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Moneylife Digital Team 16 July 2021
India’s largest state-run lender State Bank of India (SBI) has issued a warning about ‘phishing links’ to its customers. SBI has alerted its customers not to click on links containing ‘gift from the national bank’ and ‘freebies’ if received on their mobile number or email ID. SBI disclosed...

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Moneylife Digital Team 13 July 2021
The union government has directed public sector banks (PSBs) to look into all legal aspects and carry out proper due diligence before going ahead with stake sale of their non-core assets.    A report in ‘The Economic Times’ says that while the government is not keen to interfere in...

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In fresh trouble for the State Bank of India (SBI), hackers of Chinese origin are targeting bank users with phishing scams, asking them to update their KYC using a particular website link and offering free gifts worth Rs 50 lakh from the bank via a WhatsApp message, cybersecurity researchers...

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Moneylife Digital Team 06 July 2021
Close on the heels of revised charges from State Bank of India (SBI), private sector lender ICICI Bank is now rolling out revised limits of cash transactions, ATM interchange and cheque book charges for its savings account holders from next month onwards.    ICICI Bank's portal has...

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Moneylife Digital Team 06 July 2021
The central information commission (CIC) has stayed the order of the first appellate authority (FAA) of the Reserve Bank of India (RBI) for the release of information on non-performing assets (NPAs) and top defaulters of the Saraswat Co-operative Bank Limited. This is the first time a stay...

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The Reserve Bank of India (RBI) has amended the norms as per which unclaimed maturity proceeds of term deposits (TDs) with banks will attract the rate of interest as applicable to savings accounts or the contracted rate of interest on the matured TD, whichever is lower.   As per the...

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The State Bank of India (SBI) has increased the cash withdrawal limits through cheques and withdrawal forms for its customers at non-home branches.   "To support our customers in this pandemic, SBI has increased the non-home cash withdrawal limits through cheque and withdrawal form,"...

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Ever been hit by credit card fraud?   I have. Well….My wife has.    Her phone rang at 1.35am. The bank’s credit card chaps were asking if she had done any transactions on her credit card from an East European country.  Of course not, she said.    But there they...

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Moneylife Digital Team 04 May 2021
The Reserve Bank of India (RBI) has imposed a penalty of Rs3 crore on ICICI Bank for violating prudential norms on the operation of its investment portfolio.    RBI says it found contravention of norms in the matter of "shifting of securities from one category to...

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Moneylife Digital Team 30 April 2021
State Bank of India (SBI) has warned its customers about falling for the quick response (QR) code scams - an active prevalent fraud practice in online money transfer transactions.   The country’s largest public lender has asked its customers not to scan any QR code shared by anyone...

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“What is a worker supposed to do when he or she is told, after hours of queuing in an overcrowded bank, ‘your account has been closed from the back-end, now move on please’,” asks Jean Dreze who has spent decades working with India’s poorest people. This is the reality of rural India where...

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Commercial banks will have to take prior approval of the Reserve Bank of India (RBI) for appointment of statutory central auditors (SCA) and statutory auditors (SAs).   RBI on Tuesday issued guidelines for appointment of SCAs and SAs of commercial banks, excluding regional rural...

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Moneylife Digital Team 26 April 2021
The Reserve Bank of India (RBI) has restricted the tenure of a managing director (MD) and chief executive officer (CEO) as well as whole-time director (WTD) to 15 years for all private sector banks including small finance banks (SFBs) and wholly-owned subsidiaries of foreign banks. For State...

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The Reserve Bank of India (RBI) has directed the banks to restrict dividend payouts to 50% in a bid to conserve capital and stay resilient.   In a notification to all the commercial and co-operative banks, RBI said that in view of the continuing uncertainty caused by the ongoing...

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Moneylife Digital Team 22 April 2021
The Reserve Bank of India (RBI) on Thursday cancelled banking licence of Maharashtra-based Bhagyodaya Friends Urban Co-operative Bank Ltd for failing to garner adequate capital and with no prospects of earning for the lender. Almost 98% of the customers and depositors of Bhagyodaya Friends...

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Moneylife Digital Team 22 April 2021
The country’s largest lender, State Bank of India (SBI) has warned people about fraudsters, who are posing as staff of SBI Loan Finance Ltd and offering loans only to defraud them.    SBI has issued an alert on Twitter, stating that it is not associated with any such organisations and...

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From Thursday until May 15, banks in Uttar Pradesh will be open for customers for only four hours on working days.   The banks will be open from 10 a.m. to 2 p.m.   A decision to this effect was taken in view of the surge in Covid cases at a meeting of the State Level Bankers...

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Moneylife Digital Team 12 April 2021
State Bank of India (SBI) has issued a new alert for its customer-depositors about a new fraud taking place under the guise of SBI fixed deposits (FDs).    SBI says it has come across recent reports, where cyber criminals have created online fixed deposits in customers' accounts to...

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Cybercriminals are now using new and advanced techniques to attack mobile-based banking and the geography of attacks has become more diversified and extensive -- especially from a mobile financial malware perspective, a new report said on Sunday.   According to global cybersecurity...

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Housing Development Finance Corporation Ltd (HDFC) has increased interest rates of its various fixed deposit products with different maturities by up to 25 basis points (bps).   The change came into effect on March 30.   The housing finance major is offering an annual interest...

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