Bank of Baroda (BOB) has introduced 2 new premium debit cards for its customers. One of these is BoB World Opulence. This is a Metal Edition Super Premium Visa Infinite Debit Card. The second premium debit card of the bank is BoB World Sapphire. 

This is a Visa Signature Debit Card. Both these new premium debit cards have been designed keeping in mind the high net worth individual customers of the bank, Bank of Baroda said in a statement. Both these debit cards are very good and you will get tremendous rewards on this card. 

Out of these, the debit card of the second variant is available in two sub-variants of BoB World Sapphire. The bank has given special offers on this card on the basis of gender.

Account holders already connected with the Bank of Baroda can apply for both these new premium debit cards through any branch. One can also apply for these Premium Debit Cards with the help of the Bank’s BOB World Mobile Banking App. 

By opening a new account in any Bank of Baroda branch, account holders can choose one of the premium debit cards and apply for the same.

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Smaller merchants have asked for a postponement of the compliance date, but the central bank has given no indication that there would likely be one, according to three financial and merchants source with access to the situation who spoke to Reuters.

A comment request sent through email to the Reserve Bank of India (RBI) was not answered. 

According to a banker at a sizable state-owned bank, “the general perception is that banks, cards networks, and (bigger) retailers are better prepared, therefore the pressure from eco-system perspective for an extension has also not been enormous and we haven’t gotten any signal to recommend an extension either.” It will come as a surprise if it does, he continued.

India began a significant campaign three years ago to protect card data by requiring businesses to tokenize cards by September 30.

Card information is replaced by a unique code or token generated by an algorithm, strengthening data security and allowing online purchases without exposing card information.

The RBI originally enacted the regulations in 2019 and, following many extensions, has mandated that all Indian businesses delete any stored debit and credit card information by October 1, 2022.

Smaller businesses may run into difficulties, which, according to them, might result in lost revenue for them over the short term, despite the fact that banks, card firms, and huge shops are prepared.

Additionally, merchant groups have contacted the reserve bank to request an extension of time. After tokenization standards are implemented, several retailers and bankers worry that card-related transactions may temporarily decline. 

Payments frequently stop if a new element of friction is introduced. There are also concerns that at first, we might have repeated dips at levels similar to what we had noticed. 

Rohit Kumar, a co-founder of the public policy institute, Repeated payments failed by 10% to 15%, according to merchants, while the prior tokenization deadline was approaching.

Since card information won’t be held on the merchant servers, Rajaram Suresh of Boston Consulting Group noted that in addition to payments, other items need to be benchmarked including what goes when an item is returned and other post-transaction activities.

In contrast to India, where it is required, European stakeholders have indeed been urged to tokenize cards for security reasons, Suresh continued. 

Analysts contend that tokenization is essential at a point when digital payments are anticipated to exceed the $10 trillion level by 2026.

According to data from the central bank, fraud involving card or online transactions has been on the increase and accounted for 34.6% of all fraud instances in FY21.

Customers will embrace this faster this time around without much commotion, according to Jagdish Kumar, senior director of Worldline India.

Because consumers are used to one-click checkout, he continued, “adoption may take longer time, and many individuals may switch to cash.

Author: Astha Singh

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SBI launches ‘SIM Binding’ feature for YONO: Recently, India’s largest lender State Bank of India (SBI) has introduced a new and advanced security feature called ‘SIM Binding’ for its YONO and YONO Lite apps to protect customers from various digital frauds.

Under this new SIM binding feature, YONO and YONO Lite apps will work only on those devices whose mobile number of SIM is registered with the bank. The main objective of the new version of the platform is to provide better security to the customers and provide them with a convenient and secure online banking experience.

SBI customers will need to update their mobile app to get access to the new version of YONO and YONO Lite with enhanced security features to avail the new service. Customers have to register themselves with the device which has the SIM of the registered contact number.

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(हाल ही मे, भारत के सबसे बड़े ऋणदाता भारतीय स्टेट बैंक (SBI) ने ग्राहकों को विभिन्न डिजिटल धोखाधड़ी से बचाने के लिए अपने योनो और योनो लाइट ऐप के लिए ‘सिम बाइंडिंग (SIM Binding)’ नामक एक नई और उन्नत सुरक्षा सुविधा की शुरुआत की|) 

(इस नए सिम बाइंडिंग फीचर के तहत, YONO और YONO Lite ऐप केवल उन्हीं डिवाइस पर काम करेंगे, जिनके मोबाइल नंबर की सिम बैंक में रजिस्टर्ड होगी| प्लेटफ़ॉर्म के नए संस्करण का मुख्य उद्देश्य ग्राहकों को बेहतर सुरक्षा प्रदान करना और उन्हें सुविधाजनक और सुरक्षित ऑनलाइन बैंकिंग अनुभव प्रदान करना है|)

