RBI Governor asks banks to have robust systems to curb digital frauds
1 month, 3 weeks ago

RBI Governor asks banks to have robust systems to curb digital frauds

The Hindu  

Flagging the rising digital frauds, RBI Governor Sanjay Malhotra on Monday urged banks to put in place robust and proactive systems to curb such misdoings as well as enhance their oversight of third-party service providers to mitigate the risks. In his remarks, the RBI chief expressed concern over rise in digital frauds and advised banks to establish robust and proactive systems to thwart such attempts. While dwelling upon IT risk management and cyber security, the governor urged banks to have enhanced oversight over third-party service providers for mitigation of the risks emanating from them, RBI said in a release. Further, the RBI chief acknowledged the important role played by the banks in building resilience of the domestic financial system while highlighting some of the main vulnerabilities present globally that can pose downside risks.

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History of this topic

RBI Governor asks lenders to improve customer grievance redressal
1 week, 2 days ago

RBI Governor asks lenders to improve customer grievance redressal

Deccan Chronicle  

Mumbai: The Reserve Bank of India governor Sanjay Malhotra on Monday exhorted banks to provide services efficiently to customers and improve their grievance redressal. Speaking at the Annual Conference of the RBI Ombudsmen, Malhotra said that the number of complaints received under RBI's Integrated Ombudsman Scheme increased at a compounded average growth rate of almost 50 per cent per year …

Unrestricted banking data access fuels surge in online financial frauds: Central cyber intelligence agencies
1 month ago

Unrestricted banking data access fuels surge in online financial frauds: Central cyber intelligence agencies

New Indian Express  

NEW DELHI: A new disturbing trend has emerged posing a cyber security threat, as central cyber and intelligence agencies have flagged to the Union Ministry of Home Affairs that unrestricted access to critical banking data with bank employees and third-party vendors has directly been fuelling rampant online frauds and massive financial losses for people in the country, officials said on …

Bank fraud cases rise 27% YoY in 2024; scams worth ₹21,367 crore logged in H1FY25: RBI data
3 months ago

Bank fraud cases rise 27% YoY in 2024; scams worth ₹21,367 crore logged in H1FY25: RBI data

Live Mint  

Banking fraud cases in India surged 27 per cent to 18,461 cases in the first half of the financial year 2024-25, compared to its previous level of 14,480 cases in the same period in the previous year, reported the news agency PTI, citing official Reserve Bank of India data. The data also showed that the total amount involved increased nearly …

Meet MuleHunter, RBI's new AI tool to tackle digital fraud
3 months, 2 weeks ago

Meet MuleHunter, RBI's new AI tool to tackle digital fraud

Hindustan Times  

The Reserve Bank of India on Friday asked banks to collaborate with its innovative artificial intelligence and machine learning based model called MuleHunter.AI to deal with rising menace of mule accounts, which are used to execute digital frauds. “Use of money mule accounts is a common method adopted by fraudsters to channel proceeds of frauds,” said RBI Governor Shaktikanta Das …

Bank fraud allegations must never be levelled lightly
8 months, 1 week ago

Bank fraud allegations must never be levelled lightly

Live Mint  

The Reserve Bank of India’s latest revision of its Master Circular on Fraud Risk Management in banks and other regulated entities has not come a day too soon. This revision of instructions follows a recent Supreme Court ruling which said the principles of natural justice demand that the borrower be given a chance and time to respond to a charge …

RBI asks lenders to hear out loan defaulters before tagging accounts as ‘fraud’; check revised norms
8 months, 1 week ago

RBI asks lenders to hear out loan defaulters before tagging accounts as ‘fraud’; check revised norms

Live Mint  

The Reserve Bank of India on Monday, July 15, asked banks and other financial institutions to give defaulting borrowers adequate time before they are classified as “fraud accounts". The banks now have to issue show-cause notices to fraudulent account holders which will have the full details of the fraud, said the RBI in a release. The change in the current …

RBI alarmed at lakhs of bank accounts being used for fraud: Report
8 months, 2 weeks ago

RBI alarmed at lakhs of bank accounts being used for fraud: Report

Live Mint  

The Reserve Bank of India expressed its surprise at some banks having lakhs of accounts that are used for fraudulent transactions and evergreening loans, reported Business Standard. We found certain banks having lakhs of such accounts with apparently no valid reason,” RBI Deputy Governor Swaminathan J said on Tuesday in his address to banks, with chief financial officers and auditors …

