Virus - Beware

cyber security sleuths have detected a 'black' private information stealing virus in the Indian online banking transactions space and have alerted consumers who swipe debit or credit cards at shopping counters to make payments.

The 'severely' spreading virus of the Trojan family has been detected conducting its clandestine operations at the point of sale counters placed at retail terminals after the RBI made it mandatory in December last year for debit cards holders to punch in their PIN every time they make a purchase.

Bank of India loan against property scheme

Public sector lender Bank of India is giving Loan against Property at 11.75%. The loan can be taken for your personal and business needs. The maximum loan amount is Rs.5 crore and the repayment period is maximum 12 years.

RBI directive to Banks on Loan against gold

In its directive dated 20th January 2014 the RBI has directed banks that ,

As a prudential measure, it has been decided to prescribe a Loan to Value (LTV) Ratio of not exceeding 75 per cent for banks’ lending against Gold jewellery (including bullet repayment loans against pledge of gold jewellery). Therefore, henceforth loans sanctioned by banks should not exceed 75 per cent of the value of gold ornaments and jewellery.

In order to standardize the valuation and make it more transparent to the borrower, it has been decided that gold jewellery accepted as security/collateral will have to be valued at the average of the closing price of 22 carat gold for the preceding 30 days as quoted by the India Bullion and Jewellers Association Ltd. [Formerly known as the Bombay Bullion Association Ltd. (BBA)]. If the gold is of purity less than 22 carats, the bank should translate the collateral into 22 carat and value the exact grams of the collateral. In other words, jewellery of lower purity of gold shall be valued proportionately.

Andhra Bank plans exclusive locker centres

Andhra Bank is planning to set up exclusive locker centres across the state. CVR Rajendran, its CMD, said currently lockers were available at only bank branches, and due to heavy demand and lack of space they were not able to provide lockers to every customer. "In view of this, we are planning to set up exclusive locker centres, which will not only enable the bank to satisfy its customers but also earn additional revenues for it," he said.

ATM Fee

Levying of fee on ATM transactions appears imminent, thanks to the need to provide security at ATMs. As on November last year, there were 1.37 lakh ATMs in the country. Apart from adding to the customer convenience by facilitating withdrawals round the clock, the speedy expansion of ATMs in the last one decade has business implications for banks as well. Currently, bankers say transaction at a branch costs about Rs 40 as against Rs 20 through an ATM. So, these automated teller machines are a win-win for banks and customers.