More than 3.2 million debit card PINs have been compromised after a serious banking security breach. Many renowned Indian banks have been affected by this breach. The incident happened in such a time when banking sector, around the globe, is evolving at a very rapid pace and banks are encouraging customers to adapt online banking solutions. It is indeed that banks do their best to protect financial and personal information of customers but such security threats put question mark on banks’ security systems.Continue Reading
ATMs are a convenient way to perform banking related activities. ATMs offer a bunch of facilities such as, money transfer, cash withdraw, and bill payments etc, but they also come with some serious financial security risks. Banks spend large amount of money to provide safety at ATMs, even though we can read an ATM fraud case on our daily newspaper. After notifying some incidents of ATM frauds, we decided to write a post on ATM safety for our readers. You can take some simple measures to safeguard yourself against any fraud.Continue Reading
Punjab National Bank has launched a smartphone app for PNB and Non-PNB customers. This app is tailored to help customers find nearest PNB ATMs with the help of Global Positioning System (GPS) or ATM address.
Modern banks provide superior level of services for their customers. Many online banking solutions have been eliminating queuing system at bank branches. Internet banking or online banking is a core banking solution; which allows users to perform transactional and non-transactional banking activities. In the hustle and bustle of daily life, no one has sufficient time to visit a bank branch to perform a banking activity. Banks have taken this issue into account and introduced many online baking solutions to offer more freedom to customers. Internet banking is a one stop solution for all banking needs; with online banking or internet banking, customers can perform transactional and non-transactional banking anytime, anywhere.
To provide financial services in affordable manner to the weaker sections and low-income segments, in the annual statement policy 2005, Reserve Bank of India had advised banks to review their existing account related conditions to align them with the objective of financial inclusion. With a clear goal to achieve higher financial inclusion, banks were advised to offer ‘no-frills’ accounts either with nil or very low minimum balance requirements and also with no or low charges. When they didn’t see any significant growth in financial inclusion (after offering ‘no-frills’ accounts); then RBI had decided to modify the guidelines to open basic banking ‘no-frills’ accounts.
Usually, before issuing a credit card an authority (Bank) sees your annual income, bank history, monthly income source, age, profession ( salaried or non-salaried) etc. Banks also use your CIBIL report to decide whether to issue you a credit card or not. If you do not have a regular income source or your income is less than 2 lacs per annum then your chances of getting a credit card is almost zero percent. A lender does not want to get in trouble after issuing a credit card to someone who does not have the capability to pay his dues. That’s why, banks reject many applications of credit card. During the past decade, the demand of credit cards has been increased dramatically. The very first reason is, increase in online shopping and online services. (See: 8 undeniable reasons to have a credit card)Continue Reading