Breaking

Showing posts with label internet banking services. Show all posts
Showing posts with label internet banking services. Show all posts

Friday, 7 April 2017

07:58

Govt Should Remove Transaction Charges on e-Payments: Traders

Govt Should Remove Transaction Charges on e-Payments: Traders

New Delhi: The government should remove transaction charges on e-payments for the faster adoption of digital payments in the country, the Confederation of All India Traders (CAIT) said on Thursday.

"Transaction charges are one of the major deterrents in the adoption of digital payments in the country. It is urgently required for the government to do away with the transaction charges so that neither the traders nor the consumers are burdened," CAIT National President B.C. Bhartia said in a statement.
"On the other hand, the government may levy a nominal ATM usage surcharge in order to discourage people to withdraw cash from ATMs and motivate them to pay directly by cards," Bhartia added.
The CAIT said the government should subsidise transaction charges levied on e-payments to the banks directly for faster adoption of digital payments.
The confederation also called for the implementation of the drafted proposal floated by the government in August 2015 for incentivising traders who are willing to accept digital payments.
"The incentive could be in form of either tax benefits or waiver of transaction costs which would result into encouraging traders to embrace e-payments system," the statement said.
The confederation had organised a conference on "Digital Payments-Importance & Adoption for future business India" here extending support to the government's mission of increased digital payment adoption in the wake of fast approaching Goods and Services Tax (GST) regime.
"CAIT also announced its partnership with HDFC Bank to provide banking solutions to trading fraternity and help them achieve maximised business growth and expansion by way of championing into digital business operations," the statement said.
The CAIT launched a national campaign this year in association with the Ministry of Electronics and Information Technology (MeitY) to persuade non-corporate business sector for amplified adoption of Digital Payments, it added.

 Source:URL
0
By at No comments:
Labels: , , , ,

Sunday, 2 April 2017

12:16

Trends:Which Practice is Convenient for banking,Mobile? or Computer?

Trends:Which Practice is Convenient for banking,Mobile? or Computer?

Mobile banking has been on the rise for the past few years for many reasons. This practice is convenient, of course, but it is also more secure than traditional banking online. Yes, you are reading that correctly. Accessing your bank's mobile site or using the bank's mobile app is safer than accessing the bank's website on a computer.

Why?
It should be no surprise that computers are big targets for scammers.

Most PCs run on an operating system from Microsoft, and these systems provide enough source code for developers to build software around, including viruses. This means that they are quite vulnerable to viruses which have been created by hackers to scam their victims. The Android OS functions the same way. However, there are millions of viruses targeting Microsoft and 10’s of thousands targeting Androids. Apple iOS provides much less code and is more secure.

Over the past ten years, criminals have learned how to easily exploit online banking sites simply by using a PC. During this time, and even before, these computers have been hacked in almost any way imaginable, which makes it vulnerable to fraudulent acts. 

Mobile banking, however, is a relatively new feature of cell phones, and because different phones have different operating systems, viruses and malware are not as prevalent, and the technology available varies widely from one manufacturer to another.

Computers are still low-hanging fruit to hackers, and mobiles are not as attractive due to the vulnerability of computers. Regardless, Androids need antivirus just like PCs do.

Also, the networks that mobile carriers have are harder for hackers to get into than it is to get into the wireless network at your home or a coffee shop.

Mobile carrier services that have 3G, 4G or LTE service have high levels of encryption and are not open to a general Internet connection. This means that you simply cannot jump onto someone else's 3G or 4G connection without a password.

When it comes to mobile banking, there is also the benefit of having additional layers of authenticity, which allows the account holder to authorize transactions via text or voice with a new code, which makes mobile banking highly secure.

Protecting Yourself From Mobile Cyber Attacks
It is possible to protect yourself from cyber criminals by keeping in mind the following guidelines when using your smartphone. These tips will help you to remain safe when banking on the go:

Only Use a Secure Network to Access the Internet -It is safest only to browse the web through a secure Wi-Fi network or through your service provider's 3G or 4G network. Never send any sensitive info, such as banking information, over a wireless network that is not secure, such as in a coffee shop or hotel.

Only Download Trustworthy Applications - When downloading apps on your mobile phone, make sure only to download them from marketplaces or other trusted sources. You should also check the feedback and reviews from others.

