Online banking frauds

Minister of State for Finance Shri N.N.Meena informed the Parliament that Online banking frauds are on the rise with the number of cases more than doubling over the past three years.The number of internet frauds rose from 102 in 2007 to 113 in 2008and 269 in 2009 involving an amount of Rs2.51crore,Rs5.53 crore and Rs5.90 crore respectively.The minister further said that the RBI has cited compromises on password and other safety measures as the main reason for the occurance of such frauds.RBI has already taken measures to check such frauds such as making it mandatory for banks to put in place a system for providing additional authentication and validation,an online alert system for card holders in case of transactions of a value of over Rs5000,redressal of grievances for wrongful billing and reporting of cases to police and ensuring follow-up action.(BS 05-05-2010)

New models of SBI ATMs

State Bank of India is shortly coming out with varied models of ATMs such as Solar ATM,Rural ATM with bio-metric functionality,multi purpose kiosks and Talking ATMs,which will help visually challenged customers operate the ATM with ease.All the ATMs of SBI Chennai circle are enabled with image capturing facility and the average cash dispensed a day is Rs 100 crore.(BL 05-05-2010)