(नई सेवा का लाभ उठाने के लिए बढ़ी हुई सुरक्षा सुविधाओं के साथ योनो (YONO) और योनो लाइट (YONO Lite) के नए संस्करण तक पहुंच प्राप्त करने के लिए एसबीआई ग्राहकों को अपने मोबाइल ऐप को अपडेट करना पड़ेगा| ग्राहकों को उस डिवाइस के साथ खुद को पंजीकृत करना होगा जिसमें पंजीकृत संपर्क नंबर का सिम है|)

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Recently, the Reserve Bank of India has imposed a penalty of Rs 10 crore on HDFC Bank for deficiencies in regulatory compliance found in the bank’s auto loan portfolio. According to RBI, HDFC Bank has violated the provisions of Section 6(2) and Section 8 of the Banking Regulation Act, 1949.

After receiving a complaint from an informant, the RBI conducted an examination into the marketing and sale of third-party non-financial products to the bank’s auto loan customers and found that the bank was in violation of regulatory directions. RBI has imposed monetary penalty in the exercise of powers vested by the central bank under the provisions of section 47A(1)(c) read with section 46(4)(i) of the Banking Regulation Act.

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हाल ही में भारतीय रिजर्व बैंक ने बैंक के ऑटो ऋण पोर्टफोलियो में पाई गई नियामक अनुपालन में कमियों के लिए HDFC बैंक पर 10 करोड़ रुपये का जुर्माना लगाया गया है।  RBI के अनुसार, HDFC बैंक ने बैंकिंग विनियमन अधिनियम, 1949 की धारा 6(2) और धारा 8 के प्रावधानों का उल्लंघन किया है। 

इसमें एक मुखबिर से शिकायत प्राप्त करने के बाद, RBI ने बैंक के ऑटो ऋण ग्राहकों को तीसरे पक्ष के गैर-वित्तीय उत्पादों के विपणन और बिक्री में एक परीक्षा आयोजित की और पाया कि बैंक नियामक निर्देशों का उल्लंघन हो रहा था। RBI ने बैंकिंग विनियमन अधिनियम की धारा 46(4)(i) के साथ पठित धारा 47A(1)(c) के प्रावधानों के तहत केंद्रीय बैंक द्वारा निहित शक्तियों के प्रयोग में मौद्रिक दंड लगाया गया है। 

Recently, SBI Funds Management Private Limited has stated that it has become the first mutual fund house in India to cross average assets of Rs 5 lakh crore under management (AAUM).

SBI MF has increased by 35% during FY 2020-21, raising its average AUM from Rs 3.73 lakh crore to Rs 5.04 lakh crore.

SBI Funds Management Private Limited is a joint venture between India’s largest lender, State Bank of India, and Europe’s largest asset manager, Amundi. The SIP book of the fund house has increased from Rs 1,180 crore to Rs 1,382 crore as compared to the previous year, an increase of 17%.

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(हाल ही में, SBI फंड्स मैनेजमेंट प्राइवेट लिमिटेड ने बताय है कि वह प्रबंधन (AAUM) के तहत 5 लाख करोड़ रुपये की औसत संपत्ति पार करने वाला भारत का पहला म्यूचुअल फंड हाउस बन गया है|) 

(SBI MF ने वित्त वर्ष 2020-21 के दौरान 35% की वृद्धि की है, जिससे उसका औसत AUM 3.73 लाख करोड़ रुपये से बढ़कर 5.04 लाख करोड़ रुपये हो गया|) 

(SBI फंड्स मैनेजमेंट प्राइवेट लिमिटेड भारत के सबसे बड़े ऋणदाता, भारतीय स्टेट बैंक और यूरोप के सबसे बड़े संपत्ति प्रबंधक, अमुंडी (Amundi) के बीच एक संयुक्त उद्यम है|  फंड हाउस की SIP बुक पिछले वर्ष की तुलना में 1,180 करोड़ रुपये से बढ़कर 1,382 करोड़ रुपये हो गई है, जिसमें 17% की वृद्धि हुई है|)

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Recently, the Reserve Bank of India (RBI) has imposed a fine of Rs 2 crore on the country’s largest bank ‘State Bank of India’ (SBI) for violating the Bank Regulation Act.

The RBI states that during the statutory inquiry and risk assessment report of the bank’s financial position on March 31, 2017, and March 31, 2018, it was found that the bank has given rules and guidelines in the remuneration given to its employees as commission. Has been violated.