If possible, connect to your bank's app or site only when on a secure network. You should also only download a bank's mobile application from the bank's real website. Otherwise, Google Play or iTunes should be fine.

Remain Vigilant About Your Online Security - Make sure to keep all of your malware and anti-virus software up to date, and then back up the data. Use different passwords for all of your accounts, and never offer personal or financial information to anyone other than official employees of your bank.

Set Your Phone to Auto-Lock - Most mobile phone have a setting that will allow you to lock the phone after a set period of time.

Do Not Store Data You Need - If you cannot afford to lose something, do not store it on a mobile phone that is not secure.

Consider Using Security Software - Mobile security software allows you to lock your mobile device remotely, and it lets you delete all of your personal information in the event of loss or theft. You can also locate the device by using GPS.

Be Suspicious of Links - It is in your best interest to be suspicious of any link that comes to you on your mobile device, even if the sender appears legitimate.

Do Not Jailbreak Any iPhone - Most people who have a jailbroken iPhone or “rooted” Android could easily have an infected iPhone. Jailbreaking is when the limitations are removed, which allows users to gain full use of the operating system. When a phone is jailbroken, users can download extensions, applications, and themes that are not available at the App Store. However, this is dangerous as it opens up the phone to dangerous viruses.

Mobile banking is becoming more popular among smartphone users, and you should try it for yourself if you haven't yet. It is extremely convenient, and if you keep the above in mind, it is also very safe.

Source:The Balance
0
By at No comments:
Labels: , , , ,

Saturday, 4 March 2017

06:19

Aadhaar Number to facilitate digital payments,all accounts on net banking by March 2017

Aadhaar Number to facilitate digital payments,all accounts on net banking by March 2017

Government to Banks: Get all accounts on net banking by March 31, 2017
The government has instructed banks to enable internet banking across all accounts by March 31 and mandatorily link them to the Aadhaar number to facilitate digital payments and online transactions. The measure has been approved at the "highest levels" in the government, and is aimed at facilitating digital payments across the banking system.
"This measure will further enable the rapidly-evolving digital payments setup in the country and will help add in a new set of consumers to the world of online transactions," IT minister Ravi Shankar Prasad told TOI here. The ministry has been coordinating efforts to digitise transactions and is a nodal point for several initiatives in this direction, including ensuring digital safety and putting in place cyber security measures.
Prasad chaired a review meeting on the growth and proliferation of digital payments, and also the various issues associated with the measure. "These were focused around looking at regulatory and monetary framework related to digital transactions."
"Banks have been requested to get Aadhaar on board by March 31. This would mean that the bank account is ceded to Aadhaar that will enable easier digital transactions," Prasad said.
Top officials in the IT ministry said that around 35% of existing bank accounts do not have linkages to Aadhaar, which could be an obstacle in aligning them to online transactions and digital payments applications. "If net banking is not allowed, some of the applications may not be able to make digital transactions," an official said.

Source:TOI
0
By at No comments:
Labels: , , , ,

Monday, 15 August 2016

17:19

E-verifying without net banking: More banks to follow PNB,UBI

E-verifying without net banking: More banks to follow PNB,UBI 

NEW DELHI: After Punjab National Bank and United Bank of India, more banks are likely to soon start a facility wherein an account holder can verify his income tax return on e-filing site even without having netbanking.

Electronic Verification Code (EVC) can be generated by pre-validating the bank account on the e-filing portal of the Income Tax Department. Read More..Click Here



0
By at No comments:
Labels: , ,

Tuesday, 2 August 2016

18:52

Master Circular – Mobile Banking transactions in India – Operative Guidelines for Banks

Master Circular – Mobile Banking transactions in India – Operative Guidelines for Banks

RBI/2016-17/17
DPSS.CO.PD.Mobile Banking.No./2/02.23.001/2016-2017
July 1, 2016
The Chairman and Managing Director / Chief Executive Officers
All Scheduled Commercial Banks including RRBs /
Urban Co-operative Banks / State Co-operative Banks /
District Central Co-operative Banks
Madam /Dear Sir,
Master Circular – Mobile Banking transactions in India – Operative Guidelines for Banks
As you are aware, the Reserve Bank of India has, from time to time, issued a number of circulars containing guidelines on Mobile Banking. This Master Circular has been prepared to facilitate the banks and other stakeholders to have all the extant instructions on the subject at one place.
2. The Master Circular has been updated by incorporating all the instructions/guidelines issued on Mobile Banking up to December 17, 2015 and has been placed on the RBI web-site (http://www.rbi.org.in). A list of circulars finding reference in this master circular is enclosed as Appendix.
Yours faithfully,
(Nanda Dave)
Chief General Manager


