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Yay! Rs 5000 Will Be The Max Consumer Liability In Case Of Bank Transaction Fraud: RBI
Mohul Ghosh
Rupee transaction fraud Money-001
Amidst rising digital transactions all over the country, the issue of transaction frauds is also cropping up, with the same proportion. And these rising complaints and feedbacks related to such frauds are being noticed.
Deputy Governor of Reserve Bank of India, S Mundra, has announced a series of banking reforms, which will create a more robust ‘safety net’ for the consumers.
Besides, the option of bank portability was also talked, which will allow consumers to change their banks, without changing their bank account numbers.
Let’s talk about revolution in banking sector here…
Rs 5000 Maximum Liability For Consumers In Fraud
S Mundra has suggested that in the wake of rising frauds in digital transactions, a limit must be set which safeguards the consumer, and protects his interests.
In August 2016, a draft was circulated by RBI which put a limit of Rs 5000 as consumer liability in case of any transaction fraud. It wasn’t executed due to ambiguity in guidelines, but now, it seems that RBI will implement the same.
The only condition is that the matter must be reported within 7 days of its occurrence.
And, in case the transaction fraud happened due to system failure from the bank’s end, then there shall be zero liability from the customer. The incident needs to be reported within 3 days though.
Mundra also lashed at those banks which intentionally add unnecessary third party products and charges without the customer’s consent, or by misguiding them,
He said, “Banks have been granted the autonomy to fix fees and charges, but it should not be used to deny services to the common man. We are seeing this worrying trend in some organisations. Imposition of usurious charges will be one of the three main focus areas during the annual supervisory cycle this year,”
Special Check on Fraud Cheques; Assistance for Senior Citizens
RBI will make special checks to curb the issue of fraud and fake cheques, and transactions being carried over. As per Mundra, sometimes the print quality of cheques are so bad that the user is unable to locate authentic cheques.
Besides, senior citizens will now receive a summary of monthly transactions, that they are aware of any fraud transactions.
On the issue of bank portability, he said, “Two years ago, I had mentioned this subject of bank account portability: This is now very much in the realm of possibility thanks to the success of Aadhaar and systems such as IMPS.”
We had reported on the suggestion of bank portability in 2012, which, it seems, would be now finally implemented.
Highlighting the importance of good and honest banking protocols, he said that in case any bank is not delivering services in an efficient manner, the customer will now ‘silently move over to the other bank’.
We hope that the suggestions and plans shared by RBI Deputy Governor are executed, and banking industry witnesses a transformation.
We will keep you updated.
http://trak.in/tags/business/2017/06/01/consumer-liability-bank-transaction-fraud-rbi/
Mohul Ghosh
Rupee transaction fraud Money-001
Amidst rising digital transactions all over the country, the issue of transaction frauds is also cropping up, with the same proportion. And these rising complaints and feedbacks related to such frauds are being noticed.
Deputy Governor of Reserve Bank of India, S Mundra, has announced a series of banking reforms, which will create a more robust ‘safety net’ for the consumers.
Besides, the option of bank portability was also talked, which will allow consumers to change their banks, without changing their bank account numbers.
Let’s talk about revolution in banking sector here…
Rs 5000 Maximum Liability For Consumers In Fraud
S Mundra has suggested that in the wake of rising frauds in digital transactions, a limit must be set which safeguards the consumer, and protects his interests.
In August 2016, a draft was circulated by RBI which put a limit of Rs 5000 as consumer liability in case of any transaction fraud. It wasn’t executed due to ambiguity in guidelines, but now, it seems that RBI will implement the same.
The only condition is that the matter must be reported within 7 days of its occurrence.
And, in case the transaction fraud happened due to system failure from the bank’s end, then there shall be zero liability from the customer. The incident needs to be reported within 3 days though.
Mundra also lashed at those banks which intentionally add unnecessary third party products and charges without the customer’s consent, or by misguiding them,
He said, “Banks have been granted the autonomy to fix fees and charges, but it should not be used to deny services to the common man. We are seeing this worrying trend in some organisations. Imposition of usurious charges will be one of the three main focus areas during the annual supervisory cycle this year,”
Special Check on Fraud Cheques; Assistance for Senior Citizens
RBI will make special checks to curb the issue of fraud and fake cheques, and transactions being carried over. As per Mundra, sometimes the print quality of cheques are so bad that the user is unable to locate authentic cheques.
Besides, senior citizens will now receive a summary of monthly transactions, that they are aware of any fraud transactions.
On the issue of bank portability, he said, “Two years ago, I had mentioned this subject of bank account portability: This is now very much in the realm of possibility thanks to the success of Aadhaar and systems such as IMPS.”
We had reported on the suggestion of bank portability in 2012, which, it seems, would be now finally implemented.
Highlighting the importance of good and honest banking protocols, he said that in case any bank is not delivering services in an efficient manner, the customer will now ‘silently move over to the other bank’.
We hope that the suggestions and plans shared by RBI Deputy Governor are executed, and banking industry witnesses a transformation.
We will keep you updated.
http://trak.in/tags/business/2017/06/01/consumer-liability-bank-transaction-fraud-rbi/
IT Sector
Bengaluru techies approach state Labour Commissioner over IT layoffs, submit petitions
They raised concerns over "illegal terminations" by IT majors.
Thursday, June 01, 2017 - 18:59
Joining the growing number of techies who have been approaching the government over the reported layoffs in the Indian IT sector, the Bengaluru chapter of the Forum For IT Employees (FITE) on Thursday met the Karnataka Labour Commissioner.
