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Tag: mobile banking

  • Over 4 lakh ombudsman complaints; most on playing cards, telephone/e-banking

    The Reserve Bank of India (RBI) witnessed a 22.27 per cent rise within the quantity of complaints underneath varied ombudsman schemes throughout April 2020-March 2021, with ATM and debit playing cards, cell banking and bank cards accounting for a bulk of the complaints. The quantity of complaints stood at 4,04,143 through the interval on an annualised foundation.
    Chandigarh, Kanpur and Delhi obtained the utmost variety of complaints, the RBI mentioned in its Annual Report of the Ombudsman Schemes for the 12 months 2020-21. The main areas of complaints underneath the schemes pertained to ATM/debit playing cards, cell/digital banking and bank cards, which collectively accounted for 42.74 per cent of the whole variety of complaints as in comparison with 44.65 per cent within the earlier 12 months, the RBI mentioned. It has modified the reporting interval to April-March.
    “Complaints relating to credit cards, failure to meet commitments, direct selling agents (DSAs) and recovery agents increased during July 1, 2020 to March 31, 2021 as against July 1, 2019 to June 30, 2020 period, with complaints related to DSAs and recovery agents registering a surge of over 60.66 per cent,” the RBI mentioned.
    There have been 60,203 complaints about ATM and debit playing cards, 40,721 about bank cards and a couple of,440 in opposition to DSAs and restoration brokers.
    Within the whole complaints, the shares of complaints associated to ATM/debit card, cell/digital banking and bank card acquired throughout July 1, 2020 to March 31, 2021 stood at 17.40 per cent, 12.98 per cent and 12.36 per cent, respectively. The corresponding proportion of complaints in opposition to these grounds throughout July 1, 2019 to June 30, 2020 have been 21.97 per cent, 13.38 per cent and 9.30 per cent, respectively, the RBI mentioned.

    ExplainedMajor areas reportedUnder the assorted ombudsman schemes, the RBI famous in its report that the majority complaints pertained to ATM/debit playing cards, cell/digital banking and bank cards. In alignment with the change within the monetary 12 months of the RBI from ‘July-June’ to ‘April-March’, the amount of complaints replicate a 22.27 per cent rise on an annualised foundation.

    RBI information exhibits that Chandigarh acquired the utmost complaints (28,019) throughout July 1, 2020 to March 31, 2021, accounting for 10.26 per cent of the whole complaints, adopted by Kanpur (21,168) and New Delhi (18,767), accounting respectively for 7.75 per cent and 6.87 per cent of the whole complaints acquired by the 22 Offices of Banking Ombudsman (OBOs).
    Continuing the development and owing to large quantity of complaints acquired on the ombudsman workplaces of Chandigarh and New Delhi, the North zone accounted for the utmost share of complaints (43.10 per cent) in 2020-21, adopted by the West zone (24.35 per cent) and the South zone (19.18 per cent). East zone (13.37 per cent) continued having the least share of complaints. In phrases of progress of complaints, the West zone registered the very best year-on-year progress at 13.51 per cent, adopted by North zone (12.65 per cent) and East zone (9.00 per cent) and South zone (4.73 per cent).

    The banking ombudsman scheme accounted for 90.13 per cent of the whole complaints (2,73,204) acquired underneath the three ombudsman schemes. The variety of complaints acquired in opposition to NBFCs and digital transactions stood at 8.89 per cent and 0.98 per cent, respectively, of the whole variety of complaints.
    The total disposal charge improved to 96.59 per cent from 92.52 per cent within the earlier 12 months, regardless of increased quantity of complaints, which may be attributed to the end-to-end digitisation of criticism processing in CMS (Complaint Management System), the central financial institution mentioned.
    Regarding NBFCs, the RBI mentioned the foremost areas of complaints have been non-adherence to Fair Practices Code, non-observance to RBI instructions and levy of fees with out prior discover, accounting for 75.32 per cent of the complaints as in comparison with 63.23 per cent within the earlier 12 months. The total disposal charge improved to 96.59 per cent from 92.52 per cent within the earlier 12 months, regardless of increased quantity of complaints.

  • Bank strike: All it is advisable learn about PSU financial institution strike at present, tomorrow

    Services of public sector banks (PSBs) are more likely to be affected at present and tomorrow as over 9 lakh staff went on a 2-day strike on Thursday in opposition to the Centre’s plan to privatise state-owned lenders.
    The United Forum of Bank Unions (UFBU), an umbrella organisation of financial institution unions, has referred to as the strike.
    Members of UFBU embody the All India Bank Employees Association (AIBEA), All India Bank Officers’ Confederation (AIBOC), National Confederation of Bank Employees (NCBE), All India Bank Officers’ Association (AIBOA), Bank Employees Confederation of India (BEFI), Indian National Bank Employees Federation (INBEF), Indian National Bank Officers Congress (INBOC), National Organisation of Bank Workers (NOBW), and National Organisation of Bank Officers (NOBO).
    Sanjay Das, basic secretary of AIBOC, had stated that moreover the two-day strike, a collection of different agitational programmes will probably be held if the federal government doesn’t hand over the concept of promoting the banks.

