Fake bank apps may have stolen data of thousands of customers: Report


Fake apps of SBI, ICICI, Axis Bank, Citi and other leading banks are available on Google Play, which may have stolen data of thousands of bank customers, claims a report by IT security firm Sophos Labs. 


These fake android apps have logo of respective banks which makes it difficult for customers to differentiate between the fake and original apps, it said. The report further said that the deceptive malware in these apps may have stolen thousands of customers' account and credit card details. 


When contacted some of the banks mentioned in the report said they have not come across any such fake apps. However, some banks have started inquiry and also informed the CERT-In -- the national nodal agency for responding to computer security incident. The fake apps target total seven banks like SBI, ICICI, Axis, Indian Overseas, BoB, Yes Bank and Citi Bank, the report said. 

Another lender Yes Bank said it has informed the bank's cyber fraud department about the matter.  However, the country's largest lender State Bank of India's response was awaited. There were no immediate comments from ICICI Bank and Axis Bank. 

According to the report, the apps lured victims to download and use them, either by masquerading as Internet apps or e-wallets, promising rewards, including cash back on purchases, free mobile data or interest free loans. 

Some even claimed to be providing a too-good-to-be-true service, enabling users to withdraw cash from an ATM and have it delivered to their doorstep. 


"Deceptive malware may have stolen thousands of Indian sub-continent bank customers account data or credit card numbers," said Pankaj Kohli, threat researcher, SophosLabs. 

Fake apps are not new to Android and this sort of malware will continue to find its way into the android app store, it said. 

"Some are blatant copies of real apps, while a few are much more dangerous as they seed malware and steal data from user accounts. Users should always use antivirus software, which provides malware protection and internet security to keep users protected and stop these fake apps from stealing data," it said.

Source- Economic Times
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Banks Can Take From Individual Account to Recover Joint Debt, Says Consumer Commission

A bank is entitled to withdraw money from your individual bank account if it has to recover an amount from your joint account.

According to the National Consumer Commission, this would not amount to an unfair trade practice because “a banker has a general lien on the amount deposited in his individual account”. 

A ‘lien’ is a form of security interest granted over a property to secure repayment of a debt.

Thus, a bank can exercise its right to recover money although the individual bank account may not be the default at all.

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Bad loans: India ranks 5th on list of countries with highest levels of NPA


India’s NPA ratio is at 9.85 percent. Even as the government is all set to infuse fresh capital in state-owned lenders in the new year as it looks to lift banks out of NPA crisis and revive lending growth from a 25-year low, a new report has stated that India is behind only four countries when it comes to bad loans.

A report by CARE Ratings stated that India ranks fifth on a list of countries with the highest levels of NPAs among BRICS countries. India’s NPA ratio is at 9.85 percent.
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The nine banks that will gain out of PSU recapitalisation

The Indian banking sector, especially the state-owned entities, have hogged the limelight as the government’s announcement of a fiscal neutral capitalisation raised hopes of a revival of not only these entities but also the long-buried capex cycle. The quarterly results, therefore, got somewhat relegated to the background. Now that the dust appears to be settling, it is worth checking on the numbers as well as the grand recapitalisation plans to explore if the fortunes of the sector are really changing or is it another hope rally that is likely to dissipate?
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Internet banking & Mobile banking links of all banks in india


Public Sector Banks :

           Bank    Internet Banking Mobile Banking
Allahabad Bank           Click here         Click here
Andhra Bank    Retail     Corporate         Click here
Bank of Baroda    Retail     Corporate         Click here
Bank of India    Retail     Corporate         Click here
Bank of Maharashtra    Retail     Corporate         Click here
Canara Bank           Click here         Click here
Central Bank of India    Retail     Corporate         Click here
Corporation Bank          Retail     Corporate         Click here
Dena Bank           Click here         Click here
IDBI Bank           Click here         Click here
Indian Bank    Retail     Corporate         Click here
Indian Overseas Bank    Retail     Corporate         Click here
Oriental Bank of Commerce     Retail     Corporate         Click here
Punjab & Sind Bank           Click here         Click here
Punjab National Bank    Retail     Corporate         Click here
State Bank of India           Click here         Click here
Syndicate Bank           Click here         Click here
UCO Bank           Click here         Click here
Union Bank of India           Click here         Click here
United Bank of India           Click here         Click here
Vijaya Bank           Click here         Click here

