Consumer Issues
RBI cautions public against fraudulent mails

The fraud mails sent in RBI's name also informs bank account holders about the RBI setting up a new 24x7 Centralised Monitoring Centre to monitor financial transaction flow from the internet banking account, which is not true

 
Mumbai: The Reserve Bank of India (RBI) has again cautioned public not to respond to fraudulent mails asking for their internet banking account details, reports PTI.
 
"It has come to the notice of the RBI that a fraudulent email has been sent and signed in its name as 'Reserve Bank of India'.
 
"The mail has referred to provisions of Banking Regulation Act... The email then gives a link asking bank account holders to update their account information for updation in their database," RBI said in a statement.
 
The mail also informs the bank account holders about the RBI setting up a new 24x7 Centralised Monitoring Centre to monitor financial transaction flow from the internet banking account.
 
"The RBI clarifies it has not sent any such mail and has not set up any 24x7 Centralised Monitoring Centre to monitor financial transaction flow from the internet banking account," it said.
 
Members of the public receiving such emails are cautioned not to open the mail or attachment and/or try to download it on their computer or provide their data on such links as it may lead to their data being compromised, it added.
 

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SIDBI sees four-fold hike in fee income by 2017

The four-fold jump in fee income will be made possible primarily by a loan syndication service which SIDBI is launching soon and also earnings from its recently launched credit consultancy centres at SME clusters

 
Mumbai: Small Industries Development Bank of India (SIDBI) is targeting a four-fold jump in its fee income over next five years as it launches a slew of service oriented products to help small businesses raise funds, reports PTI.
 
"We are expecting a four-fold jump in fee income in the four to five years," Sushil Muhnot , chairman and managing director of SIDBI said on the sidelines of an event.
 
This will be made possible primarily by a loan syndication service which SIDBI is launching soon and also earnings from the recently launched credit consultancy centres at SME clusters, he said.
 
The Lucknow-based specialised institution's fee income, which includes upfront and processing fees, and commission and brokerage, had stood at Rs33.03 crore in the past fiscal, which was a growth of 25% from Rs26.30 crore in FY11, according to the bank's annual report.
 
Muhnot said as part of its micro small and medium enterprises (MSME) development services initiative, SIDBI will soon start a loan facilitation service that will involve acting like an investment banker and help SMEs arrange finance from multiple banks if required.
 
SIDBI will earn a fee for the services, Muhnot said, adding there is a need for such a facility as a single company exposure norms may compel a bank to keep away from a proposal.
 
Apart from that, SIDBI has also launched credit consultancy centres across 110 SME clusters to help small businesses with their documentation as they approach lenders to avail loans, he said.
 
As part of the service, a retired banking official having experience in the credit department is appointed by SIDBI to help the local SMEs, Muhnot said.
 
SIDBI ties up with local industries association in the respective cluster to launch the service, he said, adding that going forward, it will focus on increasing the clusters covered by the service.
 

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