Expected DA for Banker's from August 2022 is minimum 53 slab and maximum 62 slab

Expected DA Calculation Updated on 31.05.22 on the basis of CPI for the months of Apr'22 with assumptions of CPI for the months of May and June 2022. The CPI for the month of Apr'22 announced on 31.05.22 as 127.70 i.e. with an increase of 1.70 points (as per revised base year 2016) (The base year was changed from Oct 2020) as under:-

1. On assumptions if there is an increase of 1.50 of CPI in the month of May'22 and 1.20 in Jun'22, keeping in view on going regular rise in prices of commonly required daily needs items / commodities which is making month over month difficult to manage family budget in the present covid crises. Accordingly, on above conservative assumption, we may expect there would be an increase of 62 slabs and the total tentatively revised DA slabs would be 534 i.e. 37.38% from May'22 in terms of 11th BPS.
2. On assumptions if there is an increase of 1.20 of CPI in the next both month May'22 and 1.00 in Jun'22. On the basis of this assumption, we may expect there would be an increase of 57 slabs and the total tentatively revised DA slabs would be 529 i.e. 37.03% from May'22 in terms of 11th BPS.
3. On assumptions if there is an increase of 0.90 of CPI in the next both month May'22 and 0.75 in Jun'22. On the basis of this assumption, we may expect there would be an increase of 53 slabs and the total tentatively revised DA slabs would be 525 i.e. 36.75% from May'22 in terms of 11th BPS

Rs 1300 crore amount is credited to 100 customers account by mistake

HDFC Bank issue of -

Couple of days back news were flashed that an amount of Rs 1300 crore worth amount is credited to 100 customers account and these amounts were recovered on information from customers.

It is reported by the bank that there was a technical glitch which causes this wrong credit to customers accounts.

There are many unanswered questions.

1 These are suspicious transactions and whether such transactions are reported to the appropriate authority

2. The computer cannot just like that credit such a huge amount to a few customers without a human intervention . Any action on those who are responsible for such transaction

3. Any internal enquiry process commenced ??

4. I have heard that such wrong entries are created to make black money white money . In such case those responsible for such transaction must br booked and proceeded with

5. Today also it is reported in news that again the wrong credit has happened in few accounts though the bank has refuted the same

6. It is felt that the bank is hushing up the entire episode by blaming computer snag which seem to

be totally false

7. A thorough investigation must be conducted and the public shall be made known on the reasons for such a lapse in the Bank

HDFC Bank will open 6000 branch in next three years

HDFC Bank is now planning to open about 4,500-6,000 branches over the next three years.

The bank has opened 730 branches last year with plans to step it up. We have the vision to open roughly 1,500-2,000 branches every year for the next three years.

After Lic.....Union Bank is next

₹ 700 Crore GST Fraud Unearthed In Madhya Pradesh, 5 Arrested

 

Five people from Gujarat have been arrested in connection with an alleged Goods and Services Tax (GST) credit fraud to the tune of ₹ 700 crore, Madhya Pradesh police said on Sunday.

The accused ran the fake GST input tax credit (ITC) racket by creating a network of around 500 bogus firms using forged documents, addresses and fake identities.

They generated and passed on input tax credit of more than ₹ 700 crore by issuing fake invoices through the bogus firms, officials said.

A joint investigation by the Central GST Commissionerate in Indore and the Madhya Pradesh Police's cyber cell revealed that the accused routed the transactions through digital wallet accounts linked to different mobile numbers.

"The accused were routing the transactions through multiple digital wallet accounts to avoid conventional banking channels," said Cyber Cell Indore's unit inspector Rashid Khan.

They were arrested from Surat in Gujarat on May 25. While the key operator and his close associate are being grilled by the CGST Indore Commissionerate officials, the three others are being quizzed by the cyber cell's cops in Indore.

Officials have seized mobile phones, SIM cards, documents, seals, and letter pads pertaining to the fake firms from the premises linked to the accused in Surat during the search operation.

Comments"All the accused are school dropouts aged between 25-35 years," Mr Khan said.

Banks will open on Saturday and Sunday to deal with lots of pending works -

Banks will open on Saturday and Sunday to deal with lots of pending works -

It is very good that it should open and most of the BM staff opens because they rest from Monday to Friday so the work is pending which can be done on Saturday and Sunday only.

Brothers, some banks are open till 9 pm daily, but still the work is pending because pending work can be done on Saturday and Sunday not by staying late at night.

The back office seats are not left in the banks now, so from Monday to Friday, you only work for customers till night, because VIP customers will come after 6 o'clock when their office or shop is closed, when will you do the pending work on Saturday and Not on Sunday.

A passbook printer prints passbook,

Note counting machine counts note,

Clearing machine clearing checks,

AC cools room because it's machine

If you are a bank employee who works according to the job profile on the field officer post Monday-Friday,

Monday to Friday work cash,

Check clearing if you do,

So forget what you do. Come on the rest of the day and Saturday and Sunday and do the pending work of the bank which is not in your job profile, not a post and don't consider yourself a machine, there is a worse definition for you.

By the way, heard a lot pending work, pending work

After all, what are these pending works??

First of all they come on account opening, customer is in a hurry and in 10 minutes they have to open the account otherwise their train will miss and you will complain that bankers are very lazy, now brother Modi ji has also said that current account If it opens within 60 minutes, then 10 minutes is not much for a saving account??

Well the account number came and now start opening another account and like this Monday to Friday on but on...