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Points to be looked while taking charge as a Manager in Bank

With fast retirements, promotions are also come fast. These days scale I to II or II to III service period is reduced to 2 years in many banks. In such a short span of time youngsters don’t get much exposure and in many cases officers spend their 2-3 years in one seat only. In many worst cases which I know new officers spend 1-2 years in cash. When they get promoted they face many issues either handling the branch or a particular seat. Officers fear to take charge of loans seat as they don’t have that much a exposure their seniors who took 5-7 years to take a single promotion. Managers or officers become personally liable for any lapses of previous incumbent if they don’t report the matter in their joining report or in initial stages of their charge.

Now here I present you your rescue points which you should take while taking charge or handling any particular seat. All officers must read this article from point to point as you may face problems later in your career. 30 important points before you take charge of bank branch or seat -

1) Security items – the very first thing you should check is security items register. Check all Cheque books, FDRs, Demand Drafts. This security must tally with your system reports.

2) Cash balances- physical cash is another important item. Ideally you should check opening cash. Also check ATM cash or any bait money.

3) Check GLB Slip – the first thing you should ask whenever you enter a new branch is GLB slip. Check it head to head. You can easily figure out some discrepancies from GLB itself and ask the present incumbent. You can easily check sundry entries, Remittances, DNR, suspense entries etc.

4) Check loan files – checking all loan files is not possible. At least check previous one year loan files. Check outgoing incumbent has signed all the loan files. You don’t need to see files before that as inspection/ audit must have taken place before that and auditors or inspectors must have audited files earlier. Meticulously check securities attached like LIC policies , FDRs, bonds, original land registry papers etc. also check that sanction letter are dully signed by the incumbent.

5) Check gold coins/ ornaments- gold coins must be check and gold ornaments of the customers must be checked with joint custodians and another staff officer.

6) All keys of the branch – keys of strong room, cash safe, main gate, grill, ATM room or any other safe present in the branch should be checked without fail.

7) Duplicate Keys- sealed Duplicate keys of the branch which is generally present in another branch should be checked thoroughly and any discrepancy should be reported.

8) furniture & fixture- furniture and fixture of the branch should be checked and must tally with GLB also check the depreciation register. Depreciation and reserve must tally with the GLB slip. Also take a broader look at items listed in F&F are present in the branch.


9) FDRs opened but not printed- take a note of FDRs that are opened but not printed. Make sure you got them signed by the outgoing incumbent.

10) TDS challans properly filled- take a look at quarterly TDS challans. Check whether they are filled or not as income tax deptt imposes interest on non filling. There’re last dated for filling quarterly TDS challans.

11) KYC compliance – make sure that all accounts are KYC compiled. Most banks offer non KYC reports in the system. Take out that report and make all the Non KYC accounts KYC complied before taking charge.

12) Registers to be checked- most of the banks have many important registers in the branch check whether they are maintained or not –
    a) Complaint register.
    b) MDP register.
    c) No dues register.
    d) OBC register.
    e) Voucher register.
    f) Cash Register.
    g) Sundry Register.
    h) ATM register.
    i) Furniture & Fixture Register.
    j) Depreciation register.
    k) Inventory movement register.
    k) Key movement register.
    m) NPA register.
    n) Recovery Register
    o) Stock Register.
    p) Loan security items register.
    q) Office order register.
    r) Insurance register.
    s) Nomination register.
    t) 15G-15H register.
    v) Title Deed register.

13) NPA status- NPA accounts and written off accounts status should be reported in joining report.

14) Pending credit proposals- pending credit proposals must be taken note of. And action should be initiated at the earliest. If proposals are large then meeting with parties is also a good idea.

15) Claims with CGTMSE- any claims pending with CGTMSE must be noted and necessary follow up should be started.

16) SARFAESI status- any account in which SARFAESI has been initiated should be noted and status of sace sould be noted.

17) Temporary OD running – All temporary OD must be adjusted within time period of incumbent. Report should be generated of TODs and necessary action should be taken.

18) Expired Documents – take out report of all expired documents during the period of outgoing incumbent and effort should be made to renew all the expired documents before taking the charge.