    He stated that this transfer to privatise PSBs will damage the precedence sectors of the financial system and likewise credit score movement to self-help teams and to the agricultural financial system.
    In Budget 2021-22, the federal government had introduced its intent to take up the privatisation of two PSBs. The authorities has budgeted Rs 1.75 lakh crore from stake sale in public sector corporations and monetary establishments, together with two PSBs and one insurance coverage firm, in the course of the present monetary 12 months.
    Stating that the general public sector banks play a number one position in a rustic’s financial improvement, AIBEA basic secretary C H Venkatachalam had stated as a result of personal banks weren’t serving to the Centre, main personal banks had been nationalised in 1969.
    “After that, banks grew in a big way. Instead of strengthening them further, the Union government is trying to privatise them,” he stated in an announcement earlier this month.
    The authorities has determined to convey a Bill within the present session of Parliament to privatise the banks, he claimed.
    Earlier this week, numerous PSBs together with the State Bank of India (SBI) had urged unions to rethink their choice to go on the two-day nationwide strike and had invited them for additional discussions.
    On Monday, Finance Minister Nirmala Sitharaman in a reply to the Lok Sabha stated the Cabinet Committee on Privatisation is but to be determined two candidates for privatisation.
    The authorities had in Budget 2021-22 introduced its intent to take up privatisation of two PSBs in the course of the 12 months and approval of a coverage of strategic disinvestment of public sector enterprises, she stated within the Lok Sabha.
    “Consideration of various issues related to disinvestment, which inter alia, include selection of the bank(s) is entrusted to the Cabinet committee designated for this purpose. Decision by the Cabinet committee concerned for privatisation of PSBs has not been taken in this regard,” she stated.
    On Wednesday, the ruling DMK in Tamil Nadu prolonged help to the two-day nationwide strike referred to as by financial institution staff on December 16 and 17.

    Party basic secretary and State Minister Durai Murugan wished the strike success and introduced his get together’s “total support” to the protest during which near 9 lakh staff of varied State-run banks would take part.
    This isn’t the primary time that the financial institution unions have gone on strike this 12 months, earlier in March, they’d referred to as an analogous two-day strike citing the identical purpose.
    (with PTI inputs)

  • Kotak prospects can now switch cash and make funds by way of cellular quantity

    Kotak Mahindra Bank Ltd (KMBL) introduced the launch of the ‘Pay Your Contact’ characteristic on KMBL’s cellular banking app that makes use of the Unified Payments Interface platform and permits prospects to ship cash or make funds to any of their contacts throughout all fee apps just by coming into the beneficiary’s cellular quantity.

    Deepak Sharma, president and chief digital officer, Kotak Mahindra Bank stated, “The ‘Pay Your Contact’ characteristic on Kotak cellular banking app has made funds as simple and easy as could be. Kotak prospects can now make their funds to a good friend, family assist, neighbourhood store and so on. simply by figuring out the beneficiary’s cellular quantity. Further, it additionally enhances safety since fund transfers and fee transactions to any UPI ID could be completed from the security of the Kotak cellular banking app itself and prospects needn’t trouble downloading a number of fee apps on their telephone.”

    “The different key situation that ‘Pay Your Contact’ addresses is that of interoperability. Given the immense reputation of UPI within the Indian market, nearly each Indian with a checking account has a UPI ID. With ‘Pay Your Contact’, our prospects can now switch funds simply to any UPI-linked checking account throughout fee apps with only a cellular quantity to determine their beneficiary,” added Deepak.

    How to switch cash

    According to the press launch, “With ‘Pay Your Contact’, KMBL customers no longer need to remember or obtain the bank account number or IFSC code or remember UPI IDs to send money or make payments. All a customer needs to do is select a contact saved on one’s mobile phone or enter the mobile number of the beneficiary, select the UPI app or a KMBL account linked to the beneficiary’s number and effortlessly transfer the money – straight from the Kotak mobile banking app. The ‘Pay Your Contact’ feature is interoperable across all payment apps and is available on both Android and iOS.”

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  • 5 security tricks to comply with whereas making digital cost transactions

    The introduction of know-how has sparked an evolution in varied industries. The digital funds section is not any exception. While digital funds aren’t a wholly new idea, the covid-19 pandemic has accelerated the adoption of cost strategies corresponding to UPI, credit score/debit playing cards, cell banking, and many others., throughout the nation.

    While these are extremely handy and largely safe methods, it’s finest to train warning while you make on-line funds given the elevated circumstances of cybersecurity breaches.