The account which opened till 8 pm at night, now ekyc, ckyc, photo documents uploaded, spreading explosion has not happened, this is called pending work, if seen by rules, this is the work of back office staff but in banks Honulu 5 In the eyes of management who came after doing MBA in a year, this will be done by the front staff only.

According to them, the bank employee who brought the customer for loan is his file, cibil los will do everything alone and that too in 60 minutes.

Now the 60 minute connectivity is not in the bank, so the work is pending for which it is called on Saturday and Sunday.

Thankfully, Guru Ambani did not get such management, otherwise today the person who installed his 4G tower, the person who built the SIM would have been selling 4G SIM on Saturday and Sunday and would have made Ambani garlands but these private ones did not listen to him. And take the opinion of experts only.

By now you must have understood that the pending works which are done only on Saturdays and Sundays which used to be the back office staff, if the bank kept those staff, it would have paid the whole month's salary. So she will get the work done by the frontliner banker only because No. Means No, it is not in their dictionary.

If you always keep a machine, it will break badly, it also needs a break, after all, the banker is also a bone mass person, he also has social life, he also has parents and children, he also has PVR cinema and lunch Dinner is the right to be done with family, he also has to bring the things that are reduced to the house, he also has the freedom to sleep for late, marriage is social on birth and death, he has to give proof of that, he also from his child's school PTM I have to go, he also has to go to the park to see that the plant plant planted years ago has become a tree, he also has also to go to the neighbor's tea party in the evening and he has to come to the house and hear from BV that he is from 1 2 down and preparing for the 3rd and we are stuck in 1 because Saturday and Sunday my Sautan (Bank) calls you..

So brothers and their sisters in this unstoppable world, you are committing a terrible crime by removing yourself from illusions, when did you get done in the name of pending when you look tiredlessly from Monday to Friday Served from, so rise and resist the order that has been propagated to scare you, you are born in a human vagina who never learned to bow (if you haven't seen flower, watch today) in front of these rainy frogs. So get up my son, take bath and worship, do what your heart says, because if you listen to your heart today, it will also spend a long time with you, otherwise if there is a heart attack, then Ram's name will also be true. Then keep telling Yamraj to wait, I will come after doing pending work.

Indian Bank Declares 3 ac/c with Rs362 cr as fraud

MODI GOVT initially choose four bank for privatisation

Govt committed on privatisation of two public sector banks: Sources

To facilitate privatisation of two public sector banks (PSBs), Centre may introduce a Banking Laws Amendment Bill in the monsoon session of Parliament, said government sources to Business Today TV on Wednesday.

Finance Minister Nirmala Sitharaman, while presenting Budget 2021-2022, had announced the privatisation of PSBs as part of its disinvestment drive.

“The plan to privatise two public sector banks is on its course. We are committed to it” said a government official on account of anonymity.

The Banking Laws Amendment Bill 2021, which was to be introduced in the last winter session 2021 of Parliament, was delayed. Once the amendment is introduced, it is expected to bring down the minimum government holding in the PSBs from 51 per cent to 26 per cent.

Thread: #ManPowerRationalization by @BankerDihaadi on twitter

 Thread: #ManPowerRationalization by @BankerDihaadi on twitter

Once a big high officer of the bank who was in the HR department retired. Luckily, I got a job in an airline company after a few days. Based on previous experience, they were given HR department there too.

They lost their mind as soon as they handled the department. "So many staff ? There is a different staff for every job. These people do not know manpower management. That's why most of the airlines are running in deficits. "Immediately called Ardali.

-"How much staff does it take to fly an airplane? "

-"Sir, there is ground staff and flight staff. Two people on the ground for check-in, two people for luggage, two people for boarding, two people for ground navigation, two air navigations, two flight cleaners, two people refueling, four people for plane maintenance and two people in spare.

Two people on the flight to fly planes, and four air hostesses for in-flight service. In addition to this, a little bit of staff is also required for work here and there. "

- "Have you lost your mind ? When the plane is in the air, the ground staff will be sitting unnecessarily and when the plane is on the ground, the flight staff will be sitting useless. It won't work like this. Manpower rationalization will be done. We don't need all these according to us. That's two people enough for the whole job. "

- "Two People ? Just ? "Ardali's mind was dizzy. But how to avoid what sir says? Started to note.

-"Tell the pilot of the ship to get the passenger checked in from tomorrow. "

"Sir but for luggage you need a separate man. "

"Ok put one for her for a tempority luggage." A man in the back will maintenance and cleaning the plane. After getting checked in, the pilot will go to the boarding counter and get boarding done. "

- "Sir, if the pilot will get boarding done after check in, then who will bring the plane to boarding? "

- "Speak to the maintenance one. He must have known how to fly so much plane. He will bring the plane to the boarding gate of Sarka after the maintenance. "

- "Ok sir . But after boarding, ground staff will be required to take the plane on the runway. "

-"After boarding the pilot will board the flight. Air with maintenance will go for navigation. Temperary staff will navigate the ground. "

- "Sir, but if there is no one other than pilot in the plane, who will provide customer service there? "

-"Once take off, put the plane on auto pilot. Then the pilot is free, isn't it? Tell the pilot to go out of the cabin and sell samosas and tea. Cross-selling income is very important to us. "

-"Sir how will the pilot alone handle the whole plane? "

- "Why can't I ? Go and see what branch manager does alone in the bank. If there is more problem, we send the pilot for training in the bank for a few days. Everything will be learned. "

Ardali chirped up. "Sir you are blessed. No one has done such manpower planning till date. "

Finally Ardali asked one more question, "But sir if any complaint comes? "

The High Officer said, "So the pilot will go to the passenger's house with an apology and bring a satisfaction letter. We are doing all the work here. What has the pilot to do. "

- "Listen up more. Login day will also be held. "

Ardali had heard this word for the first time in his entire career. "Sir what is this login day? "

We have to buy our products forcefully on the day of login day. One day chicken sandwich, one day veg sandwich, a day cold coffee, one day apple juice. "

-"But sir how will you sell chicken sandwich to a vegetarian man? "

- "What can not happen if there is talent and willpower. Tell customers the benefits of chicken. Chicken contains protein. If you explain to the customer, then he will definitely agree. And if you still don't buy, put a chicken sandwich in the name of veg.