The group submitted two petitions to Labour Commissioner RR Jannu and raised their concerns regarding, what they deem as "illegal terminations" by IT majors.
"The group petition was filed on behalf of four employees of Tech Mahindra. While two employees have been asked to resign by the management, the others have already put in their papers and are serving their notice period. The individual petition has been filed by a Wipro employee," Rajesh Natarajan, a techie and member of FITE, said.
Rajesh added that they had a nearly one-hour-long meeting with the Commissioner where they voiced their grievances and the latter told them that he would look into the issue.
The Chennai chapter of FITE was the first to file a petition with the state Labour Commission, following which affected employees in Pune and Hyderabad have also approached their respective governments.
"And this is not just a Tech Mahindra issue. Several other companies like Cognizant, HP and IBM are also doing the same," Rajesh stated.
Most companies so far have denied reports of layoffs and instead said that there are only performance-based exits.
In the midst of the uncertainty, statements made by Infosys co-founder NR Narayana Murthy in recent interviews might allay fears regarding the gravity of the current crisis.
"We have gone through these troughs several times in the past. We went through that in 2008, we went through that in 2001 at the time of internet bust. So, this is nothing new. Therefore, there is no need for us to become extremely anxious," he told ET Now's Chandra R Srikanth.
Read: Narayana Murthy’s remedy for IT layoffs: Pay cut for seniors, new skills for youngsters
He also spoke about the need for "compassionate capitalism" stating that "Employees should be the last to suffer".
Focus on automation is also said to be one of the reasons behind pruning the workforce in the sector. Factors such as tighter H-1B visa regulations in the US are also speculated to hit the industry.
Just last month, Infosys announced it will hire 10,000 American workers over the next two years.
When asked about what changes techies need to adopt in order to keep up with the fast moving industry, Navin Budhiraja, head of architecture and technology at Infosys, told Quartz's Ananya Bhattacharya,
"The pace of change is very different from how things have been in the past. It is becoming incumbent for everybody to create this workforce, as Vishal (Infosys CEO Vishal Sikka) calls it, 'full of innovatives.' This cannot be just a chosen few in the company. It has to be kind of grassroots because everybody is getting impacted…It needs to happen in all parts of the company. People who work with customers, people who work in operations, and so on and so forth."
http://www.thenewsminute.com/articl...sioner-over-it-layoffs-submit-petitions-62987
Bengaluru techies approach state Labour Commissioner over IT layoffs, submit petitions
They raised concerns over "illegal terminations" by IT majors.
Thursday, June 01, 2017 - 18:59
Joining the growing number of techies who have been approaching the government over the reported layoffs in the Indian IT sector, the Bengaluru chapter of the Forum For IT Employees (FITE) on Thursday met the Karnataka Labour Commissioner.
The group submitted two petitions to Labour Commissioner RR Jannu and raised their concerns regarding, what they deem as "illegal terminations" by IT majors.
"The group petition was filed on behalf of four employees of Tech Mahindra. While two employees have been asked to resign by the management, the others have already put in their papers and are serving their notice period. The individual petition has been filed by a Wipro employee," Rajesh Natarajan, a techie and member of FITE, said.
Rajesh added that they had a nearly one-hour-long meeting with the Commissioner where they voiced their grievances and the latter told them that he would look into the issue.
The Chennai chapter of FITE was the first to file a petition with the state Labour Commission, following which affected employees in Pune and Hyderabad have also approached their respective governments.
"And this is not just a Tech Mahindra issue. Several other companies like Cognizant, HP and IBM are also doing the same," Rajesh stated.
Most companies so far have denied reports of layoffs and instead said that there are only performance-based exits.
In the midst of the uncertainty, statements made by Infosys co-founder NR Narayana Murthy in recent interviews might allay fears regarding the gravity of the current crisis.
"We have gone through these troughs several times in the past. We went through that in 2008, we went through that in 2001 at the time of internet bust. So, this is nothing new. Therefore, there is no need for us to become extremely anxious," he told ET Now's Chandra R Srikanth.
Read: Narayana Murthy’s remedy for IT layoffs: Pay cut for seniors, new skills for youngsters
He also spoke about the need for "compassionate capitalism" stating that "Employees should be the last to suffer".
Focus on automation is also said to be one of the reasons behind pruning the workforce in the sector. Factors such as tighter H-1B visa regulations in the US are also speculated to hit the industry.
Just last month, Infosys announced it will hire 10,000 American workers over the next two years.
When asked about what changes techies need to adopt in order to keep up with the fast moving industry, Navin Budhiraja, head of architecture and technology at Infosys, told Quartz's Ananya Bhattacharya,
"The pace of change is very different from how things have been in the past. It is becoming incumbent for everybody to create this workforce, as Vishal (Infosys CEO Vishal Sikka) calls it, 'full of innovatives.' This cannot be just a chosen few in the company. It has to be kind of grassroots because everybody is getting impacted…It needs to happen in all parts of the company. People who work with customers, people who work in operations, and so on and so forth."
http://www.thenewsminute.com/articl...sioner-over-it-layoffs-submit-petitions-62987
There is a visible divergence in OBV over yesterday. We had made a lower high from where we are at present but OBV is a lot lower at higher price levels. (Indicating that there was a lack of volumes in today's upmove. We are also below PDC of today in OBV but are close to high's of price for today). Please do your own due diligence.
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