19) Customer complaints – all pending customer complaints must be attended with utmost priority and outgoing incumbent should be asked to resolve the complaints which were generated during his tenure.

20) Branch security items- all items related to branch security must be assessed like fire equipments, burglar alarms, license of arm guard, CCTV etc.

21) Vigilance/ Inspection reports- you should check the latest inspection/ vigilance report and check whether proper reply/ comments of outgoing incumbent has been taken or not. Check whether queries of inspection report have been removed or not.

22) Examining last 3-4 months sanctions minutely- last 3-4 months sanctions are to be examined minutely or say very carefully.

23) Check whether registration of equitable mortgage with CERSAI/ revenue authorities has been done or not by the outgoing incumbent.


24) Sometimes Insurance Register is not updated and assets charged to the bank, whether as principal security or as collateral, are not insured for “FULL VALUE”.

25) For larger amount loans say above Rs. 10 lacs check whether Ist stage vetting and second stage vetting is done or not. If not then get it done.

26) Bank guarantee issued are duly signed by two officials jointly, one of whom must be the Branch Manager and Manager or Branch Manager and Second Man.

27) Certified copy of the title deed offered as security is obtained from the Sub-registrar office and the same is compared with the original documents deposited for creating mortgage, by the bank lawyer/ bank officials

28) A register is maintained at the branch, wherein the date of receipt, sanction/rejection/disbursement with reasons therefore, etc. are recorded. The register is made available to all inspecting agencies.

29) CIBIL exercise is being done in loans and advances of Rs 1 lac and above. Direct report from CIBIL is being generated and CIBIL detection and updating checking is being conducted.

30) Checking and signing of all the reports generated by the system, particularly, the Exceptional reports, day book, long book and reporting of deviations.

Though I have tried to cover each and every aspect before someone take charge of a branch or seat but still suggestions of experienced folks are appreciated and may guide newly appointed branch in charges.
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Five Banks were robbed the most In last 3 years

The last three years have been pretty good for bank robbers – at least according to statistics revealed by the Minister of State for Finance, Santosh Kumar Gangwar, in the parliament this week. According to Gangwar’s written reply,  banks in India have lost around Rs. 180 crore in the past three years to thefts.  The money was stolen in 2,632 incidents of theft, robbery, dacoity, and burglary at 51 banks during the same period (April 2014-March 2017).
The answer came in response to a question regarding negligence shown by banks in complying with security norms for protecting bank lockers. The finance ministry had been asked “whether banks are showing negligence in complying with rules/norms for appointing security guards in banks and the experts have indicated that the various culprits are taking advantage of security lapses in committing theft from bank lockers”.
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IBA invites bank unions for wage revision talks


The Indian Banks' Association (IBA) has invited the bank unions for initiating the negotiations for the next wage settlement in the banking industry.

Talks between IBA and the bank unions under the banner of United Forum of Bank Unions (UFBU) are to be held at Mumbai on May 2, according to C H Venkatachalam, General Secretary of the All India Bank Employees Association (AIBEA).


Rajeev Rishi, Chairman of IBA, will head the talks from the management side.


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Big banks: India wants to make, US wants to break, neither can find a solution

In India, there is increasing talk of merging smaller banks to create a behemoth that will take on larger global players and fund big infrastructure projects. Finance Minister Arun Jaitley has already set the ball rolling for bigger banks by getting state-owned State Bank of India to absorb its smaller associates.Contrast this with the narrative in the US, where President Donald Trump said over the weekend that he is thinking of breaking up the giant Wall Street banks.While a straightforward comparison cannot be made between big banks in the two countries, both models deliver a strong underlying message.

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Cheque Truncation System or CTS 2010

What is Cheque Truncation System or CTS 2010 :
The full form of CTS is Cheque Truncation System.  RBI has decided to launch this system and all banks across India are required to follow RBI guidelines in this regard.  As per RBI guidelines, now all banks have to issue cheques conforming to the CTS 2010 standards with uniform features.
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Bank employees to hold all India strike on February 7

Three bank employees' organisations are planning to conduct all India strike on February 7, 2017, seeking the banks and the government to address issues concerning demonetisation and bad loans.

The All India Bank Employees'Association (AIBEA), All India Bank Officers Association (AIBOA) and Bank Employees Federation of India (BEFI) have issued a joint circular to its members announcing various protest including joint mass demonstrations, dharana and one-day strike starting from January 30, 2017.

