Banking Awareness 25th November 2016 | Financial Affairs 25th November 2016

IDBI Bank to recruit 500 executives on contractual basislogoidbibank

Candidates in the age bracket of 20 to 25 can apply

  • IDBI Bank is recruiting 500 executives on a contractual basis. The bank has invited applications from candidates in the age bracket of 20 to 25.
  • Details regarding the application procedure, eligibility criteria and centres where the online exam would be conducted are available on the bank’s website.

IDBI Ranking

It is currently 10th largest development bank in the world.

‘Banking sector needs timely tracking of information security breaches’


(IDRBT) has stressed to track the security breaches

  • The Institute for Development and Research in Banking Technology (IDRBT) has stressed the need for timely tracking of information security breaches in banking industry.
  • AS Ramasasthri Director of IDRBT said that the present scenario where the focus is more on moving towards technology products, there is an urgent need for improving confidence level on these products.

Recent Cyber attacks

SBI blocks 6 lakh debit cards to ward off security threat

YES Bank, Gujarat Roadways join hands to digitise bus travel payments


GSRTC to digitise payment of bus tickets for its customers.

  • YES Bank, the fifth largest private sector bank, on Thursday announced a partnership with Gujarat State Road Transport Corporation (GSRTC) to digitise payment of bus tickets for its customers.
  • The initiative will cover all municipal corporation locations and multiple cities including Ahmedabad, Rajkot, Vadodara and towns including Bhuj, Dahod, Palanpur and Valsad.


Percentage of cash transaction will go digitilised.

South Indian Bank launches contactless debit card


NFC technology makes the contactless cards very secure

  • South Indian Bank has announced the launch of its contactless debit card. The Near Field Communication (NFC) technology makes the contactless cards very secure, as the card does not leave the cardholder’s possession.
  • Customers can also opt to use their card as a normal CHIP card and transact in a ‘contact’ mode too. Once the merchant enters the purchase amount in the contactless PoS terminal, the customer simply has to just wave the card on the terminal and the payment is processed wirelessly in a fast and secure manner.

Three major utilizations

  • Identification
  • Authentication
  • Tracking.

I-T law may be amended to formalise penalty


  • The Union Cabinet is understood to have given its nod late on Thursday evening for a Bill to amend the income-tax law in the context of the recent demonetisation announcement of November 8.
  • The intent is to modify existing penalty provisions in the income-tax law so as to enable the taxman to levy a penalty of up to 200 per cent on certain high-value deposits made into bank accounts from November 9 to December 31 this year.

Article 265

No tax shall be levied or collected except by the authority of law

Two variants of new Rs 500 note surface


RBI says printing defect due to rush

Just two weeks into circulation, there are already different variants of the new Reserve Bank of India (RBI) Rs 500 notes+ , which experts fear could not only create confusion in the minds of the citizens but also aid countering which was one of the top objectives of Centre’s demonetization move and introduction of new notes.

Rs 155.11 crore

Amount of counterfeiting notes found in India.

Nepal bans new Indian currency notes


It will accept only if Foreign Exchange Management Act is done.

  • Nepal Rastra Bank banned the use of India’s new currency notes of Rs. 500 and Rs. 2,000 denomination, terming them “unauthorised and illegal”
  • RBI had formed a task force to ease currency exchange facility in Nepal for non-Indians who possess the now-defunct notes of 500 and 1,000 denominations.

Rs. 25,000

Nepal in 2015 allowed people to carry Indian Rupees

Associate banks’ merger exercise on track: SBI chief


SBI remains unaffected by the demonetisation move.

  • State Bank of India Chairperson Arundhati Bhattacharya today confirmed that the merger of associate banks with SBI itself is on track and remains unaffected by the demonetisation move.
  • She added there is a separate team working on this and they are not into demonetisation exercise.

Arundhati Bhattacharya

She is the first woman to lead an India-based Fortune 500 company.

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