Tag: ministry of home affairs

Bajaj Finance Urges Customers to Stay Safe Against Online Frauds on Electronic Platform During Festive Season, BFSI News, ET BFSI

Personal Finance

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Bajaj Finance Limited cautions its customers and the public at large to stay vigilant against online loan frauds and other types of frauds on electronic platform during this festive season. As a part of the Cybersecurity Awareness Month, the company issued an advisory to its customers over email and on their social media platforms, urging them to stay alert of the growing incidences of cyber frauds and how to stay safe online.

With festive season around, consumers are more prone to availing instant loans, shopping online, seeking various discounts and cashback offers which make them vulnerable to fall into the trap of cyber frauds. So, it’s critical that consumers remain alert and informed about frauds such as (including, but not limited to) fake ads on social media, website impersonation, identity theft, fake job offers, vishing, phishing, sim swapping, UPI frauds, fake loan approval letters, ‘too good to be true loan offers’, suspicious phone calls, phone calls by impersonators claiming to be representatives of Bajaj Finance Ltd., suspicious links received on SMS or on various messenger platforms etc. (“frauds on electronic platform”).

The awareness advisory is a part of the continuous efforts of the company towards educating customers about frauds on electronic platform, the modus operandi of fraudsters who target unsuspecting users to carry out loan frauds and cyber security scams and the necessary safety measures to follow to avoid getting duped.



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SBI’s New Delhi Main Branch opens over 13,000 FCRA accounts, BFSI News, ET BFSI

Banking & Finance

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The New Delhi Main Branch (NDMB) of State Bank of India (SBI) has opened 13,729 Foreign Contribution (Regulation) Act (FCRA) accounts till date. This branch was designated to open FCRA accounts by Ministry of Home Affairs (MHA) in October 2020.

Out of the total 22598 active FCRA Associations, 17611 entities (NGOs and Associations) approached SBI for opening of FCRA Accounts. The bank has already opened accounts of 78% of the applicants. The rest of the accounts will be initiated once their pending documentation formalities are completed.

The lender said, “SBI in co-ordination with MHA and Department of Financial Services (DFs) also devised a Standard Operating Procedure (SOP) to open and operate the FCRA Account, which is available on bank’s website and FCRAONLINE – an e-governance initiative by MHA. Further the NDMB of SBI conducted as many as 28 webinars to prepare and guide FCRA Associations about opening of FCRA Accounts.”

The bank said that all the SBI branches are authorized to receive Account Opening Application from FCRA Associations. The branches submit those forms and documents to the NDMB through email. In many cases the documentation was conducted in multiple branches to enable signatories at different locations. It also said that through its robust network of branches, functionaries of FCRA Associations can process their account opening formalities from their nearest SBI branch without having to visit the NDMB.

The Foreign Contribution (Regulation) Amendment Bill, 2020 was introduced in Lok Sabha on September 20, 2020. The Act regulates the acceptance and utilisation of foreign contribution by individuals, associations and companies. Also a new provision – that makes it mandatory for all non-government organisations and associations to receive foreign funds in a designated bank account (SBI’s New Delhi Main Branch) – was inserted.



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Finance ministry requests health, home ministries for vaccination of bank employees on priority basis, BFSI News, ET BFSI

Banking & Finance

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The union finance ministry has requested the health and home ministries for issuing instructions for enabling COVID-19 vaccination of employees of banks and National Payments Corporation of India on priority basis.

This will go a long way in assuring bank employees about safety of themselves and their families and also boost their morale in continuing to provide their services to customers even in these difficult times when the fresh wave has swept many states, the finance ministry in its recent communication said.

Out of total strength of 13.5 lakh employees in the banking sector, about 600 unfortunate deaths due to COVID-19 were recorded, as per the Indian Banks’ Association (IBA) data.

In percentage terms, 0.04 per cent of total strength lost their lives.

The communication to the Ministry of Health and Family Welfare and the Ministry of Home Affairs emphasised important role of bankers during disbursal and withdrawal of benefits transferred under the Pradhan Mantri Garib Kalyan Yojana.

Similarly, it said, the reliance on digital mode of payments increased and employees of National Payments Corporation of India (NPCI) played critical role in ensuring unhindered services.

The IBA in the last month had written a letter addressed to Secretary Health and Family Welfare for inclusion of bank employees for vaccination on priority basis given their role their important role in running the economy.

The association had requested the ministry for free vaccination on priority basis.

With the new variant of mutant virus, the risk has increased manifold for those who are not vaccinated, the IBA had said.

Quoting observation of the Parliamentary Standing Committee on Home Affairs, IBA had said the committee appreciated the efforts and pain taken by the banking sector for providing uninterrupted and seamless banking facility during the COVID-19 outbreak.

While recognising good work done by the banking sector, the committee emphasised that they be declared COVID-19 warriors, IBA letter to Health Secretary said.



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