RBI Governor Das warns banks against mule accounts
8 months, 3 weeks ago

RBI Governor Das warns banks against mule accounts

New Indian Express  

MUMBAI: Reserve Bank of India governor Shaktikanta Das has warned banks against mule accounts and asked them to set up their security measures against such accounts so as to curb digital frauds. Addressing the heads of public sector and private sector banks here at the Mint Road headquarters, as part of the central banks’ continuing engagements with the top management …

RBI ban on Bank of Baroda World app: Finance ministry's likely plan on frauds
11 months, 1 week ago

RBI ban on Bank of Baroda World app: Finance ministry's likely plan on frauds

Hindustan Times  

Union finance ministry may propose stricter measures to protect citizens from cyber fraud, it was reported. This comes after an increase in incidents of frauds, including the Bank of Baroda World app scam, the Times of India reported citing sources who “mentioned a recent inter-ministerial meeting focused on bolstering cybersecurity and tackling financial fraud”, it noted. In October 2023, the …

6 key steps RBI has taken to ensure safe banking practices. Details here
1 year ago

6 key steps RBI has taken to ensure safe banking practices. Details here

Live Mint  

Digital banking has brought a paradigm shift to the way we carry out financial transactions. Digital lending guidelines: Additionally, RBI has issued guidelines on digital lending which require regulated entities to provide a key fact statement to the borrower before the execution of the contract. The banking regulator also takes appropriate supervisory actions including imposition of business restrictions. Cyber-crime reporting …

RBI Governor says no need to worry about fintech system at the moment
1 year, 1 month ago

RBI Governor says no need to worry about fintech system at the moment

New Indian Express  

NEW DELHI: Allaying fears over the functioning of digital payment banks amid Paytm controversy, Reserve Bank of India Governor Shaktikanta Das on Thursday said there is no need to worry about the fintech system at the moment. The apex banks’ emphasis has always been on the bilateral engagement with the regulated entities to nudge them for corrective actions and sufficient …

Banking system safe, no reason to panic: RBI governor on PMC crisis
5 years, 5 months ago

Banking system safe, no reason to panic: RBI governor on PMC crisis

India Today  

Reserve Bank of India governor Shaktikanta Das on Friday said the banking system is sound and stable, and one incident at a cooperative bank should be used to generalise the health of the entire financial system. On September 23, the RBI had put restrictions on Punjab & Maharashtra Cooperative Bank after it had found out financial irregularities, and under-reporting of …

The 'wise owl' of Mint Street: RBI governor Urjit Patel is firmly in saddle on regulations of banks, say analysts
6 years, 6 months ago

The 'wise owl' of Mint Street: RBI governor Urjit Patel is firmly in saddle on regulations of banks, say analysts

Firstpost  

In case of Patel, the RBI has also been working alongside the government on various fronts including the ambitious goals like doubling farmers’ income, boost to digital payments and providing easier funding to MSMEs New Delhi: There is a new twist to the British economist John Keanes’ famous quote that ‘it is your problem if you owe a hundred bucks …

RBI says 85% of FY18 frauds at govt banks
6 years, 9 months ago

RBI says 85% of FY18 frauds at govt banks

Live Mint  

Mumbai: Public sector banks accounted for over 85% of total frauds reported in the banking system in 2017-18, according to the RBI’s financial stability report. “In recent years, frauds reported for amounts of over ₹ 1 lakh in the Indian banking sector show an increasing trend both in terms of number and quantum. While the bulk of the total frauds …

RBI union writes to Governor Urjit Patel, says central bank must act as alert inspector, not just off-site surveyor
6 years, 9 months ago

RBI union writes to Governor Urjit Patel, says central bank must act as alert inspector, not just off-site surveyor

Firstpost  

Reserve Bank union requested Governor Urjit Patel to monitor banks through a combination of risk-based supervision and on-site inspections of operational systems Mumbai: Reserve Bank union on Friday requested Governor Urjit Patel to monitor banks through a combination of risk-based supervision, off-site surveillance and on-site inspections of operational systems. “We would request you that RBI monitoring of banks should be …

Punjab National Bank fraud: Ex-RBI governor YV Reddy slams govt, says scam has affected credibility of central bank
6 years, 9 months ago

Punjab National Bank fraud: Ex-RBI governor YV Reddy slams govt, says scam has affected credibility of central bank

Firstpost  

Former RBI governor YV Reddy has slammed the government for the multi-crore fraud at state-run Punjab National Bank Kolhapur: Former RBI governor YV Reddy has slammed the government for the multi-crore fraud at state-run Punjab National Bank and said as the owner of public sector lenders, it is answerable to taxpayer losses rising out of such financial scams. The former …