7. Registration of customers for mobile service
7.1 Banks shall put in place a system of registration of customers for mobile banking. Banks should strive to provide options for easy registration for mobile banking services to their customers, through multiple channels, thus minimizing the need for the customer to visit the branch for such services. The time taken between registration of customers for mobile banking services and activation of the service should also be minimal.
7.2 The system put in place by banks for registration of customers for mobile banking for new as well as existing account holders (where mobile number is either registered with the bank or is not available) , is varied across banks. Thus, there is a need for greater degree of standardization in procedures relating to the above particularly when customers are using inter-operable mobile banking platforms. Few best practices that can be adopted by banks for registering / on-boarding customers for mobile banking, under the scenarios indicated above, are given in the Annex-I
7.3 - With a view to simplify the procedure of registration for Mobile Banking, Reserve Bank of India has advised National Payment Corporation of India (NPCI) to develop the mobile banking registration service / option on National Financial Switch (NFS). Accordingly all banks shall carry out necessary changes in their respective ATM switches to enable customer registration for mobile banking at all their ATMs. (Circular DPSS.CO.PD. No./1265/02.23.001/2015-2016 dated December 17, 2015)
7.4 In order to address the challenges in extending the facility of MPIN generation to the customers registered for mobile banking, banks have to explore various options. In order to quicken the process of MPIN generation and also widen the accessibility to their mobile banking registered customers, banks can consider adopting various channels / methods such as
Through the ATM channels (similar to option available for change of PIN on their own ATMs as well as in inter-operable ATM networks)
Through an option provided in the USSD menu for mobile banking (both their own USSD platform, if any, as well as under the inter-operable USSD Platform for mobile banking)
Banks’ own internet banking website, with necessary safeguards
Use of MPIN mailers (like PIN mailers for cards)
Common website can also be designed as an industry initiative
7.5. Banks may also undertake customer education and awareness programme in multiple languages through different channels of communication to popularise their process of mobile banking registration/activation and its usage etc.
7.6 On registration of the customer, the full details of the Terms and Conditions of the service offered by the bank shall be communicated to the customer.

0
By at No comments:
Labels: , , , ,

Wednesday, 15 June 2016

11:46

Next Generation Banking - Accenture

Next Generation Banking - Accenture

Enhanced multichannel experiences, social media interactions and mobile technology can enable banks to achieve success—today and in the future.

OVERVIEW

Enhanced multichannel experiences, social media interactions and mobile technology can enable banks to achieve success—today and in the future.

Today’s banks must restore customer trust, defend against new competitors and avoid commoditization. In this report, Accenture proposes three business models that can help banks overcome these challenges:

The “Intelligent Multichannel” bank.

The “Socially Engaging” bank.

The “Financial/Non-Financial Digital Ecosystem” bank.

Banks face three critical battles: restoring customer trust, defending their payments business from new entrants and avoiding commoditization. Accenture’s Banking 2016 report highlights the steps that banks must take to win these battles and achieve next-generation banking.

The first step is getting the basics right. By reinforcing core business operations, banks can improve efficiency, customer relevance and profitability. Next, banks can focus on the path ahead.

ANALYSIS
Accenture’s Banking 2016 report focuses on three business models that can enable banks to achieve a competitive advantage:

The “Intelligent Multichannel” bank offers enhanced multichannel experiences to engage customers.

The “Financial/Non-Financial Digital Ecosystem” bank uses mobile technology to place the bank at the center of an ecosystem that sells financial and non-financial services.

The “Socially Engaging” bank creates customer intimacy through social media interactions.

These business models are not mutually exclusive. In fact, Accenture estimates that by working aggressively to implement all three models, a bank can double its annual revenue growth rate—in developed markets, an increase from 4 percent to 8-plus percent—while reducing its cost to serve by 20 percent.

