Banking
RBI cautions on 'All Bank Balance Enquiry' App
The Reserve Bank of India (RBI) has cautioned banking customers to be aware about the "All Bank Balance Enquiry No" that is still being circulated on social media, especially on WhatsApp.
 
In a release, the central bank says, "It has come to the notice of the Reserve Bank that an app (application) is doing rounds on WhatsApp purportedly to facilitate checking of balance in customers' bank accounts. The application has an RBI logo with the title 'All Bank Balance Enquiry No' and has listed several banks with either a mobile number or call centre number."
 
The Reserve Bank wishes to clarify that it has not developed any such application. Members of public are, therefore, advised to use the application, if at all, at their own risk.

User

COMMENTS

Vivek Silla

5 months ago

It is nice of RBI to clarify on this subject. But then, its responsibility does not end just there. RBI at the bare minimum should take the following actions on an immediate basis:

1. Make sure that the Application(s) are removed from the concerned App Stores/ Play Store at the earliest.
2. Investigate to identify individuals who have published this application and take appropriate punitive action against them.
3. Establish regular monitoring process to identify such instances of fake applications and brand misuse and and take corrective actions as soon as possible. Brand Protection Services available from various security service providers could help in this regard.
4. Advise all banks to evaluate feasibility of identifying customers who have accessed their bank accounts using this application, lock the accounts for these customers and advise the customers to change their login credentials at the earliest. In addition, the banks should take this opportunity to advise the customers on security best Dos and Donts for a secure banking experience.
5. Advise all banks to enhance monitoring for any fraudulent transactions originating due to customer credential exposure and stop these transactions at the earliest.

SRINIVAS SHENOY

5 months ago

What do you think?... Write your comments. The RBI should ensure that it's logo is not misused. It cannot just wash it's hands off, when it's emblem is misused, as it does when the funds are being misused, in the cooperative banking sector.

Panic, disbelief in Kashmir as India makes surgical strikes
 Panic, confusion and disbelief gripped Kashmir residents on Thursday as India said it carried out surgical strikes at terrorist launch pads across the Line of Control (LoC) inflicting heavy casualties on terrorists and their supporters.
 
Reports from Uri sector in north Kashmir's Baramulla district, where cross-border terrorist attack at an army camp on September 18 left 18 Indian troops killed, said people living close to the LoC have already started migrating to safer areas.
 
People were seen rushing home earlier than usual in Srinagar as the news of the surgical strikes by Indian special forces spread.
 
The Kashmir Valley has been shut for 83 consecutive days, following the July 8 killing of Hizbul Mujahideen commander Burhan Wani. However, there is no curfew anywhere in the valley.
 
"Whether a knife falls on a melon or a melon falls on the knife, it is always the melon that gets cut," said Zahoor Ahmad, 52, a businessman in north Kashmir's Ganderbal district.
 
"In wars between India and Pakistan, the Kashmiris have always been the worst sufferers and if, God forbid, a war breaks out now, we would be at the receiving end again," he stressed.
 
"Is the worst still to come? Is it already lurking in the dark? Will they (India and Pakistan) really be so mad so as to start a war which will destroy both?" cynically asked Abdul Gani, 58, while recalling the horrors of the 1965 war when he was a child.
 
"My mother would hide us in a dark room after serving an early dinner and speak in whispers," Gani recalled.
 
There were others who wished to believe that there would be no war, given Pakistan's denial of surgical strikes by India.
 
"I think it is just cross-border firing in which two Pakistani soldiers have been killed and nine others injured, which is being overplayed to satisfy bruised egos," said Professor Muzaffar Ahmad, a college principal.
 
"I don't think any country, much less a country like Pakistan, would eat a humble pie by not even admitting that an incident like surgical strikes within their territory had taken place," he added.
 
"People have started shifting with their families to safer places away from the LoC in Uri areas after today's (Thursday) development," said an official.
 
Reports said the Centre had spoken to the state government about "hot pursuit launched across the LoC against militants ready to infiltrate into J&K", but there was no official word so far from any leader of the Peoples Democratic Party-Bharatiya Janata Party coalition over the development.
 
A senior state minister said it was a wait-and-watch situation while contingency plans about evacuation of the border area residents were already in place.
 
"We are glued to our television. These TV channels have already declared a war even before the fighter planes start hovering over our heads," said local lawyer Suhail Ahmad, 32.
 
"It appears that everybody anchoring news programmes on TV news channels is a foot soldier already fighting a full-fledged war," he added. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Markets likely to gain after surgical strikes
Following the news of surgical strikes by the army across the line of control (LOC), the Indian equity market plunged. Both the benchmarks NSE Nifty and BSE Sensex ended the day lower by over 1%. However, according to a research report, despite a negative initial reaction, Indian markets are likely to gain post these strikes.
 
State Bank of India (SBI) in its Ecowrap report says, "While the initial response of the financial market has been negative, we believe such attacks are unlikely to have any material impact on the markets. Indian economy is currently on a sound footing with favourable macro numbers."
 
"For example," it said, "the Kargil war was fought between India and Pakistan in Kargil, during May to July 1999. During the aforesaid period, the leading indices of Indian stock markets show an initial decline but recovery thereafter. The Sensex and Nifty has declined by 286 points and 79 points in three trading initial days respectively, but recovered thereafter and ended higher by 652 points and 191 points when the conflict ended. The overall impact of the Kargil war was actually positive. The economy grew at the same pace in 1999-2000 as the year before - a healthy 6.5%."
 
 
During the period, Rupee has depreciated by 1.2% against dollar, while a minor change of 2 basis points in 10-Year G-secs. It may be noted that India had a fiscal deficit of close to 6% in FY2000. Interestingly, the rupee stayed at the nearly the same level during the rest of the FY2000 indicating that the value of the rupee is more determined by external factors.
 
The Sensex ended Thursday 1.6% or 465 points down at 27,827, while the Nifty closed the day 1.8% or 153 points lower at 8,591 points. 
 
"We also believe that the impact of the surgical strikes will have no impact on the markets as like the Kargil conflict. For one thing in common, these conflicts are more localized in nature. Also, now that India has clearly reaffirmed that its patience cannot be taken as granted, these will in fact act as a positive for the markets for the  decisiveness in India’s foreign policy," the Ecowrap report says.

 

User

COMMENTS

Vannala Keervanamma

5 months ago

Thanks sir for giving us confidence.

Deepika Chatterjee

5 months ago

Did the market fall after Uri? Why now? Speaks volumes of the patriotism of Indian business class

Ramesh Poapt

5 months ago

reaction/impact may be higher than anticipated. too early to forecast.
already negatives are looming large that has been underestimated by the market.

G R Chari

5 months ago

Action speaks louder than words and Modi govt. has proved that it's a government that acts. From the market point of view the timing may have been bad, but expect a "V" shaped recovery.

Leslie Menezes

5 months ago

The Modi government has been smart this time. After talk of 1000 year war on poverty this news is really refreshing.

SRINIVAS SHENOY

5 months ago

The Government has taken the right approach in the present circumstances. Our patience should not be taken for granted at all times.

SRINIVAS SHENOY

5 months ago

The Government has taken the right approach in the present circumstances. Our patience should not be taken for granted at all times.

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)