Parliamentary panel summons RBI Governor Urjit Patel on May 17 over bank scams
6 years, 11 months ago

Parliamentary panel summons RBI Governor Urjit Patel on May 17 over bank scams

India TV News  

Parliamentary panel summons RBI Governor Urjit Patel on May 17 over bank scams Sources added that former Prime Minister Manmohan Singh, who is a member of the committee, is also likely to attend the May 17 meeting. Reserve Bank of India Governor Urijit Panel will have to appear before a parliamentary panel to respond to queries on a spate of …

PNB fraud: RBI had cautioned banks multiple times on SWIFT misuse, govt tells Parliament
7 years ago

PNB fraud: RBI had cautioned banks multiple times on SWIFT misuse, govt tells Parliament

India TV News  

PNB fraud: RBI had cautioned banks multiple times on SWIFT misuse, govt tells Parliament "Reserve Bank of India has apprised that it had issued two circulars to banks in the months of August and November 2016, related to security and operational controls in the SWIFT environment," Minister of State for Finance SP Shukla said. The RBI had issued two circulars …

How banking frauds can be nipped in the bud
7 years, 1 month ago

How banking frauds can be nipped in the bud

Live Mint  

The Nirav Modi case has once again cast the spotlight on the dark corners of the Indian banking universe. Second, as Charan Singh and others at the Indian Institute of Management, Bangalore have suggested in a 2016 paper, Frauds In The Indian Banking Industry, banks can also set up a special fraud monitoring agency, with officials specially trained to detect …

PNB-Nirav Modi fraud case: RBI cautioned banks against SWIFT misuse thrice since August 2016
7 years, 1 month ago

PNB-Nirav Modi fraud case: RBI cautioned banks against SWIFT misuse thrice since August 2016

India TV News  

Reserve Bank of India on Tuesday said that is has been issuing necessary instructions to banks from time to time on a variety of issues of prudential supervisory concern, including the management of operational risks inherent in the functioning of banks. The central bank, which has been asked by the Finance Ministry to explain the reasons for banking system failure …

Forewarned and forgotten: How RBI’s warnings on bank fraud were ignored
7 years, 1 month ago

Forewarned and forgotten: How RBI’s warnings on bank fraud were ignored

Live Mint  

Mumbai/New Delhi: Even as the Central Bureau of Investigation and the Enforcement Directorate stepped up their investigation, conducting searches across Nirav Modi’s premises, and the Central Vigilance Commission swung into action, it is now evident that several warnings issued by the Reserve Bank of India about the possibility of such banking frauds were ignored by bank managements. “The letter from …

Cyber frauds: RBI norms to protect customer in online banking transactions soon
7 years, 9 months ago

Cyber frauds: RBI norms to protect customer in online banking transactions soon

Firstpost  

Last year in August, RBI had issued draft circular on limiting liability of customers in case on fraudulent banking transactions Mumbai: Reserve Bank will soon come out with final guidelines on customer protection which would limit customers liability in case of unauthorised electronic banking transactions, it’s deputy governor S S Mundra today said. Last year in August, RBI had issued …

Demonetisation: Why RBI's Urijit Patel needs to gear up for the task
8 years, 4 months ago

Demonetisation: Why RBI's Urijit Patel needs to gear up for the task

Firstpost  

The pain of demonetization is in full swing. This is the sad reality of banking today, and it needs to be realised by all stakeholders of banks – shareholders, independent directors, customers and Reserve Bank of India. It is also important that economic impact of the decision is understood by the banking system. Alan Greenspan, the Federal Governor, lauded as …

RBI asks Govt to speed up reforms in banking system
9 years, 6 months ago

RBI asks Govt to speed up reforms in banking system

The Hindu  

The Reserve Bank of India on Thursday warned the Government that any delay in reform of the banking system in the country would lead to greater risk in the economy. “The current stress in the banking system suggests that the real economy will not wait for the banking system, and a slow pace of reform could lead to greater, rather …

RBI warns public against financial frauds in its name
10 years, 4 months ago

RBI warns public against financial frauds in its name

India TV News  

Mumbai: Warning the general public about credit card frauds in the name of Reserve Bank of India, the central bank has said it does not carry out business with individuals and falling prey to such offers can cause their financial loss. "The RBI has once again cautioned members of public that falling prey to such offers can result in compromising …

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