But we don't want zero figure on login day. Do one thing. Put a man in the control tower. Need every hour report on how many sandwiches sold. "

Honorable Prime Minister Shri Shri Narendra Damodar Modi ji

Honorable Prime Minister Shri Shri Narendra Damodar Modi ji

For the *Pension Updation* of Retired *Bankers* # Your orders and instructions are required.

This is a request from all of us nationalized banks retired bankers who are also called by the pseudo of bank pensioners.

Chhadam Bank pensioners are because the so-called pension is being given, but they are deprived of the basic basis of PENSION REVISION from time to time.

Pension revision is given time to government employees, Reserve Bank employees and almost all other government activities. Nationalized bank employees are also government employees, then why are they deprived of pension revision? Why discrimination between brothers and brothers???

Respected, you decide on this with your own conscience and yes or no as you think appropriate, give decision on priority, advisors advice will also confuse you in the problem of 70 vs 7 years.

With regards

OPH Mathur JDH / DLI

Bank Pensioner

The Govt is now running one of largest fiscal deficits in India's History

Reserve Bank of India (RBI) on Wednesday cancelled certificates of registration of five non-bank financiers

Reserve Bank of India (RBI) on Wednesday cancelled certificates of registration of five non-bank financiers citing violation of guidelines on outsourcing and fair practices code in their digital lending operations through third-party apps

The non-bank lenders whose licences were cancelled by RBI on Wednesday include, UMB Securities Ltd, Anashri Finvest Ltd, Chadha Finance Private Ltd (now known as Chadha Finance Ltd), Alexcy Tracon Pvt Ltd and Jhuria Financial Services Pvt Ltd.

Indian products drive majority of the World's bank account

 

* Privatization of banks - Question and Answer *

* Privatization of banks - Question and Answer *

Question 1 Why are people protesting against privatization of banks in the whole country?

Answer: People have seen the scary but real face of privatization through private health care during the Covid pandemic. People now know to what level privatization is anti-people, anti-poor, anti-employee, and anti-national. So opposition is natural too

2. But the government says this will increase the GDP of the country and the country will develop.

Answer: I wish it was true

But this is not true. This will only develop a few Dhanna-Seths, capitalists of the country. This will only increase problems for common men, common customers, common bank workers.

3. How is this?

Answer: Where public banks work for the nation beyond profit and losses, private banks only work for fruits and profit. This is the reason that even after 73 years of independence, 80-85% of the country's citizens are afraid to enter these banks. The minimum balance condition for their account is also less than the monthly per capita income of 80% of the country's citizens i.e. monthly per person income. Till some time ago IDBI bank which was government and which was sold by the government and made private..... A simple and authentic example of understanding the side effects of privatization. The savings account for which 500 rupees were costed here earlier.. Today people have to spend 5000 rupees for the same.

Similarly, the services of almost all private banks are more expensive than public banks and the charges/ fees of all services from A to Z are beyond 80% of the country's economic capacity to be found by visiting the bank or visiting the bank website Might as well.

This privatisation will only give open exemption to loot the common poor

Plus their money will be insecure.

4. Question : how can it be said

Answer - The purpose of this privatisation is to be free from the responsibility of guaranteeing public money by the government.

Take a look into the rest of history

Why 736 private banks sink from 1948 to 1968

Why have 24 private banks sank since 1991 till now

Why have more than 527 private fail in a country like America since 2008

Why more than ten thousand private banks have failed in the whole world in a few decades.

Why Private Banks panic due to 2008-9 economic recession and kept their money in government banks (Viral Acharya Rbi interview in TV)

And no government or corporate money drowned in it

All the common people who cried blood tears in this were common people.

Question 5: Is it an allegation that private banks get good service while people complain about not getting in government banks?

Answer: You asked a very good question. This is the question whose answer should be sticked on every door of Parliament.

Psu banks serving 2000 customers per staff while same for private is 350

The rest of the 350 customers are read-write capable customers, they have smart phones and do most of their work using mobile.

The rest you can understand if so much more burden is put on your neck than your ability.... Working with a smile would be so challenging.

This is the pressure of work that has forced hundreds of thousands of bank workers to commit suicide and there is no discussion.

Question 6 banks not restoring enough staff and selling it is the main reason for banks running in deficit... What is the answer on this?

Answer: The real reason for the privatization of banks is that trillions of rupees which the government never wants to collect from the private ones, on the contrary, the entire bank wants to sell to these private ones.

To know the secret of banks privatization aka investment aka 132 crore countrymen should read a tweet of 27 April 2020 which RTI activist Saket Gokhale has given the Lok Sabha public representative of Wayanad on Rahul Gandhi's question regarding top 50 #willfuldefaulter From Finance Minister Nirmala Sitaraman Asked for details and it was avoided. Just like the Supreme Court was once prevented from knowing the names of these great bhutis. Later Shri Gokhale ji put himself at risk and with great hard work RTI got the details of these great celebrities.

