In this issue

In this issue we have covered articles on Agency for Specialized Monitoring (ASM) - A tool for Monitoring of big borrowal accounts - Chander Pandey; Align Talent with Business in Banking Industries - Rishi Srivastava; Ethics in Business and Corporate Governance - Ajay Chandra Pandey; INCOTERMS® 2020 - An Effective Tool to Reduce Inconsistencies in Global Trade - R Narayanan; Participative Vigilance: The Eye of Providence - Baljor Datt Gaur; Banking Cyber Defence trends to protect Customer Interests - SVS Adinarayana; Interview on Mr. Nanda Kumar, Founder & CEO, SunTec Business Solutions.

We have covered news on Banking, RBI, Industry, Mutual Fund and Co-Operative Bank News.

Besides it also covers other interesting features.

ICICI Bank links UPI ID facility to its ‘Pockets' digital wallet

ICICI Bank announced the launch of a unique facility of linking a UPI (Unified Payments Interface) ID to its digital wallet ’Pockets’, marking a departure from the current practice that demands such IDs be linked with a savings bank account. New users, including those who are not customers of ICICI Bank, can now instantly get a UPI ID, which is automatically linked to ‘Pockets’.

3 mins

Export-Import Bank of India, on behalf of the Government of India, extends a line pf credit of USD 108.28 Millon to the Government of the Kingdom of Eswatini (Swaziland)

Export-Import Bank of India [Exim Bank] has, on behalf of the Government of India, extended Line of Credit [LOC] of USD 108.28 million to the Government of the Kingdom of Eswatini (Swaziland) for construction of a new Parliament building in Eswatini.

1 min

Bank of Maharashtra organises ‘Covid Vaccination Drive' for the Front Liners

Mr. A. S. Rajeev, Managing Director & CEO, Bank of Maharashtra (BoM) inaugurated two days ‘Covid Vaccination Drive’ for front line employees of the Bank at MES Balshikshan Mandir, Mayur Colony, Pune. Mr. R. S. Bansal, General Manager, HRM, Head Office along with Mr. Rajesh Singh, Mr. Jatin Desai & Mr. Vivek Dhawan, Zonal Managers of Pune City Zone, Pune West Zone & Pune East Zone respectively were present in the function.

1 min

AGENCY FOR SPECIALIZED MONITORING (ASM) A TOOL FOR MONITORING OF BIG BORRWAL ACCOUNTS

Introduction: The Govt. of India has introduced several governance reforms, in order to keep a watch on fraudulent activities and to prevent diversion of funds, has introduced the Agencies for specialized monitoring mechanism, under the ASM banks will now appoint specialized monitoring agencies to closely track the activities of the borrower including purchases, invoices, actual production vis-à-vis projection, high value transaction, payments, cash inflow and cash outflow. The move to appoint an external agency to monitor loans comes in the backdrop of banks reporting a 72 per cent year-on-year jump in frauds at Rs. 41,168 crore in FY2018, against Rs. 23,934 crore in FY2017 and cases of fraud at banks and financial institutions increased 28% in volume terms during financial year 2020 as per RBI's annual report.

10+ mins

Align Talent With Business In Banking Industries

Developing talent is business's most important task - the sine qua non of competition in a knowledge economy. - Peter Drucker

6 mins

ETHICS IN BUSINESS AND CORPORATE GOVERNANCE

Ethics is quite old as a subject but in recent years ethics and ethical behaviour in business have emerged as a topic of interest due to misgovernance in corporate houses and banks despite having a well laid governance structure in place with checks and balances in systems and procedure. This is attributed to lack of ethical behaviour and culture.

6 mins

INCOTERMS® 2020 - AN EFFECTIVE TOOL TO REDUCE INCONSISTENCIES IN GLOBAL TRADE

INCOTERMS® is an acronym derived from international commercial terms. These standard trade terms listed under INCOTERMS® provide a universal meaning to buyers and sellers around the world.

10+ mins

PARTICIPATIVE VIGILANCE : THE EYE OF PROVIDENCE

Chanakya has rightly said that Identify traitors before you hunt for the enemies. In 2018, the Punjab National Bank scam hit headlines, it rocked the entire Indian Banking sector as it laid bare the fallacies of the system. It demonstrated that how the presence of very few unscrupulous officials in a Bank can wreak havoc and hollow out the insides of a system like termites. Modernisation of Banking systems and the introduction of computers over the last two decades has increased accountability and put in place a system of checks and balances.

7 mins

BANKING CYBER DEFENCE TRENDS TO PROTECT CUSTOMER INTERESTS

Brief Introduction: The face of banking system has been changed to unexpected levels with the innovations of technology and adopting the same by Banking industry to provide most convenient banking to their valued customers on 24*7*365 basis.

4 mins

RBI CIRCULAR

Priority Sector Lending (PSL) - On-lending by Small Finance Banks (SFBs) to NBFCMFIs RBI/2021-22/27

4 mins

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BANKING FINANCE Magazine is a monthly magazine published by Sashi Publications Pvt Ltd. in Lucknow, India. It is one of the leading banking and finance magazines in the country. The magazine is known for its in-depth coverage of the Indian banking and finance industry, as well as its insights from leading experts in the field. It covers a wide range of topics related to banking and finance, including:

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BANKING FINANCE Magazine is a valuable resource for anyone who is interested in the Indian banking and finance industry. It is a must-read for anyone who is looking to stay informed about the latest trends and developments in the industry, or who is looking for insights from leading experts in the field.