology, we still lag in digital security. Both banks and customers need to actively protect themselves. Going ahead, customers may ask a bank about its digital security and protection before opening an account and not only about services and rates. For banks, it is a question of their reputation,’’says Piyush Singh, Managing Director, Financial Services, Accenture India.

From cloning to ATM passwords, learn how to save yourself from debit card frauds

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The data breach that has led to an estimated 3.2 million debit cards getting compromised is only a small manifestation of a larger malaise called cyber crime. The breach occurred due to an introduction of malware in the network of a third-party payment processor.
Living in a digital world, we need to be aware of different types of cyber frauds and take steps to safeguard our financial well-being.
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Password theft: Today, people have apps on their mobiles for almost everything - buying vegetables or furniture, booking a taxi, stock trading or anything else. Given the large number of apps, many people keep the same password and e-mail id for convenience - a wrong move.
Cloning: An SMS that your debit or credit card has been swiped in Amsterdam while you were sleeping in Mumbai could happen because of cloning...
Vishing: A call from a bank executive that your account is under threat and he needs your CVV number to ensure safety should be ignored. No bank executive is authorised to seek your CVV numbers...
Phishing: An email saying you have won $500,000 in a lottery and need to share bank account details for the transfer snared many people in the past. Now that most people ignore such mails, they use other methods, such as sending an email supposedly from the income-tax department. 

Thursday, 13 October 2016

ICICI Bank first Indian lender to execute Blockchain transaction

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ICICI Bank has become the first Indian lender to complete a banking transaction using Blockchain technology. This remittance transaction has been completed in partnership with Emirates NBD, a lender from the West Asia.
India’s largest private sector lender has managed to authenticate remittance transaction messages as well as original international trade documents related to purchase order, invoice, shipping and insurance, etc electronically on Blockchain in real time. Blockchain technology simplifies the process and drastically reduces duration of the transaction to few minutes, compared with few days otherwise.
“I envision that the emerging technology of Blockchain will play a significant role in banking in the coming years by making complex bilateral and multi-lateral banking transactions seamless, quick and more secure,” said Chanda Kochhar, MD & CEO, ICICI Bank.
She said the bank will also look at expanding the Blockchain ecosystem and creating common working standards for commercial adoption of the technology.

Wednesday, 7 September 2016

India not ready to privatise public sector banks: Arun Jaitley

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India has not reached the point where it can consider selling majority stakes in the public sector banks that control seven tenths of assets in the financial system, Finance Minister Arun Jaitley said on Wednesday.

"I don't think that public or political opinion has converged to the point where we can think of privatisation in the banking sector," Jaitley told the Economist India Summit in New Delhi.
The government is consolidating some of the public sector banks to strengthen them, but does not plan to reduce the state's share below a threshold of 52 per cent, Jaitley said in a  read more..

Tuesday, 30 August 2016

SC asks banks to respond to Mallya's plea against contempt notice

Vijay Mallya
The Supreme Court on Monday asked the consortium of banks led by the SBI to respond to beleaguered liquor baron Vijay Mallya's plea seeking recall of the notice of contempt for allegedly not making full disclosure of all the assets owned by him and his family as directed by the top court earlier.
Giving 10 days time to the State Bank of India (SBI) to file its response, the bench of Justice Kurian Joseph and Justice Rohinton Fali Nariman gave Mallya a week's time to file his rejoinder as it directed the hearing of the matter on September 27.
Mallya's lawyer said the liquor baron has contended that the disclosure of the assets was for the settlement of outstanding dues with the banks, and since no settlement was taking place, he was not obliged to make disclosure and consequently there was no contempt.
Contesting the allegation that he had not made full disclosure of his assets, Mallya, now residing in London, said that the disclosures made by him about his assets and liabilities, submitted to the court in a sealed cover on March 31, were "accurate" and were meant for lending banks to have a "fair idea" for a  read more..