The Indian government, the fifth largest military power in the world, has not yet been able to catch a single fugitive who fled abroad.

Rest you know that common bankers have neither cannon nor missile nor katta

Bank workers depend on Indian government for such recovery.

What's the problem for general employees on question 7?

Answer: The job security they left behind millions of people and abandoned other options to achieve

Today the government wants to snatch away this job security.... This will increase exploitation of employees-officers.

Today it is a government job that any poor class person who does not have money to do MBA or other courses can also get respectful salary and life here.

Tell me if someone gives a good salary without heavy-full degree in private. This privatization will stop all the way to uplift the poor man's class.

The poor man will be limited to the salary of five to ten thousand.

Another thing that privatization will forever block the path of reservation for the poor.

Question 8: Recently the Prime Minister gave a statement that the government's job is not to do business but to serve.

Answer: How do public banks look like businessmen?

Creating a world record of opening a zero balance account is business or service

Which business is it to give loans to farmers, poor and exploit sellers?

Business is done by private banks who did not sanction even a single loan to the sellers despite the Prime Minister of the country's saying lakhs.

While government banks provided large number of loans.

Government bank and bank workers are serving the nation since their beginning.

Does any private employee do election duty... Not while government bankers do

Thousands of bank workers martyred from demonetization till Corona period.... Is this a business or a service?

The people of the country should think about this

For the time being, international economic scholar and former RBI governor's statement that the privatization of banks will prove to be a nation-destructive and historical mistake.... For 132 crore people this is thoughtful and thoughtful.

One more thing, the media which licks the feet of power daily will never show this bitter truth.

As a vigilant citizen of the country, do share this and make this democratic fight of bank workers against blind privatisation successful by making it a mass movement.

Share & aware

Don't befool people!

30th and 31st may all india Central bank Strike

Details Net profit and operating profit of PSU Bank

Merger of govt-owned lenders weakening banking system, says study

 A study has found that the government's consolidation of public sector banks (PSBs) cannot be explained on efficiency grounds and that the merger of these banks was actually weakening the banking system.

"Our empirical analysis shows that the merger decisions were not necessarily on efficiency grounds," the Economic & Political Weekly said in a May 14 article.

"The results show limited evidence that mergers improve cost efficiency. In most cases, merger is leading to worsening of performance of the good bank and hence weakening the banking system further," the article added.

The article (external link, behind paywall), titled 'Bank Merger, Credit Growth, and the Great Slowdown in India', is authored by Abhiman Das and Subal Kumbhakar. While Das teaches economics at the Indian Institute of Management-Ahmedabad, Kumbhakar does so at the State University of New York, US.

Using a method called stochastic frontier approach, or SFA, the duo found little economic basis for the PSB mergers that have taken in place in recent years.

On March 4, 2020, the Union cabinet approved the 'mega consolidation' of PSBs with effect from April 1, 2020. This involved the amalgamation of Oriental Bank of Commerce (OBC) and United Bank of India into Punjab National Bank, Syndicate Bank into Canara Bank, Andhra Bank and Corporation Bank into Union Bank of India, and Allahabad Bank into Indian Bank.

Earlier, in January 2019, the cabinet had approved the unification of Vijaya Bank, Dena Bank and Bank of Baroda. In February 2017, the cabinet approved State Bank of India (SBI) acquiring five of its subsidiary banks.

Among the reasons the government advanced for the mergers was that the larger entities would lend themselves to greater competitiveness in India and globally. "Greater scale and synergy through consolidation would lead to cost benefits which should enable the PSBs to enhance their competitiveness and positively impact the Indian banking system… The adoption of best practices across amalgamating entities would enable the banks to improve their cost efficiency and risk management, and also boost the goal of financial inclusion through wider reach," the government said in March 2020.

However, the study by Das and Kumbhakar found little support for these claims.

"The basis of the recent spate of mergers is not clear. On many occasions, poor performing banks were merged with a better performing one. For example, all the associates of SBI had registered losses before merging them with the SBI," the article said.

The authors looked at two merged banks, Dena Bank and OBC, as an example and checked their performance prior to the merger. The study found Dena Bank's efficiency had been declining since 2014 to nearly 60 percent by 2018.

Meanwhile, its cost inefficiency had increased by a little more than 30 percent over the same four-year period, suggesting Dena Bank should have been restructured much earlier.

As per the article, inefficiency can be caused by bad management, the ownership, government regulations, and policies regarding bad loans, among other factors.

In the case of OBC, the analysis found it to be doing well till 2011. However, its efficiency fell to 86 percent from close to 95 percent, before recovering somewhat to 92 percent in 2020.

"Therefore, OBC's merger with Punjab National Bank in 2020 makes very little economic sense, unless one argues that OBC will be able to pull the efficiency of PNB after the merger," the authors argued.

They added there were several examples showing that post-merger efficiency of Punjab National Bank had declined following the merger.

The article said details of the study would soon be published as a working paper.

"The merger exercise in India is a special one. Instead of denationalisation, it promotes further nationalisation. In particular, when the merger involves a PSB, it is always pro-nationalisation. A private bank (in most cases a failing bank) is merged with a public bank, but not vice versa," the article concluded.

Bank unions, including an employees' union of the Reserve Bank of India (RBI), have sought action against S Gurumurthy,

Bank unions, including an employees' union of the Reserve Bank of India (RBI), have sought action against S Gurumurthy, Director on the Central Board of the RBI, for “the recent indecent and nasty remarks” allegedly about employees of public sector bank employees during his speech in one of the functions in Chennai in the presence of Finance Minister Nirmala Sitharaman.

