SBI WARNED THEIR CUSTOMERS FOR SAFE ONLINE TRANSACTIONS
Customers are advised not to exchange personal information or import software from undisclosed sources, according to SBI. In a tweet, the State Bank of India warned consumers to be careful of scammers and not to share personal information online or download software from unknown sources.
Bank fraud and online scams have been so prevalent in recent years that we can no longer ignore the fact that online banking is loaded with fraud and fraud hazards. Cyber scammers are often attempting to deceive you into taking advantage of device flaws. It is critical that bank customers be alert at all times to protect their funds from online fraud.
The State Bank of India, the nation’s largest genuine bank, has created a way of safeguarding customers’ bank accounts against online fraud. SBI advises their customers of some precautions:-
- SBI consumers should be careful of scammers posing as representatives of the State Bank of India, the Reserve Bank of India (RBI), government institutions, police, or KYC authorities.
- Do not exchange sensitive information online with strangers, such as your date of birth, debit card number, internet bank user ID or password, debit card PIN, CVV, OTP, and other personal information.
- SBI consumers do not download smartphone applications based on inappropriate phone calls or emails.
- SBI consumers do not open attachments in emails from unknown senders.
Resolution for MSMEs under Covid-19-related stress
The facility for reforming existing loans without a downgrade in asset status has been extended as of March 31, 2021, the creditor should be listed as a micro, small, or medium enterprise. This provision does not extend to MSMEs who are not officially registered for GST. All lending institutions’ overall commitments to the borrower, including non-fund related services, of all lending institutions to the borrower do not exceed ₹25 crores as of March 31, 2021.
By September 30, 2021, the creditor account will be restructured. Decisions on applications for invoking restructuring under this facility obtained by lending institutions from their customers must be conveyed to the borrower in writing within 30 days of receipt. When the lending agency and the creditor agree to a restructuring, it is considered activated.
Within 90 days of the date of invocation, the creditor account is restructured. Lending institutions must hold a guarantee of 10% of the creditors’ debts until the restructuring plan is implemented. Lending institutions must implement a Board-approved strategy on MSME advance reform as early as possible. If the borrower has not yet registered with the Udyam Registry portal, he or she must do so before the restructuring plan’s implementation date.
Accounts that fell into the NPA category between April 1, 2021, and the implementation date can be upgraded to standard asset’ as of the restructuring plan’s implementation date. Lending institutions are allowed to check the working capital sanctioned limits and/or drawing power as a one-time measure. Lending institutions must make a statement on the above by September 30, 2021. The lending agency must update the reassessed sanctioned limit/drawing power at least once every six months.
These steps can only be implemented if lending institutions are convinced that they are necessary due to the economic consequences of Covid-19. Accounts that receive redress as a result of these directives will be subject to a supervisory check in the future.
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