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Facebook Page Facebook Group Telegram Group Telegram Channel JAIIB (Paper-1) Updated Syllabus Principles and Practices of Banking Module A -Indian Financial System (Indian Financial System – An Overview Role of RBI, Commercial Banks, NBFCs, PDs, FIs, Cooperative Banks, CRR, SLR; Equity & Debt Market; IRDA/ Banking Regulation- Constitution, Objectives, Functions of RBI; Tools of Monetary Control; Regulatory Restrictions on Lending / Retail Banking, Wholesale and International Banking- Retail Banking Products, Opportunities; Wholesale Banking, Products; International Banking, Requirements of Importers & Exporters, Remittance Services; Universal Banking; ADRs; GDRs; Participatory Notes/ Role Of Money Markets, Debt Markets & Forex Market- Types of Money & Debt Market Instruments incl. G-Secs; ADs, FEMA, LIBOR, MIBOR, etc / Role and Functions of Capital Markets, SEBI- Overview of Capital Market; Stock Exchange; Commonly used Terms; Types of Capital Issues; Financial Products/Instruments including ASBA, QIP; SEBI; Registration of Stock Brokers, Sub- brokers, Share Transfer Agents, etc; QIBs; / Mutual Funds & Insurance Companies, Bancassurance & IRDA- Types of Mutual Funds, its Management & its Role; Role & Functions of Insurance Companies; Bancassurance; IRDA / Factoring, Forfaiting Services and Off-Balance Sheet items- Types & advantages of Factoring & forfaiting services; Types of off balance sheet items / Risk Management, Basel Accords -Introduction to Risk Management; Basel I, II & III Accords/ CIBIL, Fair Practices Code for Debt Collection, BCSBI- Role and Functions of CIBIL; Fair Practices Code for Debt Collection; Codes of BCSBI Recent Developments in the Financial System- Structure, Reforms in the Indian Financial System; recent developments in Money, Debt, Forex Markets; Regulatory Framework; Payments and Settlement System

Module B- Module B Functions of Banks Banker Customer Relationship-Types; Different Deposit Products & Services; Services to Customers & Investors/KYC, AML ,CFT norms- PMLA Act; KYC Norms /Bankers’ Special Relationship- Mandate; POA; Garnishee Orders; Banker’s Lien; Right of Set off /Consumer Protection -Operational Aspects of COPRA Act & Banking Ombudsman Scheme- COPRA, Banking Ombudsman Scheme/ Payment and Collection of Cheques and Other Negotiable Instruments- NI Act; Role & Duties of Paying & Collecting Banks; Endorsements; Forged Instruments; Bouncing of Cheques; Its Implications; Return of Cheques; Cheque Truncation System / Opening accounts of various types of customers -Operational Aspects of opening and Maintaining Accounts of Different Types of Customers including Aadhar, SB Rate DeregulationAncillary Services Remittances; Safe Deposit Lockers; Govt. Business; EBT/ Cash Operations- Cash Management Services and its Importance/ Principles of lending, Working Capital Assessment and Credit Monitoring- Cardinal Principles; Non-fund Based Limits; WC; Term Loans; Credit Appraisal Techniques; Sources of WC Funds & its Estimation; Operating

