From 1st December 2020, cash withdrawals at ATMs will require an OTP for transactions happening via PNB. The Punjab National Bank (PNB) has introduced the OTP-based cash withdrawal system to minimise unauthorised or fraudulent transactions at ATMs. This system has been launched after observing the increase in the cases of unauthorised withdrawals on accounts of…
Digital means of banking are improving every day with newer features and services. Contributing to the growth of internet banking, Yes Bank has introduced ‘Yes Online’, a new and improved platform with intelligent search and quick-action link tabs to bill payment, fund transfer, bank account statement check, and other popular services. Yes Online furnishes a…
On 5th November 2020, ICICI Bank Financial Institution launched a special banking programme for millennial customers called ‘ICICI Bank MINE’. ICICI MINE is India’s first comprehensive banking platform for customers from the age of 18 years to 35 years. Features of ICICI MINE Account Any person between the age of 18 to 35 years is…
Starting from 1st November, customers in some banks now have to pay convenience fees for deposit and withdrawal of money beyond the prescribed limit. Names of banks such as ICICI, Bank of Baroda, Axis Bank, PNB, and Central Bank have emerged in the reports. Even though banks are yet to take a final call on…
On 15th October 2020, ICICI Bank added new features in its WhatsApp Banking services using which customers can create fixed deposits, pay utility bills, and access trading finance details instantly. The primary objective of launching these services on WhatsApp is to make banking even more convenient and accessible for the customers. This service is available…
After a significant increase in the number of reported banking frauds, in the first half of 2020, RBI has signed and sealed new guidelines to secure debit cards and credit cards. These guidelines will be operative from 1st October 2020. RBI has also instructed all the banks as well as card-issuing companies to disable online…
IDBI Bank has recently enabled a new feature of document embedding with LC/BG (Letter of Credit/Bank Guarantee) messages over the SFMS(Structured Financial Messaging System) platform of IFTAS using the intermediate application i@Connect-SFMS. Also, IDBI is the first bank to enable this banking feature. Benefits of IDBI Bank’s New Document Embedding Feature This new feature of…
Being mindful of the mushrooming of fraudulent banking activities, State Bank of India has decided to improve and secure SBI ATM transactions for its customers. The bank has extended its OTP based cash withdrawal facility for withdrawals of Rs. 10,000 and above, w.e.f 18th September 2020. Earlier, SBI OTP security was furnished for all withdrawals…
The banking sector in India is making crucial changes in banking mechanisms by introducing digital means of accessing financial and non-financial services. Mobile banking and internet banking have undergone a prolific growth with instant payment systems and much more. Top banks in India have launched not just intuitive but also very interactive and innovative mobile…