“The dirty and provocative remarks made by Gurumurthy that public sector bank employees are only ‘kazhichadaikal’ (hair thrown away after shaving) have seriously hurt the feelings and sentiments of the bank employees and officers at large,” the All India Bank Employees Association (AIBEA) said in a letter to Sitharaman.

“They rightfully feel and demand that Gurumurthy should apologise and express regret,” AIBEA General Secretary CH Venkatachalam said. “We also feel that such persons like Gurumurthy who have no sense of proportion and discretion in public behaviour and public expression, and have distorted understanding about public sector banks and bank employees should no longer continue as a member of the high office of the Central Board of the RBI,” AIBEA said, seeking his removal from the RBI board.

According to Psychologists, there are four types of Intelligence:

According to Psychologists, there are four types of Intelligence:

1) Intelligence Quotient (IQ)

2) Emotional Quotient (EQ)

3) Social Quotient (SQ)

4) Adversity Quotient (AQ)

1. Intelligence Quotient (IQ): this is the measure of your level of comprehension. You need IQ to solve maths, memorize things, and recall lessons.

2. Emotional Quotient (EQ): this is the measure of your ability to maintain peace with others, keep to time, be responsible, be honest, respect boundaries, be humble, genuine and considerate.

3. Social Quotient (SQ): this is the measure of your ability to build a network of friends and maintain it over a long period of time.

People that have higher EQ and SQ tend to go further in life than those with a high IQ but low EQ and SQ. Most schools capitalize on improving IQ levels while EQ and SQ are played down.

A man of high IQ can end up being employed by a man of high EQ and SQ even though he has an average IQ.

Your EQ represents your Character, while your SQ represents your Charisma. Give in to habits that will improve these three Qs, especially your EQ and SQ.

Now there is a 4th one, a new paradigm:

4. The Adversity Quotient (AQ): The measure of your ability to go through a rough patch in life, and come out of it without losing your mind.

When faced with troubles, AQ determines who will give up, who will abandon their family, and who will consider suicide.

Parents please expose your children to other areas of life than just Academics. They should adore manual labour , Sports and Arts.

Develop their IQ, as well as their EQ, SQ and AQ. They should become multifaceted human beings able to do things independently of their parents.

Finally, do not prepare the road for your children. Prepare your children for the road."

✏️by Unknown..

IF Adani flees India total banking sector will be collapsed ---see why?

HOW TO PROTECT YOUR BANK BALANCE FROM ON-LINE FRAUDSTERS?

 There has been a surge in the usage of digital modes of payments in recent years. As the speed and ease of doing financial transactions have improved, the number of frauds in retail financial transactions has gone up. The general public is defrauded by a fraudster using various innovative methods. Unscrupulous elements are defrauding and misleading members of the public by using innovative modus operandi including social media techniques and mobile phone calls. You may take the following measures to protect your account from fraudsters.

• Caution to be exercised when any payment / commission / bonus / percentage of profit offered without the actual sale of goods / services. Be alert!  It could be the first sign of a potential fraud.
• Do not respond to messages offering / promising prize money, government aid.
• Never share copies of cheque leaf, and KYC documents to strangers to receive prize money.
• Transactions involving receipt of money do not require scanning barcodes / QR codes or entering mobile banking PIN (m-PIN), passwords, etc. Remember QR codes are used only for payments and not to receive money.
• Whenever you receive fund request from a friend or relative through social media channel, verify the genuineness of a fund request from them by confirming through a phone call / physical meeting to be sure that the profile is not impersonated.
• Log out of the internet banking session immediately after usage. Update passwords on a periodic basis.
• Do not use your date of birth, your child’s date of birth, vehicle number as password and never use same passwords for your email and internet banking.
• Do not click on links sent through emails from unknown addresses / names.
•  Avoid using public terminals (viz. cyber cafe, etc.) for financial transactions.
• Avoid using public / unknown charging ports / cables to charge your mobile phones as the charging port of a mobile, can also be used to transfer files / data.
•  Do not store your banking passwords and financial information on your computer  or mobile devices
• Do not share the confidential financial information such as PIN, Password, and credit card/debit card numbers with banks / financial institutions, friends or even family members.
• Do not put out personal details such as mobile number, address, DOB, etc. on social networks.
• Do not rely on customer service numbers of merchants/banks on Google, they can be fake numbers. Always access the official website of bank / NBFC / e-wallet provider or contact the branch to avail their services and / or seek product and services related information and clarifications.
• Do not fill Google forms provided by prospective buyers or sellers
•  Do not call the numbers directly displayed on the search engine results page as these are often camouflaged by fraudsters. Always obtain the customer care contact details from the official websites of banks / companies. Remember that customer care numbers are never in the mobile numbers. If you have installed a True caller and the name displays as a bank manager or the name of your bank, don’t believe that caller immediately without probing him. Tell him that you will visit the branch or ask him multiple questions until you are satisfied it is your real bank manager who is calling you.
• Be alert of fraudulent phone calls which ask you to download third party mobile apps or change mobile settings.
• Enable app-lock on your payment and mobile banking apps and uninstall remote access apps which you no longer require.
• Avoid using public terminals (viz. cyber cafe, etc.) for financial transactions.
• Never open / respond to emails from unknown sources as these may contain suspicious attachment or phishing links.
•  Always verify security of any webpage (https:// – URL with a pad lock symbol), more so when an email or SMS link is redirected to such pages.
• Always check for a secure payment gateway (https:// – URL with a pad lock symbol) before making online payments / transactions.
• Be wary of suspicious looking pop ups that appear during your browsing sessions on internet.
• Do not respond to any unsolicited SMS received from a representative of tech company/bank without verifying.
• Do not click on links sent through SMS / emails or reply to promotional SMS / emails
• Do not believe loan offers made by people on their own through telephones / emails, etc. Never make payments or enter secure credentials against online offer of loans at low interest rates, etc., without checking / verifying the particulars through genuine sources.
• For device / computer security, Change passwords at regular intervals. Do not leave your device unlocked. Configure auto lock of the device after a specified time.
• Always use virtual keyboard on public devices since the keystrokes can also be captured through compromised devices, keyboard, etc.
• Regularly check SMS / emails to ensure that no OTP is generated without your prior knowledge.
• If your debit or credit card is blocked following a fraud, also freeze the debit in the bank account linked to the card and also ensure safety of Net banking, Mobile banking channels by visiting your branch or calling the official customer care number available on the bank’s website.
• Deactivate various features of credit / debit card, viz., online transactions both for domestic and international transactions, in case you are not going to use the card for a while and activate the same only when the card usage is required.
• RBI does not open account of public or take deposits from them. If you receive such messages of accepting deposits they are fake messages.  Beware of fake RBI logos and messages.