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Facebook Page Facebook Group Telegram Group Telegram Channel Cycle; Projected Net WC; Turnover Method; Cash Budget; Credit Monitoring & Its Management; Base Rate/ Priority Sector Advances- Targets; Sub-Targets; Recent Development/ Agricultural Finance - Types of Agricultural Loans; Risk Mitigation in agriculture (NAIS, MSP etc)/ Micro, Small and Medium Enterprises- MSMED Act, 2006 Policy Package for MSMEs; Performance and Credit Rating Scheme; Latest Developments/ Government Sponsored Schemes- SGSY; SJSRY; PMRY; SLRS / Self Help Groups- Need for & Functions of SHGs; Role of NGOs in Indirect Finance to SHGs; SHGs & SGSY Scheme; Capacity Building/ Credit Cards, Home Loans, Personal Loans, Consumer Loans- Operational Aspects, Advantages, Disadvantages & Guidelines of Credit Cards; Procedure and Practices for Home Loans, Personal Loans and Consumer Loans / Documentation - Types of Documents; Procedure; Stamping; Securitisation /Different Modes of Charging Securities -Assignment; Lien; Set-off; Hypothecation; Pledge; Mortgage/ Types of collaterals and their characteristics -Land & Buildings; Goods; Documents of Title to Goods; Advances against Insurance Policies, Shares, Book Debts, Term Deposits, Gold, etc; Supply Bills/ Non Performing Assets- Definition; Income Recognition; Asset Classification; Provisioning Norms; CDR /Financial Inclusion BC; BF; Role of ICT in Financial Inclusion, Mobile based transactions, R SETI/ Financial Literacy- Importance of financial literacy, customer awareness Module C -Banking Technology Essentials of Bank- Computerization Computer Systems; LANs; WANs; UPS; Core Banking/ Payment Systems -ATMs; HWAK; PIN; Electromagnetic Cards; and Electronic Banking Electronic Banking; Signature Storage Retrieval System; CTS; Note & Coin Countinue Machines; Microfiche; NPC; RUPAY/ Data Communication Network and EFT systems- Components & Modes of Transmission; Major Networks in India; Emerging Trends in Communication Networks for Banking; Evolution of EFT System; SWIFT; Automated Clearing Systems; Funds Transfer Systems; Recent Developments in India/ Role of Technology Upgradation and its impact on Banks - Trends in Technology Developments; Role & Uses of Technology Upgradation; Global Trends; Impact of IT on Banks/ Security Considerations Risk Concern Areas; Types of Threats; Control Mechanism; Computer Audit; IS Security; IS Audit; Evaluation Requirements / Overview of IT Act -Gopalakrishna Committee Recommendations /Preventive Vigilance in Electronic Banking -Phishing; Customer Education; Safety Checks; Precautions

Module D- Support Services - Marketing of Banking Services / Products Marketing – An Introduction Concept; Management; Products & Services; Marketing Mix; Brand Image Social Marketing / Networking Evolution, Importance & Relevance of Social Marketing/Networking Consumer Behaviour and Product Consumer Behaviour; Product Planning, Development, Strategies, etc; CRM Pricing Importance, Objectives, Factors,

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Facebook Page Facebook Group Telegram Group Telegram Channel Methods, Strategies of Pricing; Bank Pricing Distribution Distribution Channels; Channels for Banking Services; Net Banking; Mobile Banking Channel Management Meaning, Levels, Dynamics, Advantages Promotion Role of Promotion in Marketing; Promotion Mix Role Of Direct Selling Agent / Direct Marketing Agent in a bank Definition; Relevance; Banker as DSA/DMA; Delivery Channels in Banks; Benefits Marketing Information Systems – a Longitudinal analysis Functions & Components of MKIS; MKIS Model; Use of Computers & Decision Models; Performance of MKIS; Advantages

Banking Technology (Module C) Index Unit 1- Essentials of Bank Computerization Unit 2- Payment Systems and Electronic Banking Unit 3- Data Communication Network and EFT systems Unit 4- Role of Technology Upgradation and its impact on Banks Unit 5- Security Considerations Unit 6- Gopalakrishna Committee Recommendations Overview of IT Act Unit 7- Preventive Vigilance in Electronic Banking

Essentials of Bank Computerization (Unit-1)

Banking Computer Systems; LANs; WANs; UPS

Local Area Network (LAN): LAN is a small and single-site network. A LAN connects network devices over a relatively short distance. It is a system in which computers are interconnected and the geographical area such as home, office, building, school may be within a building to 1 km. All the terminals are connected to a main computer called SERVER. On most LAN’s cables are used

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Facebook Page Facebook Group Telegram Group Telegram Channel to connect the computers. LANs are typically owned, controlled and managed by a single person or organization. They also use certain specific connectivity technologies, primarily Ethernet and Token Ring. Wireless LAN or WLAN: is a wireless local Area Network that uses radio waves as its carrier. The last link with the users is wireless to give a network connection to all users in the surrounding area. WIDE AREA NETWORK (WAN) A WAN is a geographically dispersed collection of LAN’s. A WAN like the internet spans most of the world. A network device called a ROUTER connects LAN’s to a WAN. These kinds of networks use telephone lines, satellite links and other long-range communication technologies to connect. In IP networking, the router maintains both a LAN address and a WAN address. Metropolitan Area Network (MAN) It is a data network designed for a town or a city. It connects an area larger than a LAN, but smaller than a WAN, such as a city, with dedicated or high performance hardware. Its main purpose is to share hardware and software resources by the various users. Cable TV network is an example of metropolitan area network. The computers in a MAN are connected using coaxial cables or fibre optic cables. Personal Area Network (PAN) PAN refers to a small network of communication. These are used in a few limited ranges, which is in reachability of individual person. For examples of PAN are Bluetooth, wireless USB, Z-wave and Zig Bee. Virtual Private Network (VPN) A Virtual Private Network (VPN) is a technology that is gaining popularity among large organizations that use the global Internet for both intra-and inter-organization communication, but require privacy in their intra-organization communication. VPN is a network that is private but virtual. It is private because it guarantees privacy inside the organization. It is virtual because it does not use real private WANs; the network is physically public but virtually private. UPS - uninterruptible power supply Uninterruptible power supply (UPS) is a type of power supply system that contains a battery to maintain power to provide power to electronics in the event of a power surge or outage.