RECOMMENDATIONS
To achieve competitive differentiation, banks must define a clear strategy and customer proposition, and then develop the capabilities to reach these goals. Accenture recommends that banks:

Define a vision for future scenarios and opportunities.

Ensure a dedicated focus to getting the basics right.

Create a digital lab to test and learn social, mobile and digital innovations.

Establish an overall strategy that includes the appropriate capability mix and investment choices.

Develop an appropriate sourcing strategy to enable scale and deliver required capabilities at speed.

By following this next-generation approach, banks can position for growth, improve performance and achieve a competitive advantage—in the near- and long-term.

0
By at No comments:
Labels: , , ,

Friday, 6 May 2016

09:03

Research shows Antivirus software is making surfing and online banking less secure

Research shows Antivirus software is making surfing and online banking less secure

Is the antivirus software running on your computer really making it safer to use, say, for online banking? Probably not, says a study that found that security programmes might actually make online computing less safe.

For the study, the researchers examined 14 commonly used software programmes that claim to make computers safer by protecting data, blocking out viruses or shielding users from questionable content on the internet. Time and again, the researchers found that these programmes were doing more harm than good. “Out of the products we analysed, we found that all of them lower the level of security normally provided by current browsers, and often bring serious security vulnerabilities,” said one of the researchers Xavier de Carne de Carnavalet from Concordia University in Montreal, Canada. “While a couple of fishy ad-related products were known to behave badly in the same set-up, it’s stunning to observe that products intended to bring security and safety to users can fail as badly,” de Carnavalet said in an official statatement.

At the root of the problem is how security applications act as gatekeepers, filtering dangerous or unwanted elements by inspecting secure web pages before they reach the browser. Normally, browsers themselves have to check the certificate delivered by a website, and verify that it has been issued by a proper entity, called a Certification Authority (CA). But security products make the computer “think” that they are themselves a fully entitled CA, thus allowing them to fool browsers into trusting any certificate issued by the products, the study said. This research has important implications not only for everyday computer users, but also for the companies producing the software programmes themselves.

0
By at No comments:
Labels: , ,

Monday, 25 April 2016

08:48

Sending money to the wrong bank account ?

