Asst mngr suspended for ₹1cr fraud with bank in Jodhpur

Jodhpur: Union Bank of India suspended an assistant manager after he was found accused of fraud to the tune of Rs 1 crore with the bank in the past two years. He issued 20 credit cards with a limit of Rs 5 lakh each through fake documents and verified them himself.Police said that the accused, Akash Verma, would make the payment of any purchase by his friends and relatives by these cards and would take cash from them against those purchases but not pay back towards the cards due. The fraud came to light when the bank gathered information about those credit cards after noticing an outstanding of Rs 1 crore against those cards. As soon as the matter came to light on Thursday, the accused was suspended, and a report was filed at Shastri Nagar police station. This fraud took place at two branches of the bank located at Basni and Jalori Gate. SHO Mohammad Shafiq Khan said that the bank manager of the Sojati Gate branch, Chetan Prakash has filed a case of fraud on Thursday night.“He has accused the assistant bank manager, Akash Verma, of fraud amounting to Rs 1 crore during his postings at the Basni and later at the Jalori Gate branch in the past two years," said Khan.

Banks asked to act fast on fraud alerts

The government is considering measures to curb cyber frauds in the financial sector, including blocking IMEI and restricting withdrawals from suspicious accounts. Caps on transfer or withdrawal of funds from mule bank accounts are also discussed. Whitelisting digital lending apps and implementing Banning of Unregulated Lending Activities (BULA) Act were options considered. Banks are asked to improve response time in handling fraud alerts. State governments will be directed to protect Aadhaar-related data. Due diligence, standardizing KYC process, and registering financial institutions with RBI were discussed. The telecom department has blocked 70 lakh mobile numbers involved in suspicious activities.

ICICI Bank integrates Rupay credit card with UPI

ICICI Bank integrates RuPay Credit Cards with UPI transactions, allowing customers to use their cards at merchant outlets accepting UPI QR code payments. The collaboration with NPCI enables linking of specific RuPay Credit Cards, including Coral, HPCL Super Saver, and Rubyx, to UPI for swift and secure transactions. Users can earn reward points and enjoy interest-free credit for up to 50 days. This partnership offers improved convenience and strengthens ICICI Bank's commitment to simple yet convenient solutions for customers. The merging of UPI's versatility with RuPay Credit Cards' reliability will reshape the digital payment landscape and fuel India's economic growth.

Delhi HC seeks RBI response on banks' preparedness against cyber frauds

The Delhi High Court has directed the Reserve Bank of India (RBI) to clarify guidelines issued to commercial banks regarding responses to requests from cyber cells of police authorities for information on fraudulent transactions. The court emphasized the importance of a diligent approach and urged banks to provide details of their procedure for addressing queries from probe agencies. The RBI must submit an affidavit clarifying if guidelines have been issued to banks for compliance with police or court orders. The court's involvement follows concerns raised by the Delhi Police regarding banks' slow response to inquiries. The court also ordered a meeting of cybercrime cells from different states to enhance coordination in dealing with fraudulent transaction cases.

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