Daily Banking Current Affairs on 8th July 2015

Daily Banking Current Affairs

State-run IDBI Bank said it has signed an agreement with Mudra Bank for refinancing of loans given to small enterprises.
The Bank will offer credit facilities up to Rs 10 lakh to micro enterprises, at a competitive interest rate under Pradhan Mantri Mudra Yojana ( PMMY) and Mudra will be providing refinance assistance to the bank for eligible sanctioned loan cases.
Last week, Bank of Maharashtra had also signed an agreement with Mudra Bank for refinancing of loans given to new entrepreneurs and small businesses.

Third-largest private sector lender Axis Bank reported doubling of its number of mobile transactions for June, with the total value touching the Rs 2,400 crore mark.
Axis Bank has currently witnessed Rs 2,400 crore worth transactions through mobile banking during June 2015. Mobile transactions have grown nearly 113 percent year-on-year.
In June 2014, the bank had witnessed 13.60 lakh transactions with a total value of Rs 586.15 crore. RBI releases data on mobile banking on a monthly basis.

The government has appointed Sriram Kalyanaraman as the next housing finance sector regulator.
He is the first person from private sector to be appointed as head of a public sector financial institution.
Kalyanaraman is presently director-business development Equifax Credit Information Services. He will now take charge as managing director and CEO of National Housing Bank for a period of five years.

As more Indians become tech savvy even fraudsters seem to be getting savvier. The number of cyber frauds has jumped substantially as more customers start using mobile banking, NEFT and RTGS, said a study done by ASSOCHAM and PwC.
According to the Reserve Bank of India of 58 crore total bank account holders around 2.2 crore bank account holders use mobile banking applications. The mobile banking transactions have jumped from Rs 1,819 crore in 2011/12 to RS 10,000 crore in 2014/15. The mobile frauds jumped from less than Rs 10 crore in 2011/12 to around Rs 70 crore in 2014/15.
The biggest kind of frauds in the banking sector include: documentation frauds, diversion of funds, identity theft and cyber related theft targeting customers directly. In cyber frauds the customers were cheated through site cloning, hacking, debit card scheming, social engineering and computer viruses amongst others.

Global payment services company MasterCard has announced two new senior leadership appointments in Asia-Pacific.
Porush Singh has been appointed the division president for South Asia while Julienne Loh has become senior vice-president and group head, core products, global products & solutions for Asia Pacific, effective immediately.

Capital market regulator Sebi barred Saket Jalan and his proprietary firm Orange Financials from acting as investment advisers after finding them guilty of providing unauthorised investment tips to investors.
The regulator found that the entities were acting as an investment advisers without obtaining registration from Sebi and therefore violated Sebi Investment Advisers Regulations.