Actions to be taken after the occurrence of a fraud

• Reset Mobile: Use (Setting-Reset-Factory Data) to reset mobile if a fraud has occurred due to a data leak from mobile.
• Dial helpline number 155260 or 1930 or report the incident of frauds on National Cybercrime Reporting Portal (www.cybercrime.gov.in).

THERE ARE OVER 20 INNOVATIVE METHODS OF ONLINE-FRAUDS: HERE IS WHAT YOU SHOULD DO

According to a report by Hindustan Times, India has lost a total of  ₹615.39 crores in more than 1.17 lakh cases of online banking frauds from April 2009 to September 2019. The occurrence of these frauds is spread over a decade. But the banking industry is witnessing a significant rise in the number of online banking frauds. According to the RBI’s annual report, bank frauds of Rs. 100,000 and above reported to RBI in value amounts to Rs.138422 crores in FY 2021 compared to Rs.71,500 crores in FY19. As the speed and ease of doing financial transactions through digital payments have improved, we may observe that the number of frauds in retail financial transactions has also gone up. Some of the typical modus operandi being used by fraudsters are –  listed here below.

1. Scam through Subsidy offer: According to a newspaper report, Thrissur City Police Cybercrime department has found that there have been a large number of cases in which criminals duped the public in the name of subsidies distributed by the Government through the Postal department. As per the report, the fraudsters have created a fake website resembling postal department websites and sent messages through Whatsapp and other social media apps stating that the Government is distributing Rs.6000/- subsidy. In order to receive the money, the beneficiaries are asked to confirm their identity by answering the related questions by logging in at the attached link. For mass publicity and public awareness, readers are asked to forward the messages to at least 4 WhatsApp groups or 20 WhatsApp numbers. The message also states that the members who have forwarded the message may win a prize of a large amount or a car. The gullible public may fall into trap of the fraudster to answer the questionnaire by clicking on such links which results in downloading of unknown / unverified apps on the customer’s mobile / laptop/desktop, etc. Once the malicious application is downloaded, the fraudster gains complete access to the customer’s device. Fraudsters can watch/control the customer’s mobile / laptop and gain access to the financial credentials of the customer by using such an app. Fraudsters also use this information to carry out unauthorised transfers of funds or make payments using the customer’s Internet banking/payment apps.
2. Frauds using online sales platforms: Fraudsters pretend to be buyers on online sales platforms and show an interest in sellers’ product/s. Many fraudsters pretend to be defence personnel posted in remote locations to gain confidence. Instead of paying money to the seller, they use the “request money” option through the Unified Payments Interface (UPI) app and insist that the seller approve the request by entering UPI PIN. Once the seller enters the PIN, money is transferred to the fraudster’s account.
3. Scam through Credit card reward points: Credit card reward points are offered by almost all card issuers. Many cardholders do not know how to encash reward points. Fraudsters use this system to their advantage by offering to provide assistance in redeeming reward points. Typically fraudsters try to create a sense of urgency by stating that the offer will end soon or points are about to expire. After collecting card details OTP, PIN, CVV number, or other credentials, fraudsters would carry out unauthorized transfers from the customer’s card account.
4. Frauds due to the use of unknown/unverified mobile apps: Fraudster create a fake website of a bank/e-commerce company and trick the customer to click on such links which result in downloading of unknown/unverified apps on the customer’s mobile / laptop/desktop, etc., Once the malicious application is downloaded, the fraudster gains complete access to the customer’s device. These include confidential details stored on the device and messages / OTPs received before / after installation of such apps
5. ATM card skimming: ATM card skimming is a way of stealing PINs and other information off credit cards and debit cards. Fraudsters install skimming devices in ATM machines and steal data from the customer’s cards. Sometimes they may install a dummy keypad or a small / pinhole camera, well-hidden from plain sight to capture ATM PIN. There were occasions like strangers pretending to be other customers standing nearby to gain access to the PIN when the customer enters it into an ATM machine. Bank ATMs and payment terminals at Petrol pumps and other merchants are the targets of this scam. Thieves then use the stolen information to produce fake cards and spend victims’ money or take cash straight from their bank accounts.
6.  Screen sharing app/remote access: Customers are fooled to download a screen-sharing app. Fraudsters can watch/control the customer’s mobile / laptop and gain access to the financial credentials of the customer by using such an app. Fraudsters also use this information to carry out unauthorised transfers of funds or make payments using the customer’s Internet banking/payment apps.
7. Frauds by compromising credentials through search engines: Normally, customers use search engines to obtain contact details/customer care numbers of their bank, insurance company, Aadhaar updating center, etc. These contact details on search engines often do NOT belong to the respective entity but are made to appear as such by fraudsters. When you call the bank/company using the unknown/unverified contact numbers, the imposters ask the customers to share their card credentials/details for verification. Assuming the fraudster to be a genuine representative of the Regulated Entity, customers share their security details and thus fall prey to frauds.
8. Scam through QR code scan: Fraudsters often contact customers under various pretexts and trick them into scanning Quick Response (QR) codes using the apps on the customers’ phones. QR codes have account details embedded in them to transfer money to a particular account. By scanning such QR codes, customers may unknowingly authorise the fraudsters to withdraw money from their accounts. QR code scams can also lead you to websites that can then download malicious malware to obtain information on your phone. That malware can also allow scammers to hold your device hostage and demand payment.
9. Impersonation on social media: Fraudsters create fake accounts using details of the users of social media platforms such as Facebook, Instagram, Twitter, etc. Then they will ask for money from the user’s friend for urgent medical purposes or payments etc. Usually, fraudsters use fake details to contact users and gain users’ trust over a period of time. When the users share their personal or private information, the fraudsters use such information to blackmail or extort money from the users.
10. Juice jacking: One should be careful while using public charging ports for his mobile phone. The charging port of a mobile can also be used to transfer files/data. Fraudsters use public charging ports to transfer malware to customer phones connected there and take control/access/steal data sensitive data such as emails, SMS, saved passwords, etc. from the customers’ mobile phones (Juice Jacking).