Sending money to the wrong bank account ?
If you've sent money to the wrong bank account, whether it's 10p or £10,000, unfortunately the payment can't simply be reversed. Here's what to do if you accidentally make this mistake plus how to avoid doing it in the first place.
OK, so what exactly do you mean by 'sending money to the wrong bank account'? In the world of internet banking millions of electronic payments are made every day, but a slip of the finger and the wrong sort code or account number keyed in and you could end up sending a payment to the wrong account.
That's because the only information banks use to identify payees is the sort code and account number, and not the recipient's name, meaning if these details are wrongly entered the cash could end up in a stranger's bank account. And the worst thing about it is that erroneous payments cannot be automatically reversed.
So what can I do if this happens to me? You need to contact your bank straight away to let it know about the mistake. While banks can't stop payments that have already been made, contacting it as soon as possible will help speed up the process of sorting it out. It’s a good idea to keep a note of all correspondence you have with the bank and also to make note of exactly when the error was made. If you know the mistake you made (eg, you used the wrong sort code), then make a note of that too.
But what if I don't realise straight away that I've made a mistake? Before April 2014 there was nothing in place to help people who found themselves in this sticky situation. Thankfully, banks have now signed up to a voluntary code, which means that as soon as someone tells their bank they have made a mistake with a payment, the bank will act within two working days. And it doesn't matter if you discovered your mistake after a week or even a year... though it's good financial sense to keep an eye on your account(s) to make sure your payments have reached the right recipient.
These measures were further strengthened in January 2016. Now, where there's clear evidence of a genuine mistake, your bank will contact the receiving bank on your behalf requesting that the money isn't mistakenly spent by the person who accidentally received it.
Although Faster Payments says the improvements cannot guarantee you'll get your money back, they mean that, for the first time, in straightforward cases where the person who accidentally received the money into their account does not dispute returning the money, it will be returned within 20 working days.
In all cases the person who accidentally receives the funds will be contacted by their bank and given the opportunity to dispute it. Safeguards are also in place to ensure that where the circumstances of the claim are less clear cut, no funds are removed without the consent of the recipient.
What your credit score really means
If the bank is unable to reclaim the money that was sent to the wrong account immediately, for example if the person you accidentally sent it to refuses to return it (more on that later), you’ll be notified of the outcome of the bank’s investigation within 20 working days from the point that you let it know, but it will usually be much sooner than this.
So whether you get the money back and how quickly depends on whether the person who wrongly receives the money admits that it is not rightfully theirs. Further complications can arise if the recipient has spent the money, as the bank cannot take money out of their account if it'd cause them to enter their overdraft.
OK, sounds good, but what if I'm not happy with the outcome? If you follow this procedure and you’re still not satisfied with the outcome you can first of all follow your bank's formal complaints procedure. Banks are required by law to have a written complaints process, so if you can't find details on your bank's website, ask it to send it to you. The bank then has eight weeks to respond to your complaint.
If you're unhappy with the outcome, you can go to the Financial Ombudsman. It can help sooner if your bank has sent you a rejection letter suggesting you use the Ombudsman. For more information on how to complain read the guide to Your Financial Rights.
You mentioned that the person who accidentally receives the money may refuse to give it back. Are they allowed to do that? No is the simple answer. But it isn't that simple. If you find that a big wad of money has landed in your bank account that you’re not expecting, then don’t rush out and buy that new Prada bag or Porsche. You're not legally required to contact your bank and let it know about any unexpected payment.
However, if you do find unexpected cash in your account, you should still let the bank know. It's illegal to spend the money, so your best bet is to just keep a note, as explained above, of the amount that came into your account, the date it appeared, and any correspondence that you have with your bank about it.
I’m a bit concerned this might happen to me, what can I do to avoid it? Don’t worry, part of the voluntary agreement also saw banks put in more processes to make it difficult for someone to be able to do this, such as getting rid of the auto fill function. In addition, there are things you can do to avoid this.
The best advice, especially if you have a big sum of money to transfer, is to send a small amount first. Check with the recipient to make sure it gets to the intended account, then send the larger amount using the same details.
Other simple tips include always double-checking the sort code (you can check it or find sort codes at Vocalink) and account number when sending a payment and checking the amount and payment reference, particularly if you are paying a business or paying a bill.

0
By at No comments:
Labels: , , , , ,

Thursday, 31 March 2016

20:45

First Digital Branch of State Bank of India inaugurated in North East

First Digital Branch of State Bank of India inaugurated in North East 

Mukul inaugurates 1st digital branch of NE SBI

SHILLONG, March 30 - The first Digital Branch of State Bank of India in North East was inaugurated by Chief Minister Mukul Sangma here today at the premises of State Bank of India, Main Branch.

Inaugurating the branch, Sangma said the new digitized branch will cater to “smart clients with smart banking facilities and associated financial delivery systems.”

The Digital branch is driven by smart and user-friendly state-of-the-art technology with a wide range of banking facilities like Internet banking, Internet savings, mobile banking etc. with minimum human intervention. It is a self-contained and self-sufficient branch having safe features in all its features.

The Chief Minister also expressed concern over Internet Banking security and stated there is a need to adopt higher application system to make it temper proof and make Internet Banking more safer.

Sangma also said there is a need for an “aggressive sensitization and Financial Literacy programme” to be conducted by banks.

In this regard, he urged the banks to collaborate with the different government programmes so that such initiatives would open up opportunities not only for the banks but also for micro and small entrepreneurs.

Sangma said that with access to digital highway there would be better Internet connectivity in the state and the whole digital connectivity could be taken to the last village.

 Source:AssamTribune
0
By at No comments:
Labels: , ,

Saturday, 20 February 2016

By at No comments:
Labels: , , ,

Tuesday, 19 January 2016

07:57

Internet Banking Security :Indian Overseas Bank

Internet Banking Security :Indian Overseas Bank 

While Internet Banking is safe, it is prudent to be alert and aware of the risks involved in it. We at Indian Overseas Bank consider security to be of paramount importance and employ a range of security features like firewall, 128-bit Secure Socket Layer (SSL) encryption, Verisign Digital Certificate, Two levels of authentication (password and pin) for financial transactions. 

