HENCY R SHAH AND ASSOCIATES

  Bob World Fraud: A wake-up call for the banking industry A recent fraud at Bank of Baroda's Bob World app has raised concerns about the security of digital banking platforms in India. According to a report by Al Jazeera, bank employees linked unauthorized mobile numbers to customer accounts in order to onboard them onto the app without their consent. These unauthorized mobile numbers included those of bank staff, managers, guards, their relatives, and bank agents in remote areas. The fraudsters then used these unauthorized mobile numbers to access customer accounts and steal money. An internal audit by Bank of Baroda revealed that the fraudsters had stolen Rs 22 lakh from 362 customers. This fraud is a wake-up call for bank customers in India. It is important to be aware of the risks associated with digital banking and to take steps to protect your accounts. Here are a few tips: Be careful about sharing your personal information. Do not share your bank account details, mobil...

"RBI Report: Rise in Counterfeit Currency and Digital Fraud Challenges Banking System" According to the annual report for 2022-23 released by the Reserve Bank of India (RBI), there has been an increase in the detection of counterfeit currency notes in the banking system. The report indicates that there was a rise of 14.4 percent in counterfeit currency notes of ₹500 denomination, while those of ₹20 denomination saw an increase of 8.4 percent. Out of all the fake currency notes detected, 4.6 percent were found at the RBI, while 95.4 percent were detected at other banks. On the other hand, counterfeit notes of ₹10 denomination decreased by 11.6 percent, ₹100 denomination notes declined by 14.7 percent, and ₹2,000 denomination notes decreased by 27.9 percent. In terms of value, the share of ₹500 and ₹2,000 banknotes increased to 87.9 percent of the total value of notes in circulation as of March 31, compared to 87.1 percent from the previous year. In terms of volume, ₹500 bankno...

  US Banks Collapse: Could the US bank crisis be blessing in disguise for Nifty bulls, OR are we heading back to 2008? A week after Silicon Valley Bank and Signature Bank failed, First Republic Bank is considering a sale following a dramatic 60 percent drop in its stock price over the past week. The bank also received $70 billion in emergency loans from JP Morgan Chase and the Federal Reserve. Eleven of the biggest U.S. banks Thursday announced a $30 billion rescue package for First Republic Bank in an effort to prevent it from becoming the third to fail in less than a week and head off a broader banking crisis. The rescue package brought back memories of the 2008 financial crisis, when banks collectively came to the aid of weaker banks in the early days of the crisis. Banks then bought each other in hurried deals in order to keep the crisis from spreading further. With FIIs pulling out more dollars from India after back-to-back collapse of three US banks, including Signature and...

EVOLUTION OF BANKING Financial services keep experiencing a large upheaval as digital transformation is rolled out in the sector at a dramatic rate. By 2030, the ordinary banking experience can be virtually virtual with extra than billion human beings having digital economic group money owed on digital systems. But in most cases, that level of digital transformation remains a chunk in improvement on the equal time as customers continuously adjust to a surprising array of the new digital era which may be being stepped forward through constant innovation, developing new behaviors, and developing their expectations.   For global banks, this creates a series of complex disturbing conditions and opportunities as they calibrate and re-calibrate their digital providing in several regions of the sector, wherein the pace of digital transformation movements at quite precise speeds. Meanwhile the branch networks of retail banks in masses of countrywide markets are shrinking inexorab...