RBI ban on Bank of Baroda World app: Finance ministry's likely plan on frauds
8 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 Reserve Bank of India stopped Bank of Baroda from onboarding new customers on its mobile app 'BoB World' citing material supervisory concerns. "The Reserve Bank of India has, in exercise of its power, under Section 35A of the Banking Regulation Act, 1949, directed Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the 'bob World' mobile application," RBI said in a statement. The report claimed that Finance ministry could be in support of stricter Know Your Customer procedures and due diligence by banks and financial institutions while onboarding new merchants.

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History of this topic

Bank fraud allegations must never be levelled lightly
5 months 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 alarmed at lakhs of bank accounts being used for fraud: Report
5 months, 1 week 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 warns banks of cyberattacks, scheduled commercial banks at highest risk
5 months, 3 weeks ago

RBI warns banks of cyberattacks, scheduled commercial banks at highest risk

Hindustan Times  

Banks across India are on high alert with the Reserve Bank of India announcing possible cyber attacks, the Economic Times reported, adding that the banks have been told to constantly monitor their systems like SWIFT, the card network, RTGS, NEFT and UPI. The financial sector reported more than 20,000 cyber attacks in the last 20 years, resulting in losses of …

RBI lifts restrictions on adding customers on Bank of Baroda’s mobile app
7 months, 2 weeks ago

RBI lifts restrictions on adding customers on Bank of Baroda’s mobile app

Live Mint  

The Reserve Bank of India on Wednesday lifted restrictions imposed on Bank of Baroda in October last year, allowing the public sector lender to onboard customers to its mobile banking app, bob World. “We wish to inform that the RBI, vide its letter dated 8 May 2024, conveyed to the bank its decision to lift the above mentioned restrictions on …

Bank of Baroda board meeting tomorrow to discuss fundraising
1 year, 1 month ago

Bank of Baroda board meeting tomorrow to discuss fundraising

Live Mint  

Bank of Baroda has scheduled a meeting of the Capital Raising Committee tomorrow, November 18, 2023, to discuss and finalise the issuance of Tier I and Tier II debt capital instruments and long-term bonds for the financing of infrastructure and affordable housing within the board-approved capital raising plan. “We advise that the Meeting of the Capital Raising Committee of our …

RBI orders Bank of Baroda to suspend onboarding customers on bob World app
1 year, 2 months ago

RBI orders Bank of Baroda to suspend onboarding customers on bob World app

Deccan Chronicle  

Mumbai: The Reserve Bank of India on Tuesday ordered state owned lender Bank of Baroda to suspend further onboarding new customers on “bob World”, its mobile banking application. “Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the ‘bob World’ mobile application. This action is based on certain material supervisory concerns observed in the …

CBI searches premises of firm in ₹3,847.58-crore cheating case
1 year, 3 months ago

CBI searches premises of firm in ₹3,847.58-crore cheating case

Hindustan Times  

The Central Bureau of Investigation on Saturday carried out searches at four premises linked to a city-based firm and four of its promoters, who are accused of cheating a consortium of banks, led by State Bank of India, of ₹3,847.58 crore. The bank has alleged that the firm, Unity Infraprojects Limited, allegedly diverted the loan money it had obtained from …

Bank of Baroda denies officials inflated mobile app registrations
1 year, 5 months ago

Bank of Baroda denies officials inflated mobile app registrations

Live Mint  

Mumbai: India’s second largest state-owned lender Bank of Baroda on Tuesday denied its officials used phone numbers of strangers to inflate registrations on its mobile banking app bob World. “The bank has a current mobile banking activated user base of 30 million customers, all of whom are linked to a unique mobile number seeded with their bank account,” a spokesperson …

RBI fines Mahesh Bank Rs 65 L over cybercrime
1 year, 5 months ago

RBI fines Mahesh Bank Rs 65 L over cybercrime

Deccan Chronicle  

HYDERABAD: The RBI levied a penalty of Rs 65 lakh on AP Mahesh Cooperative Urban Bank Ltd for blatant non-compliance with cybersecurity framework provisions, due to which hackers siphoned off Rs 12.48 crore from the bank in January. The cybercrime took place on January 24, when hackers breached the bank’s system and stole the money from customers’ accounts using advanced …

"RBI Officials Involved In Scams Like Kingfisher, Yes Bank", Alleges Subramanian Swamy; Supreme Court Issues Notice On Plea For CBI Probe
2 years, 2 months ago

"RBI Officials Involved In Scams Like Kingfisher, Yes Bank", Alleges Subramanian Swamy; Supreme Court Issues Notice On Plea For CBI Probe

Live Law  

A Division Bench of the Supreme Court of India on Monday issued notice on a writ petition filed by Dr Subramanian Swamy seeking an enquiry by the Central Bureau of Investigation into the role of Reserve Bank of India officials in various banking scams. Gavai and B.V. Nagarathna that the RBI officials had allegedly escaped scrutiny with respect to their …