11. Lottery frauds:  Fraudsters send emails or make phone calls that a customer has won a huge lottery. In order to receive the money, the beneficiary (victim) will be asked to confirm their identity by entering their bank account/credit card details on a website from which data is captured by the fraudsters. The member will be asked to pay taxes/foreign exchange charges, upfront or pay the shipping charges, processing, handling fee, etc., to receive the lottery product. In some cases, fraudsters may pose as a representative of RBI or a foreign bank, company, or international financial institution and ask the targeted prey to transfer a relatively small amount in order to receive a larger amount in foreign currency from that institution. Since the amount payable is relatively very small the gullible public may fall into trap of the fraudster to making the payment
12.  Online job frauds: Fraudsters create fake job search websites and when the job seekers share secure credentials of their bank account/credit card/debit card on these websites during registration, their accounts are compromised. The employing company is located in another company. Fraudsters also pose as officials of a reputed company(s) and offer employment after conducting fake interviews. The job seeker is then induced to transfer funds for registration, mandatory training program, laptop, etc. Therefore, it is important to know that a genuine company offering a job will never ask for money for offering the job. Job seekers need to confirm the identity and contact details of employing company whether it is offered by local or overseas entities.    The e-mail address associated with the offer uses a web-based service (Gmail, Yahoo!, Windows Live, Hotmail, etc.) instead of an organization-based domain is an easy warning of fake job search websites.
13. Work from home job offer: Through pamphlet papers, and e-mails fraudsters promise individuals an online job opportunity and high salaries just for working a few hours a day or completing tasks in a given time. Job seekers will be asked to register online by paying a fee to avail of the opportunity and receive the ‘job kit’. After the money is deposited, these fraudsters disappear without a trace. Most of the victims of this type of fraud are homemaker women and retired people
14. Money mules: Money Mule is a term used to describe innocent victims who are duped by fraudsters into laundering stolen/ illegal money via their bank account(s).    Fraudsters contact customers via e-mails, chat rooms, job websites, or blogs and convince them to receive money into their bank accounts, in exchange for attractive commissions. The money mule is then directed to transfer the money to another money mule’s account – starting a chain that ultimately results in the money getting transferred to the fraudster’s account. Alternatively, the fraudster may direct the money mule to withdraw cash and hand it over to someone. Money mules are recruited, sometimes unwittingly, by criminals to transfer illegally obtained money between different bank accounts. When such incidents are reported, the money mule becomes the target of police and law investigations, due to their involvement.
15. Fake advertisements for extending loans: Fake advertisements are issued by fraudsters offering personal loans at very attractive and low rates of interest or easy repayment options or without any requirement of collateral/ security, etc. The prospective borrowers will be getting e-mails to contact them for loans. The email IDs of the sender look like- IDs of senior officials of well-known/genuine Non-Banking Financial Companies (NBFCs). Fake websites are also created and show up on search engines when people search for information on loans. When the borrower approaches them for loans they will be asked to deposit money towards of various upfront charges like processing fees, Goods and Services Tax (GST), intercity charge, advance Equated Monthly Installment (EMI), etc., and later abscond without disbursing the loans.
16. SMS / Email / Instant Messaging / Call scams:  Fraudsters circulate fake messages in instant messaging apps / SMS / social media platforms on attractive loans and use the logo of any known NBFC as a profile picture in the mobile number shared by them to induce credibility. The fraudsters may even share their Aadhaar card / Pan Card and fake NBFC ID card. After sending such bulk messages / SMS / emails, the fraudsters call random people and share fake sanction letters, copies of fake cheques, etc., and demand various charges. Once the borrowers pay these charges, the fraudsters abscond with the money.
17. Money circulation / Ponzi / Multi-Level Marketing (MLM) Scheme Fraud:   Fraudsters use MLM / Chain Marketing / Pyramid Structure schemes to promise easy or quick money upon enrolment or adding of members to the scheme. They promise not only high returns on your investments, pay the first few installments (EMI) to gain the confidence of gullible persons, and attract more investors through word of mouth publicity. To encourage more people to join the chain, they pay a commission to the enroller for the number of people introduced by them to join the scheme. This model becomes unsustainable after some time when the number of persons joining the scheme starts declining. Thereafter, the fraudsters close the scheme and disappear with the money invested by the people till then. Therefore, caution is to be exercised when a scheme offers abnormally high returns consistently. Hence, do not be tempted by promises of high returns offered by entities running Multi-Level Marketing / Chain Marketing / Pyramid Structure schemes, it could be the first sign of potential fraud. Moreover, acceptance of money under Money Circulation / Multi-level Marketing / Pyramid structures is a cognizable offence under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.
18. Deposits with NBFCs:  The Non-banking Financial Companies (NBFCs) are permitted to accept deposits from the public only with the permission of RBI.  The list of NBFCs eligible to accept deposits is available on the RBI website. If the name is not appearing on the list, they are prohibited from accepting deposits from the public. Remember, NBFCs cannot accept deposits for a period of less than 12-months and more than 60 months and the maximum interest rate that an NBFC can pay to a depositor should not exceed 12.5%. RBI publishes the change in interest rate from time to time on  https://rbi.org.in → Sitemap → NBFC List
19.  OTP-based Frauds: There have been a large number of cases in which criminals duped bank customers into revealing OTP or accessed it by hacking their smartphones. According to the Karnataka Criminal Investigation Department, there have been a large number of cases in which criminals duped bank customers into revealing OTP or accessed it by hacking their smartphones. Impersonators send messages, or SMS to NBFC/Bank customers offering loans or enhancement of credit limit on NBFC/bank customers’ loan accounts, and ask the customers to contact them on a mobile number. When contacted, customers will be asked to fill forms to collect their financial credentials. Customers may be induced or convinced to share the OTP or PIN details and carry out unauthorized transfers from the customer’s account.
20. SIM swap / SIM cloning: Fraudsters have found different ways to bypass the OTP deterrent. Fraudsters gain access to the customer’s Subscriber Identity Module (SIM) card or may obtain a duplicate SIM card (including electronic SIM) for the registered mobile number connected to the customer’s bank account.