The Reserve Bank has imposed a penalty of Rs 2 crore on SBI for violation of section 10 (1) (b) (ii) of the Banking Regulation Act 1949 and disregard of the guidelines for payment of remuneration as commission to employees.

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(हाल ही में, भारतीय रिजर्व बैंक (आरबीआई) ने देश के सबसे बड़े बैंक ‘स्टेट बैंक ऑफ इंडिया’ (एसबीआई) पर बैंक नियमन कानून के उल्लंघन करने के चलते दो करोड़ रुपये का जुर्माना लगाया है |) 

(आरबीआई का कहना है कि 31 मार्च, 2017 और 31 मार्च 2018 को बैंक की वित्‍तीय स्थिति की वैधानिक जांच और रिस्‍क असेसमेंट रिपोर्ट के दौरान यह पाया गया कि बैंक ने कमीशन के रूप में अपने कर्मचारियों को दिए जाने वाले पारितोषिक में नियम एवं दिशा-निर्देशों का उल्‍लंघन किया है |) 

(रिजर्व बैंक ने बैंकिंग रेग्युलेशन ऐक्ट 1949 के सेक्शन 10 (1) (b) (ii) के उल्लंघन और कर्मचारियों को कमीशन के रूप में पारिश्रमिक भुगतान संबंधी गाइडलाइन की अनदेखी के कारण एसबीआई पर 2 करोड़ का जुर्माना लगाया है |)

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Recently, Tamil Nadu Chief Minister K. Palaniswamy has launched an RU-Pay-powered ‘Namma Chennai Smart Card’ in Chennai on 23 February. ICICI Bank has partnered with Greater Chennai Corporation (GCC) and Chennai Smart City Limited (CSCL) for the launch of the Namma Chennai Smart Card.

It is a Ru-Pay operated co-branded, contactless prepaid card, which will facilitate various digital payments such as taxes and utility bill payments at GCC centres. The prepaid card facilitates retail payments in Chennai as well as retail stores and e-commerce websites across the country.

In Namah Chennai Smart Card, residents can manage online basically on a dedicated customer portal. These include features like card block / unblock, activation, pin-reset etc.

Recently the Reserve Bank of India (RBI) has included the State Bank of Sikkim under its regulation. Till now, RBI had the right and obligation to act as a banker to all the state government except the state government of Sikkim. Now the bank will be regulated by the Reserve Bank on par with other banks, however, the ownership structure of the bank will not change. Rather the facilities will increase.

About State Bank of Sikkim:

• The State Bank of Sikkim was established in 1968 as a wholly-owned autonomous body of the Government of Sikkim 1968, five years before Sikkim became part of India.
• It was established under the State Bank of Sikkim Proclamation, 1968.
• The bank provides treasury operations for the state government and operates only under the jurisdiction of Sikkim.
• The bank currently has 42 branch offices and operates three revenue counters for government functions.

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हाल ही में भारतीय रिजर्व बैंक (RBI) ने स्टेट बैंक ऑफ़ सिक्किम को अपने नियमन के तहत शामिल किया है। अब तक, RBI को सिक्किम की राज्य सरकार को छोड़कर सभी राज्य सरकार को बैंकर के रूप में कार्य करने का अधिकार और दायित्व था। अब बैंक को अन्य बैंकों के बराबर रिजर्व बैंक द्वारा विनियमित किया जाएगा, हालांकि, बैंक का स्वामित्व ढांचा नहीं बदलेगा। बल्कि सुविधाएं बढ़ेंगी।

स्टेट बैंक ऑफ सिक्किम के बारे में:

• 1973 में सिक्किम के भारत का हिस्सा बनाने से पांच साल पहले 1968 में स्टेट बैंक ऑफ सिक्किम की स्थापना सिक्किम सरकार के पूर्ण स्वामित्व वाले स्वायत्त निकाय के रूप में हुई थी। 
• यह स्टेट बैंक ऑफ़ सिक्किम उद्घोषणा, 1968 के तहत स्थापित किया गया था। 
• बैंक राज्य सरकार के लिए ट्रेजरी ऑपरेशन प्रदान करता है और केवल सिक्किम के अधिकार क्षेत्र में संचालित होता है। 
• वर्तमान में बैंक के 42 शाखा कार्यालय हैं और सरकारी कार्यों के लिए तीन राजस्व काउंटर संचालित करते हैं। 

टाइटन-SBI ने भारत की पहली कांटेक्टलैस पेमेंट घड़ी “टाइटन पे” की लॉन्च