Salient features of New Rs10 denomination Bank note

The Reserve Bank of India has announced to issue Rs10 denomination banknotes in the Mahatma Gandhi (New) Series, bearing the signature of Dr. Urjit R. Patel, Governor, RBI.

The new denomination has motif of Sun Temple, Konark on the reverse, depicting the country’s cultural heritage. The base colour of the note is Chocolate Brown. The dimension of the banknote will be 63 mm x 123 mm.

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AIBEA & AIBOA Joint Circular Dtd 07-01-2018

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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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1,463 bad loan accounts owe 21 PSU banks Rs100 crore or more

As many as 1,463 entities account for bad loans of Rs100 crore or more in 21 public sector banks (PSBs), finance ministry data showed.

In State Bank of India (SBI) alone, 265 accounts had bad loans of more than Rs100 crore each, totalling Rs77,538 crore, at the end of the September quarter.

Among the nationalised banks, Punjab National Bank topped the chart with 143 non-performing asset (NPA) accounts carrying over Rs100 crore each. They collectively owed the Delhi-headquartered bank Rs45,973 crore.

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Banks' performance to be under scrutiny: Arun Jaitley

Finance Minister Arun Jaitley on Saturday said that Indian taxpayers were making a sacrifice to keep the banking system in good health and hence the performance of banks would be under the lens over the next few years. 

He said the government's Rs 2.12 lakh crore recapitalisation plan was to keep banks in good health, which was "extremely" important for the economy. 

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Forged Cheques Encashed, Supreme Court Orders PSB to Pay Rs 50 Lakh

The Supreme Court has ordered UCO Bank to pay Rs 50 lakh to a publishing firm for negligently clearing two cheques bearing forged signatures.

A bench of Justices Adarsh K Goel and Uday U Lalit observed that the public sector bank could not wriggle out of its liability in view of a departmental inquiry and a report by a handwriting expert, which pointed out that the fraud took place because of bank officials’ negligence.

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New Bank Charges to be applied from 20th January 2017

The charges will be applicable from 20 Jan 2018. All charges reflected without GST. Auto Debit charges will be automatically debited with GST. We have to add GST along with charges which required to debit manually.

(1) Cash withdrawal.

(a) Cash withdrawal upto maximum Rs. 50,000/- allowed only to account holder by self-cheque. Charges is Rs. 10/- per transaction (Auto Debit).

(b) Cash withdrawal upto maximum Rs. 10,000/- allowed to 3rd party holder by cheque. Charges is Rs. 10/- per transaction (Auto Debit).

(2) Cash Deposit – Cash deposit of maximum Rs. 2 lakhs per day in CD / CC / OD and any amount in SB account.

Charges –

(a) For SB account upto Rs. 50,000/- per day free. For amount in excess of Rs. 50,000/-, Rs 2.50 per thousand or part thereof. Minimum Rs. 50/-.

(b) For CA / CC / OD / Other accounts upto Rs. 25,000/- per day free. For amount in excess of Rs. 25,000/-, Rs. 2.50/-per thousand or part thereof. Minimum Rs. 50/-.

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Banking apps under malware attack! Here’s how to stay safe

An Android malware has been targeting over 232 banking apps including SBI, HDFC Bank and ICICI Bank, Quick Heal Security Labs has detected. According to the IT solution provider, an Android Banking Trojan has been targeting more than 232 banking apps including those offered by Indian banks.

The banking malware is designed for stealing login credentials, hijacking SMSs, uploading contact lists and SMSs on a malicious server, displaying an overlay screen (to capture details) on top of legitimate apps and carrying out other such malicious activities.

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