Fraudsters can just walk into a customer’s bank, impersonate him request a change in the registered mobile number linked to the customer’s bank account and use the new connection to receive OTPs for transactions, and carry out unauthorized transfers from the customer’s account.

Another method is for fraudsters to contact mobile operators with fake identity proof and get a duplicate SIM card. The operator deactivates the original SIM and the criminals generate OTP on the new number and conduct online transactions. Hence, be watchful regarding mobile network access on your phone. If there is no mobile network in your phone for a considerable amount of time in a regular environment, immediately contact the mobile operator to ensure that no duplicate SIM is being/has been issued for your mobile number.

21. Phishing links: Phishing is an e-mail borne fraudulent attempt to obtain confidential information from the recipient such as usernames, passwords and credit card details by disguising oneself as a reliable entity or downloading malware by clicking on a hyperlink in the message. The modus operandi is fraudsters create a bogus website which looks like an existing genuine website, such as – a bank’s website or an e-commerce website or a search engine, etc. Links to these websites are circulated by fraudsters through Short Message Service (SMS) / social media / email / Instant Messenger, etc.

Spear-phishing: Spear-phishing is a fraudulent attempt to steal sensitive information by sending emails ostensibly from a known or trusted sender inducing to reveal confidential account information, credentials, or financial information from a specific victim.

22. Vishing: Imposters call or approach the customers through telephone call / social media posing as bankers / company executives / insurance agents / government officials, etc. To gain confidence, imposters share a few customer details such as the customer’s name or date of birth. Usually, imposters pressurize / trick customers into sharing confidential details such as passwords / OTP / PIN / Card Verification Value (CVV) etc., by citing an urgency / emergency such as – need to block an unauthorized transaction, payment required to stop some penalty, an attractive discount, etc. These credentials are then used to defraud the customers.

23. Fraudulent loans with forged documents:  Frauds have been taking place in the housing, consumer, and retail finance portfolios perpetrated by unscrupulous borrowers by submitting fake/forged/stolen documents to the banks. The most common modus operandi adopted was availing of credit facilities by submitting forged/fake documents in respect of properties offered to banks as securities.     In many cases, the same property was offered as security to different banks by submitting fake title deeds.    In some cases, the properties, which were mortgaged to the banks, were found to be non-existent.    Loans were granted to persons without verifying their antecedents/details. As a result, subsequently they were found to be non-existent.    The documents submitted for availing the loans such as the deeds, income tax returns, salary certificates, etc. were fake/fictitious.     The chartered accountants who had purportedly issued/verified the documents were found to be non-existent themselves.    In a number of fraud cases, the builders/developers had defrauded the banks by pocketing the housing loans which they managed to obtain in the names of fictitious persons by submitting forged documents.    In some instances, builders/developers in connivance with the employees of Public Sector Undertakings had arranged housing loans from banks by submitting fake/forged/manipulated salary certificates. Such loans were subsequently misappropriated.    Vehicle/consumer loans were obtained by submitting fake/forged invoices/quotations and were misappropriated without creating charge on the security. Fraudsters use forged documents to avail services from financial institutions. There are several incidents of fraudsters commit identity thefts, steal personal information of customers such as identity cards, bank account details etc., and use this information or credentials to avail benefits from a financial institution.

You may take the following measures to protect your account from fraudsters. Click

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