    Here are 5 suggestions to make sure safe digital cost transactions.

    Avoid saving card particulars

    Although this appears primary, it’s essential to make sure that your debit/bank card particulars will not be saved while you make purchases on-line. Many of us have a tendency to save lots of the main points to keep away from getting into all the main points from scratch sooner or later and allow faster funds. However, it’s best to erase your card info after finishing your on-line buy to make sure it isn’t vulnerable to the danger of being stolen.

    Use a personal window for transactions

    The only technique to defend yourselves whereas making digital funds is by avoiding suspicious apps and web sites and at all times counting on trusted official apps instructed within the app retailer.

    Abhishek Soni, CEO and Co-founder, Upwards mentioned, “Using a personal/digital browser and safe connections that begin with HTTPS:// for transactions will improve monetary safety. They are designed to supply secure on-line banking and stop cookies and credentials from being saved. Besides, you will need to ensure you sign off of the web page after you have accomplished the transaction for additional security.”

    Don’t share passwords

    This is a standard recommendation however integral to preserving your monetary safety. Passwords of your web banking accounts must be additional sturdy, mustn’t ever be shared with anybody, and should be modified usually to keep away from falling prey to cyber-attacks. Also, be sure you inform your financial institution in case you obtain phony calls from anybody asking for particulars corresponding to your passwords or ATM PIN. Furthermore, it might be finest to make use of one-time passwords (OTP) to finish your transactions as they’re safer.

    Praveen Dhabhai, COO, Payworld mentioned, “An particular person ought to at all times use debit/bank cards on trusted web sites and apps, by no means share OTP with anybody to safeguard the transaction. Furthermore, one should at all times use a digital keyboard and logout from web sites on completion of transactions.”

    Avoid public computer systems/Wi-Fi networks

    When making on-line transactions it might bode effectively to keep away from utilizing public units or Wi-Fi networks since they’re extra vulnerable to cyber-attacks, theft, and different fraudulent actions. It can be essential to make use of solely reputed, verified web sites. Trusted web sites typically provide larger ranges of safety for on-line cost transactions.

    Anil Pinapala, Founder, Vivifi India Finance Private Limited mentioned, “Even if you’re in a rush, keep away from making cashless transactions from a public laptop or utilizing a public Wi-Fi community. Such transactions are extremely unsafe and expose you to information theft, which is turning into more and more widespread. Make positive you utilize a private laptop and a trusted Wi-Fi supply for all monetary transactions.”

    Beware of fraudulent apps

    There are many illegitimate apps on the App Store and Play Store. Fortunately, thes will be recognized by means of a number of unfavorable opinions, a low variety of downloads, and the dearth of a ‘verified’ badge.

    Soni mentioned, “When you download applications on your smartphone, ensure that it is a verified one either on the App Store or the Play Store. Even for mobile banking or mobile wallet applications, it needs to be legitimate. If the app asks for permission for the camera, phone contacts, SMS reading, etc., exercise caution before installing it or deny access.”

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  • ‘Card, electronic banking issues top plaints list’

    Complaints associated to ATM and debit playing cards and cell/ digital banking overtook these pertaining to non-observance of Fair Practices Code (FPC) as the foremost grounds of complaints in the course of the 12 months, in line with the Annual Report of the RBI’s Banking Ombudsman Scheme.
    Their share within the complete complaints obtained in 2019-20 was 21.97 per cent and 13.38 per cent, respectively, whereas the share of complaints regarding non-observance of FPC stood at 11.73 per cent, the report mentioned. The figures in opposition to these grounds in the course of the earlier 12 months had been 18.65 per cent, 7.55 per cent and 19.17 per cent, respectively. As per the report, complaints obtained on grounds regarding bank cards, failure to satisfy commitments, levy of costs with out discover, loans and advances and non-adherence to the Banking Codes and Standards Board of India Codes elevated this 12 months when in comparison with the earlier 12 months. The variety of complaints pertaining to ‘Direct Sales Agent and recovery agents’ rose from 629 complaints in 2018-19 to 1,406 complaints this 12 months, it mentioned.

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    “Of the total maintainable complaints, the share of complaints resolved by agreement i.e. through intervention of Office of the Banking Ombudsman, mediation and conciliation increased from 69.88 per cent in 2018-19 to 72.35 per cent in 2019-20,” it mentioned.

    Complaints obtained at Ombudsman Scheme for Digital Transactions rose from 470 within the 5 months of operation in 2018-19 to 2,481 in 2019-20, of which 99.4 per cent had been obtained by way of digital means, the report mentioned.