RBI to Prepare Whitelist of Legal Loan Apps as Nirmala Sitharaman Cracks Down on Illegal Apps
2 years, 3 months ago

RBI to Prepare Whitelist of Legal Loan Apps as Nirmala Sitharaman Cracks Down on Illegal Apps

News 18  

The Reserve Bank of India is set to prepare a “Whitelist” of all the legal lending apps, the government said on Friday, following a meeting chaired by finance minister Nirmala Sitharaman a day before. The minister, along with top officials, chaired the meeting to discuss various issued related to illegal loan apps outside the regular banking channels, the finance ministry …

Under RBI’s ombudsman scheme, 7,813 complaints received against digital apps and recovery agents
2 years, 5 months ago

Under RBI’s ombudsman scheme, 7,813 complaints received against digital apps and recovery agents

The Hindu  

As many as 7,813 complaints against banks and non-banking finance companies, pertaining to digital lending applications and recovery agents, were received under the Integrated Ombudsman Scheme of the Reserve Bank of India during the last financial year, according to the Central government. In a written reply to a question from Lok Sabha member Aparajita Sarangi, the Minister of State for …

RBI finds 600 illegal lending apps operating in India
2 years, 8 months ago

RBI finds 600 illegal lending apps operating in India

India Today  

A Reserve Bank of India Working Group on digital lending has identified a whopping 600 illegal lending apps operating in India in the last year. As per RBI, “Sachet”, a portal established by RBI against unregistered entities, has received approximately 2,562 complaints against digital lending apps between the start of January 2020 to end of March 2021. In December 2020, …

Safety Hacks You Should Know to Stay Protected from Rising Online Banking Frauds in India
2 years, 9 months ago

Safety Hacks You Should Know to Stay Protected from Rising Online Banking Frauds in India

News 18  

With the significant rise in the use of digital systems over the years, cybercriminals have swarmed the internet to perform online crimes such as data fraud, theft as well as hacking and the banking sector is also not out of their reach. Devious ways The most common forms of banking fraud in India are: Vishing- Phone calls pretending to be …

Desist from sharing sensitive info online: SBI tells customers
3 years, 7 months ago

Desist from sharing sensitive info online: SBI tells customers

India TV News  

With digital transactions gaining traction amidst rising COVID cases, the country's biggest lender SBI has cautioned its customers to be alert against fraudsters and not to download any app from an unknown source. "We advise our customers to be alert of fraudsters and not to share any sensitive details online or download any app from an unknown source," State Bank …

CBI files two cases for alleged bank fraud of over Rs 200 crore
3 years, 10 months ago

CBI files two cases for alleged bank fraud of over Rs 200 crore

India TV News  

The Central Bureau of Investigation has registered two separate cases related to bank fraud and conducted searches at 8 locations in Delhi, Ahmedabad, Gandhinagar and Gurgaon. The first case was registered against a private company based at Ahmedabad and others including its Directors and unknown public servants/persons on a complaint from State Bank of India. State Bank of India, Ahmedabad …

Sources of funds for loan apps under lens
3 years, 11 months ago

Sources of funds for loan apps under lens

Live Mint  

The Reserve Bank of India has begun looking into the sources of funds for app-based instant loan companies accused of harassing vulnerable borrowers, said a person aware of the matter. According to this person, RBI is likely to launch an investigation into whether some banks allowed funds to flow into these apps without conducting mandatory due diligence. The RBI scrutiny …

CBI registers about 190 cases of bank fraud in 2020
3 years, 11 months ago

CBI registers about 190 cases of bank fraud in 2020

The Hindu  

The Central Bureau of Investigation registered about 190 cases of bank fraud in year 2020, involving alleged misappropriation of close to ₹60,000 crore. Surana Corporation case Another entity that made it to the list was Surana Corporation Limited, which along with others was booked in October for allegedly cheating six banks of ₹2.930 crore. In February, the agency had registered …

Beware of illegal digital lending apps: RBI
4 years ago

Beware of illegal digital lending apps: RBI

The Hindu  

The Reserve Bank of India has advised public to be wary of unauthorised digital lending platforms and mobile apps. Taking note of reports about individuals and small businesses falling prey to a growing number of unauthorised digital lending platforms/mobile apps, the central bank on Wednesday said “members of public are cautioned not to fall prey to such unscrupulous activities.” It …

SBI, PNB, Bank of Baroda among banks cheated of Rs 525 crore; CBI registers 2 cases
4 years ago

SBI, PNB, Bank of Baroda among banks cheated of Rs 525 crore; CBI registers 2 cases

India TV News  

In a major banking fraud, prominent banks in the country have been cheated of over 500 crore rupees. According to the complaints registered with the probe agency, a consortium of banks including the State Bank of India was duped of Rs 452.62 crores and Bank of Baroda of Rs 73 crores. The first case was registered on the complaint from …

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