The RBI has asked banks to ensure customers’ lockers remain safe and there is “no negligence” that could render banks liable to claims by locker holders, Parliament was informed today. Besides, banks are being probed by the fair trade regulator CCI for alleged cartelisation in providing locker services to their customers. In a written reply to the Rajya Sabha, Corporate Affairs Minister Arun Jaitley said there is no specific circular by the Department of Financial Services asking banks to compensate customers for theft of articles from bank lockers. "... the banks have been advised by the RBI that it would be the responsibility of the banks to ensure the lockers remain safe and there is no negligence in the matter of safe-guarding the lockers that could render the banks concerned liable to claims by locker holders,” he said.
-Business Line
The Government today asserted that the new 500 and 2,000 rupee notes have single unique dimension. "Bank notes in each denomination has a distinct dimension. The size of new design ₹ 500 bank note is 66mm x 150mm and the size of new design ₹ 2,000 bank note is 66mm x 166mm," Minister of State for Finance Arjun Ram Meghwal said in a written reply to a question in the Rajya Sabha.
-Times of India
Cyber security preparedness is a continuous activity and the RBI has asked banks to periodically conduct vulnerability test, the finance ministry said today. In a written reply to the Rajya Sabha, Minister of State for Finance Santosh Kumar Gangwar said the RBI has issued Cyber Security Framework in Bank to help them deal with any future cyber attacks. 'WannaCry' ransomware attacks were reported from banks during May and June this year and a few computers in two bank branches and one ATM unit were impacted "though no data loss was reported", according to the RBI.
-Economic Times
Axis Bank has cut SB account interest rate by 50 bps to 3.5% on balances of up to ₹ 50 lakh.The bank said it will continue to offer 4% interest per annum on Says will continue to offer 4% interest per annum on SB account balance of ₹ 50 lakh and above.
-Business Line
Commonwealth Bank of Australia on Tuesday scrapped its CEO's bonus for damaging the bank's reputation amid allega- tions it broke money-laundering and counter-terrorism financing rules, but said he retained the board's confidence. Australia's financial intelligence agency last week accused the bank of roughly 53,700 breaches, launching a civil court action that could see the country's biggest lender fined several billion dollars.
-Business Line
India may soon take a call on how to deal with virtual currencies including bitcoins on the regulatory front with a government-appointed panel submitting its report to Finance Minister Arun Jaitley here recently. “The inter-disciplinary committee chaired by Special Secretary in Department of Economic Affairs has submitted its report,” an official said.The contents of the report have not yet been made public.
-Business Line
Leading bankers yesterday reviewed the progress on the 12 large stressed accounts named by the RBI resolution for action under the Insolvency and Bankruptcy Code (IBC).
-Economic Times
India’s farm sector received FDI worth ₹ 354.77 crore during April-May this year, Parliament was informed today. The data in this regard was placed before the Lok Sabha by Minister of State for Agriculture SS Ahluwalia.
-Business Line
Idea Cellular has filed an application before National Company Law Tribunal (NCLT), Ahmedabad Bench, seeking approval for its merger with Vodafone India and and Vodafone Mobile Services.
-Business Line
The IRDAI has asked LIC to reduce its stakes in L&T and ITC to 15% by Dec 2018. However, in companies where LIC has strategic invest- ments, like Corporation Bank and LIC Housing Finance, it does not have to reduce its stakes to 15% or less.
-Business Standard
The Department of Financial Services, Ministry of Finance, has set up a committee to resolve the pending issues of bank pensioners and retirees. Demands of the pensioners/retirees include 100% DA neutralisation for pre-2002 retirees; improvement in family pension, medical insurance and a medical benefit scheme; pension updation; second options to compulsorily retired officers and resignees who have put in a pensionable service. The UFBU had taken up the issues mentioned in the record note of the last bipartite settlement during the ongoing negotiations for the 11th settlement. During the meeting with the Chairman of the IBA sub-committee in charge of negotiations on Aug 1, the UFBU had taken up them and had received a favourable response.
-Business Line
The benchmark Sensex plunged nearly 260 points at the closing trade on concerns over a broad government crack- down on suspected illegal offshore transfers and tax evasion after an unexpected regulatory order by the capital markets regulator.
-Business Line
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