Page 5 - BANKING FINANCE JUNE 2016
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BANK UPDATE

BANKING

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SBI launches mobile app                   12,000 cases of card, Net banking fraud in April-Dec:
to control debit card                     Govt

frauds                                    Close to 12,000 cases of fraud related to credit/debit cards and Net banking were
                                                                         reported during April-December 2015. According to the
To check debit card frauds, SBI has                                      data made available by the Reserve Bank of India,
                    launched a facility                                  13,083 and 11,997 cases related to ATM/credit/debit
                    under 'SBI Quick:                                    cards and Net banking frauds were reported by banks
                    SMS and Missed                                       during 2014-15 and 2015-16 (up to December 2015),
                    Call Banking' ser-
                    vice, whereby cus-    respectively, Communications and IT Minister Ravi Shankar Prasad said in a writ-
                    tomers can choose     ten reply to the Rajya Sabha. "Over a period, the nature and pattern of incidents
                                          have become more sophisticated and complex," he added.
to activate or deactivate their cards
using various platforms.                  SBI may shut unfeasible branches abroad

Activation or deactivation of the         To consolidate and strengthen foreign business, State Bank of India (SBI) is look-
debit card can be done using plat-        ing at shutting some unviable branches abroad and is pre-
forms such as ATMs, point-of-sale         paring a three to five-year road map to spruce up interna-
(PoS) terminals, and e-commerce           tional operations. SBI would soon finalise business targets
websites. This can be done by just        for the current financial year (2016-17) and conduct a stra-
sending an SMS, SBI said.                 tegic review for a medium-term plan. B Sriram, managing director (corporate
                                          banking), said the lender had continuously reviewed its operations.
"While the facility of restricting debit
card usage is available on the            "Over the years, many regulatory changes have come about and compliance
internet banking platform of the          costs have also gone up. There could be some overseas branches that could have
bank, we had to find a way to pro-        become unviable over a period in relation to business volumes and costs. The
vide our customers with a simple but      bank might look at closing some of these," Sriram said.
effective solution to curb this men-
ace," said SBI Deputy Managing Di-        Axis Bank ransacked of Rs. 50 lakh
rector NK Chari.
                                          In a audacious heist, armed robbers had allegedly looted Rs. 50 lakh from a
SBI Quick, a mobile app, provides a       branch of Axis Bank at Maripur in Bihar's Muzaffarpur district. Scores of armed
range of services and works on the        miscreants barged into the Axis Bank branch at 10.30 am and robbed Rs. 50
condition that the SMS/missed call        lakh after briefly holding some bank employees hostage at gunpoint. They then
should come from the mobile num-          made a quick dash with the booty, Superintendent of Police, City, Anand Kumar,
ber registered with the bank.             said. The money had arrived from Patna by a vehicle, he said. A probe has been
                                          initiated into the incident, Kumar said, adding that the bank employees and
                                          customers were being questioned.

BANKING FINANCE |                         JUNE | 2016 | 5

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