1. WEEKLY FINANCIAL SNIPPETS- 05/11/2016
1. RBI WANTS 10% OF BANK ATMs TO DISPENSE ONLY Rs 100/- NOTES: Reserve Bank of India
has said that it will conduct a pilot project wherein 10% of ATMs in the country will
exclusivelybe made todispense only Rs 100/- banknotes. This is undertaken to address the
genuine requirements of members of the public.
2. BANK TO REPORT FRAUDS OF Rs 1 CRORE AND ABOVE TO CVC: With several High-ticket
alleged frauds coming to the fore, Central Vigilance Commission ( CVC) has now made it
mandatory for public sector banks to report to it, all such matters involving funds over Rs
one crore. Forthis purpose CVChashiredfour General Manager ranked officers from banks
as advisors, who will recommend whether CBI probe can be further initiated or not.
3. AXIS BANK ENABLES SUBMISSION OF YOUR 15 G/H THROUGH MOBILE: Axis bank has
launched“InstaServices”toenable electronicsubmissionof Form15 G/H throughits mobile
application. With this, their customers need not visit the branches to submit these forms
and can submitthe formsat ease fromtheirhomes. Form 15 G/H are self-declaration forms
required to be furnished by the assesse to the bank for “nil” deduction of TDS (Tax
Deduction at Source) on interest income. Form 15G is for everyone and Form 15H is for
senior citizen.
4. E&Y (ERNST & YOUNG) SAYS RURAL INDIA CAN GET FINANCIAL COVER VIA MOBILE
SERVICES : London based professional service firm E&Y says that there is a large untapped
Indianrural population waiting to be covered under the financial net and this can be made
possible through mobile based services. Initiatives such as Jan Dhan Yozana that led to the
openingof 125 million new bank accounts indicate the appetite of financial services in the
country.Accordingto itssurvey,there isstill alarge (nearly47%) untappedpopulation to be
covered under the financial net.
5. 57 BORROWERS OWE BANKS WHOPPING Rs 85,000 CRORES: Only 57 borrowers have
defaultedonbanks worthwhoppingRs 85,000 crores.The Supreme Court(SC) saidthisafter
perusingareportsubmittedby RBI about persons who have taken loan worth Rs 500 crores
and above and defaulted. The SC asked the central Bank as to why their names should not
be made public.The SC benchalsoremarkedthatif the bar wasloweredbelow 500/- crores,
then the amount would cross over Rs one lakh crore.
6. WHAT HAPPENS TO YOUR MONEY WHEN YOU LOSE MONEY AFTER A DATA BREACH:
IndianBanks carried out the country’s biggest card replacement move after a massive data
breachthat had itssource in China. While this has been a proactive measure to protect the
interest of the customer, there are a few things one must be aware. If a customer loses
money due to the data breach then according to a draft issued by RBI, the concerned bank
is responsible for the same and the bank should credit the amount involved in the
unauthorised electronic transaction to the customer’s account within 10 working days.
Compiled by www.maacapitalsolutions.com