The organisations alleged that the cash crunch is continuing and most of the ATMs are still non-functional, which lead to tension in banks. They alleged that while everyone appreciated the hard work of the bank employees, officers and managers in managing the situation in the banks, there is reluctance and hesitation in extending proper compensation for the extra hours of additional work.

"When the ordinary and common people are made to face such problems in the name of curbing black money, the big defaulters of bank loans are getting scot-free. No action is being taken against the increasing menace of huge bad loans in the banks except provisions from profits, write-offs and desperate sale of NPAs," says the circular.

The demands they put forward include the demonetisation issues such as ensuring supply of adequate cash to all banks including regional rural banks and co-operative banks; restore all ATMs immediately and ensure availability of cash in ATMs; announce CBI enquiry on instances of huge new currency notes with some big persons when branches are starving on cash and stop diluting autonomy of RBI in currency management.
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Bank Union seeks overtime for extra work due to demonetisation

Days after Prime Minister Narendra Modi praised bank employees for the hard work done during the period, a has demanded overtime for the extra hours put in by staff during the 50-day window that ended on December 30.

National Organisation of Bank Workers (NOBW), an affiliate of Bharatiya Mazdoor Sangh, in a letter to the Prime Minister said, "Bank employees have worked 12 to 18 hours a day during the last 50 days. Only few banks have considered overtime for extra working. Kindly advise the management to consider the overtime for beyond working hours worked by bank employees."

It also called for stepping up recruitment activities and said that banks are understaffed for implementing all schemes.

NOBW vice president Ashwani Rana also pitched for a decent salary hike in the wage revision due in November this year.

"Wage revision of bank employees is due on November this year. The government has already advised IBA to implement it on due date. We wish to bring to your (PM Modi) kind notice that bank employees are far behind government employees in salary structure. Kindly give a good rise to bank employees and bring them at par with Govt employees," it said.

In his address to the nation, Prime Minister had said "during this period, bank employees have worked day and night. Female employees too worked till late hours as part of this mission".

Post office staff, banking correspondents - all did exceptional work, he had said.
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Stop transferring bankers

For years, India’s banks have built marketing campaigns reinforcing customer service as a key differentiator. But they have continued to lag the large global banks in customer service.
While there are many factors affecting this important attribute, a key reason is that our banks continue to cling to an age old management practice from the days of the Raj: routinely transfer managers to a different banking center, generally in a different city or town, without regard to how such moves may affect customer service.


The arguments for defending this medieval practice are many. Bank officials may get too cushy with customers and engage in corruption. Transfers are an efficient performance management tool to reward “good” employees with choice locations whereas officials with below average performance can be “punished” by being transferred to undesirable outposts. Startup branches in remote locations could never get off the ground unless experienced managers and staff from established branches are moved there to begin operations.


Old habits
But in India’s modern banking system, these traditional defences no longer hold merit. NEFT platforms, mobile banking and ATMs, available on a 24x7 basis, have dramatically reduced the need for customers to go to a branch. As India slowly moves to a more cashless economy, foot traffic into bank branches ought to fall further even as automated transaction volumes tend to go higher and higher.
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How to calculate Overtime wages?

As concept of overtime was stopped many years back, even senior employees forgot the calculations, leave alone new comrades.
For the benefit of all I hereby give the details of calculations with examples.
Overtime work shall be paid for at the rates mentioned below:

Category of Employee
% of hourly emoluments




Full Working Days
Half Working Days



CLERKS





First two quarter hours of overtime work
@ 100
@ 100



Next four quarter hours of overtime work
@ 170
@ 170



Next four quarter hours of overtime work
@ 200
@ 170



Rest of the overtime work
@ 200
@ 200



Subordinate Staff





First four quarter hours of overtime work
@ 150
@ 150



Next four quarter hours of overtime work
@ 200
@ 170



Rest of the overtime work
@ 200
@ 200





For the work done on Sundays and holidays to which he may be entitled, a workman (including a peon who is asked to work as a Watchman on such days) will be paid for the entire period of work at 200% of his hourly emoluments, unless any such day happens to be a working day for him.
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  Useful links for Bankers
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   * Balance Inquiry Number of all Banks
   * PSU & Private Banks Quarterly result
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