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
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.
Digital baking has been advancing by leaps and bounds. Banks as well as their customers are adopting modern banking solutions delightfully. Banks are moving from traditional banking to digital banking; which is far better than traditional banking. Banks have dramatically improved their banking facilities to provide high-quality and reliable services to their clients. Digital banking brings your bank accounts at your finger tips; you can carry out almost all of your banking right from your home or office. Online banking service, helping banks to eliminate queuing system at banks branches.Continue Reading
If we make a list of inventions that have made our life easier; then there’s no doubt that credits cards will come in top 10 such inventions. Credit cards have changed the way of carrying cash, making payments. We can use credit cards for e-shopping, cash withdraw, and for making online bill payments. Credit cards offer cashless payment methods; which eliminates the problem of carrying cash and also it reduces the risk of any individual getting loot. At the top, credits cards are universally accepted; that resolve the problem of carrying different currencies while traveling to different countries. An individual can track his/her monthly expenditure, and also can build a good credit history with the help of credit cards. Usually, Debit cards transactions cannot help you to build credit history; because no one keeps record of transactions made by debit cards. As everything has its pros and cons; therefore, credit cards have some advantages and disadvantages. In this article, we will be discussing on the benefits of credit cards; and we have covered disadvantages of credit cards in a separate article. Here are some benefits of having a credit card:Continue Reading
Card Verification Value (CVV) is a three digit number printed on the credit/debit card. It is also known as Card Security Code (CSC). Usually, Visa, Master card and Discover debit/credit cards have CVV numbers. CVV numbers are used when PIN (Personal Identification Number) cannot be used because of some security reasons.Continue Reading
State bank of India (SBI) provides a variety of cards to its customers e.g.- Master card, Visa card, and Maestro card etc. Usually, all master cards and visa cards have expiry dates and CVV numbers printed on them. You can find Valid from to Valid through dates on these cards; and you can also find CVV number on the back side of your debit card (it is a three digit number appearing in signature panel where you have signed) click to read “How to find CVV Number on Credit/Debit Card?” If you are a maestro debit card holder then you can readily find valid from date on your card but you cannot find expiry date on it; because old SBI maestro cards do not have expiry dates and CVV numbers printed on them.Continue Reading
Modern banking facilities allow you perform major banking activities right from your home or office. Banks provide many platforms to perform banking activities from anywhere and anytime like; SMS banking, USSD based banking, mobile banking, tele-banking, and internet banking etc. Now it’s possible to transfer funds using online banking services provided by the banks.Continue Reading