We would like our customers also to be aware of the risks involved and take appropriate measures to secure their online banking. Of late, we have heard of fraudsters sending emails to customers of financial institutions. These emails will appear to originate from the financial institutions whereas in reality they will be from fraudsters. The emails contain embedded links to websites designed similar to the websites of the financial institutions and will request the confidential information of the customer like login-id, password, pin, etc. Beware of such fraudulent emails. 

 Banks will never ask for your password or pin of Internet Banking, ATM, Debit, Credit Cards through email or otherwise. In case you receive an email asking for your security details, do not respond to them. Never click on hyper-links inside the emails. Banks will never send an email asking you to click on a hyper link. If your receive such emails, please forward such email to us at cppd@iobnet.co.in This will help us in investigating the fraudsters.

A few precautions you can take:

Beware of spam emails which may contain a virus or have a link to a fraudulent website designed similar to that of the bank. The intention could be to compromise your confidential data like login-id, password, pin, etc. 

Keep confidential the personal details like login id, password and pin. Change the password and pin on a frequent basis. Do not disclose them even to the employees of the Bank. 

Use a combination of alphabets and numbers for your password. 

Check the accounts regularly. 

Take care of the account print outs. Do not leave them lying around. 

Always log-in and log-out properly. Do not leave the computer unattended when you have logged-in. 

Check the web-site address in the browser. It should be that of the Bank (http://www.iobnet.co.in). This check is very essential as there could be surrogate sites with similar names which can capture the users’ id and password. 

Check if the address begins with https:// after you click the login link. 

Always check the padlock symbol in the status bar at the bottom. This shows that the connection is secure. On clicking this you will be assured that you are connected to the website of Indian Overseas Bank. 

It is advisable not to access Internet Banking from a shared PC (eg. Cyber-Café. You might run the risk of capture of keystrokes (including your login-id and password) by certain programs running in the PC without your knowledge. 

Do cross check your last login information displayed to you immediately after logging in. 

Consider buying personal firewall software for extra precaution. 

Have updated anti-virus / anti-spyware software running in the personal computer. 

Install the latest software updates for the operating system and browser. Be aware of the latest security bulletins issued by the vendors of the software you are using.


0
By at No comments:
Labels: , ,

Friday, 6 November 2015

08:06

Reserve Bank of India allows cooperative banks to roll out Internet banking services

Reserve Bank of India allows cooperative banks to roll out Internet banking services

The Reserve Bank of India (RBI) on Thursday allowed all cooperative banks to offer Internet banking services to their customers.

In a notification on its website, the central bank said any urban cooperative bank (UCB), state cooperative bank (StCB) and district central cooperative bank (DCCB) that has implemented the core banking solution in full will be allowed to provide non-transactional services to their customers.

Core banking solution refers to linking of various branches of a bank with a common computerised system, which allows customers to access their bank account from any branch, irrespective of where they opened the account. This is typically useful in retail banking services.

The non-transactional services include balance enquiry, balance viewing, account statement download, request for supply of cheque books, etc., RBI said in its notification.
The commencement of these services will have to be reported to the regional office of the RBI and also to the National Board for Agriculture and Rural Development (NABARD) in case of StCBs and DCCBs.

To provide transaction services, the regulator has set stiff conditions which these cooperative banks will have to fulfil.

A cooperative bank looking to roll out online transactions must have a minimum capital adequacy ratio of 10%, with a networth of at least Rs.50 crore on 31 March of the preceding financial year. It must also have a gross non-performing asset (NPA) ratio of less than 7% and a net NPA ratio of not more than 3%.

The cooperative bank should have made a net profit in the preceding financial year and, overall, should have made a net profit in at least three out of the preceding four financial years, RBI said. Defaults on maintenance of cash reserve ratio (CRR) and statutory liquidity ratio (SLR) would not be allowed.

The bank must have a track record of regulatory compliance, with no monetary penalty imposed on it for violation of RBI directives/guidelines during the two financial years preceding the year in which the application for transaction-based Internet services is made, RBI said.

“The bank will report to the concerned regional office of RBI (and also NABARD in case of StCBs /DCCBs) every breach or failure of security systems and procedures and the latter, at its discretion, may decide to commission a special audit/inspection of such bank,” the notification said.

Source:BankingUpdates
0
By at No comments:
Labels: , , , ,