  • SC seeks WhatsApp reply on plea for non-sharing of UPI knowledge with any third social gathering

    Image Source : INDIA TV SC seeks WhatsApp reply on plea for non-sharing of UPI knowledge with any third social gathering
    The Supreme Court Monday requested instantaneous messaging app WhatsApp to file a response on a plea in search of a path to the RBI and the NPCI to make sure that knowledge collected on Unified Payments Interface (UPI) platforms is just not shared with their guardian firm or every other third social gathering below any circumstances.
    A bench of Chief Justice S A Bobde and Justices A S Bopanna and V Ramasubramanian stated if WhatsApp doesn’t file its reply, then the averment made within the writ petition filed by petitioner Rajya Sabha MP Binoy Viswam might be taken as accepted.
    Several interlocutory purposes have been filed within the plea which additionally search path for framing regulation to make sure that knowledge collected on UPI platforms is just not “exploited” or utilized in any method aside from for processing funds.
    Senior advocate Arvind Dattar, showing for WhatsApp India, stated nonetheless no formal discover has been issued to it within the plea for impleadment within the matter.
    Senior advocate V Giri, showing for the Reserve Bank of India, knowledgeable the highest courtroom that they’ve filed their reply within the matter.
    Senior advocate Kapil Sibal, additionally showing for WhatsApp, stated ‘WhatsApp Pay’ has acquired all obligatory permission.
    Senior advocate Krishna Venugopal, showing for the petitioner, stated the final time the courtroom requested the corporate if Israeli sypware Pegasus has breached their system, it said that the problem was not pleaded within the petition, which is unsuitable.
    The bench stated that it proposes that the petition be tagged with the same plea pending within the prime courtroom and requested the Centre to file an affidavit on the problem of adware.
    Venugopal stated that until date Facebook and WhatsApp haven’t filed a counter-affidavit within the matter, regardless of the petition being pending for months and they need to even be requested to file counter-affidavit.
    At the fag finish of the listening to, the CJI advised the counsels for WhatsApp that pleas difficult its new privateness coverage are pending earlier than the Supreme Court and posted the matter for additional listening to after 4 weeks.
    In its affidavit, the RBI has advised the highest courtroom that it has no accountability to conduct “audit of members of United Payments Interface (UPI) ecosystem” and accountability to make sure that personal companies like Google and WhatsApp adjust to norms lies with National Payments Corporation of India (NPCI).
    The RBI additionally stated that the issues associated to “data privacy and data sharing” are the area of the central authorities.

    It additionally sought dismissal of the PIL filed by Viswam in search of path to it to border regulation to make sure that knowledge collected on UPI platforms is just not “exploited” or utilized in any method aside from for processing funds.
    The affidavit stated: “It is submitted that RBI’s instructions issued vide round dated April 6, 2018 on storage of cost system knowledge pertain solely to cost date storage and never sharing or privateness.
    RBI has not issued any directions on knowledge sharing by TPAPs (Third Party Application Providers) or the individuals of UPI. Matters associated to knowledge privateness and knowledge sharing come below the area of Government of India.”
    It stated that since NPCI is the proprietor and operator of the UPI, it could be extra acceptable for them to reply on the standing of “compliance of WhatsApp with the system guidelines /procedural tips governing UPI”.
    Earlier, WhatsApp had denied within the courtroom the allegations that its knowledge may be hacked by Israeli sypware Pegasus, which had led to an issue final yr over breach of privateness following claims that Indian journalists and human rights activists have been amongst these globally spied upon by unnamed entities.
    Prior to this, the apex courtroom on October 15, final yr had issued discover to RBI and others on the plea of Viswam in search of path for framing regulation to make sure that knowledge collected on UPI platforms is just not “exploited” or utilized in any method aside from for processing funds.
    It had additionally sought responses of the Centre, RBI, NPCI and others together with Google Inc, Facebook Inc, WhatsApp and Amazon Inc on the plea.
    “The RBI and NPCI have permitted the three members of ‘Big Four Tech Giants’ i.e. Amazon, Google and Facebook/WhatsApp (Beta phase) to participate in the UPI ecosystem without much scrutiny and in spite of blatant violations of UPI guidelines and RBI regulations,” the plea has claimed.
    The plea has alleged that this conduct of RBI and NPCI put the delicate monetary knowledge of Indian customers at enormous dangers, particularly when these entities have been “continuously accused of abusing dominance and compromising data”, amongst different issues.
    It stated these allegations have grow to be notably worrisome at a time when India has banned a number of Chinese purposes on the bottom that these purposes have been or might be used for knowledge theft and will result in safety breaches.
    It has additional sought a path that RBI and NPCI ought to be sure that WhatsApp is just not permitted to launch full-scale operations of ‘WhatsApp Pay’ in India with out fulfilling all authorized compliances to the satisfaction of the courtroom relating to requisite regulatory compliances. 
    ALSO READ | WhatsApp privateness coverage: Plea in SC seeks interim keep
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