-The Economic Times KOLKATA: Charges for SMS alerts on banking transactions may not squeeze account holders much but can be a reasonable earning for many banks, especially in accounts with meagre monthly transactions though income from SMS alert service goes against the advisory from the sector regulator. While Reserve Bank of India told banks to send SMS alerts for every transaction as means to fight frauds, the regulator also directed banks to...
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RBI didn't do audit: Central Vigilance Commissioner KV Chowdary on PNB fraud
-PTI NEW DELHI: Central Vigilance Commissioner K V Chowdary on Tuesday said the Reserve Bank of India had apparently not conducted an audit during the period of time when a Rs 13,000-crore scam hit the Punjab National Bank. Chowdary stressed the need to put into place a more robust auditing system. "They did not do this (an audit)," the head of the probity watchdog said. The CVC exercises superintendence over the CBI which...
More »Central Vigilance Commission wants to keep an eye on private banks -Vikas Dhoot
-The Hindu Asks PMO to frame law for it The Central Vigilance Commission (CVC) has urged the Prime Minister’s Office to bring private sector banks under its watch, citing the fact that they have been involved in many recent instances of malfeasance. Vigilance officers in all State-owned public sector banks are required to report irregularities and possible wrongdoing to the CVC, India’s apex body for checking corruption in the government. Private sector banks...
More »Corporates make 73% of public sector bank bad loans -Sunny Verma
-The Indian Express The Finance Ministry directed smaller PSBs to cut their corporate loan exposure to 25 per cent of their risk-weighted assets over the medium term and focus more on retail lending. Corporate loans corner the lion’s share of rising bad loans in public sector banks while retail loans have a far superior track record when it comes to timely repayment, according to the latest available Reserve Bank of India...
More »Banks told to be vigilant on Aadhaar -Manojit Saha
-The Hindu Use OTPs only in the presence of customers: UIDAI The Unique Identification Authority of India (UIDAI) has asked banks to provide Aadhaar-based onetime password (OTP) for opening of bank accounts only in the presence of the customer, in a banking outlet. In a letter addressed to commercial banks, UIDAI Chief Executive Officer Ajay Bhushan Pandey cited instances of misuse of Aadhaar while opening accounts. The direction is a huge blow to the...
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