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Facebook Page Facebook Group Telegram Group Telegram Channel Typically UPS power keeps a personal computer (PC) running for several minutes after a power outage, enabling you to save data that is in memory and shut down the computer gracefully. Many uninterruptible power supplies now offer a software component that enables you to automate backup and shut down procedures in case there's a power failure while you're away from the computer. An uninterruptible power supply system generally offers multiple outlets, allowing you to maintain battery back-up power to more than one device and will also include additional outlets for surge protection. Types of UPS There are two basic types of UPS systems: the standby power system (SPS) and on-line UPS system. The standby UPS is the most common type of UPS used for desktop computers and other individual electronic devices. The line interactive UPS is more commonly used in small business and server situations. Standby Power System (SPS) The standby power system monitors the power line and switches to battery power as soon as it detects a problem. The switch to battery, however, can require several milliseconds, during which time the computer is not receiving any power.

On-Line UPS System An on-line UPS avoids these momentary power lapses by constantly providing power from its own inverter, even when the power line is functioning properly. In general, on-line UPSs are much more expensive than SPSs.

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Facebook Page Facebook Group Telegram Group Telegram Channel Core Banking Core Banking Solution (CBS) is networking of bank branches, which allows customers to manage their accounts, and use various banking facilities from any part of the world. In simple term, there is no need to visit your own branch to do banking transactions. You can do it from any location, any time. You can enjoy banking services from any branch of the bank which is on CBS network regardless of branch you have opened your account.

For the bank which implements CBS, the customer becomes the bank’s customer instead of customer of particular branch.

Execution of Core banking system across all branches helps to speed up most of the common transactions of bank and customer. In Core banking, the all branches access banking applications from centralized server which is hosted in secured datacenter.

Banking software/application performs basic operations like maintaining transactions, balance of withdrawal & payment, interest calculations on deposits & loans etc. This banking applications are deployed on centralized server & can be accessed using internet from any location.

Why we need Core Banking Technology ? Nowadays, the use of Information Technology (IT) is must for the survival & growth of any organization and same applicable to banking industry also. By using IT in any industry, banks can minimize the operation cost; also banks can offer products & services to customers at competitive rates.

CBS is required :

▪ To meet the dynamically changing market & customer needs. ▪ To improve & simplify banking processes so that bank staff can focus on sales & marketing stuff. ▪ Convenience to customer as well as bank. ▪ To Speed up the banking transactions. ▪ To expand presence in rural & remote areas. Basic elements of CBS that helps customers are: ▪ Internet Banking ▪ Mobile Banking ▪ ATM ▪ POS & kiosk systems ▪ Fund Transfers – NEFT, RTGS Benefits of Core banking – Core banking solutions are beneficial to both banks as well as customers.

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Facebook Page Facebook Group Telegram Group Telegram Channel Benefits For Customers ▪ Quicker services at the bank counters for routine transactions like cash deposits, withdrawal, passbooks, statement of accounts, demand drafts etc. ▪ Anywhere banking by eliminating branch banking. ▪ Provision of banking services 24 X 7. ▪ Fast payment processing through Internet banking, mobile banking. ▪ Anytime any where banking through ATMs. ▪ All branches access applications from central servers/datacenter, so deposits made in any branch reflects immediately and customer can withdraw money from any other branch throughout the world. ▪ CBS is very helpful to people living in rural areas. The farmers can receive e- payments towards subsidy etc. in his account directly. Transfer of funds from the cities to the villages and vice versa will be done easily. Benefits For Banks ▪ Process standardization within bank & branches. ▪ Retention of customers through better customer service. ▪ Accuracy in transactions & minimization of errors. ▪ Improved management of documentation & records – having centralized databases results in quick gathering of data & MIS reports. ▪ Ease in submission of various reports to the Government & Regulatory boards like RBI. ▪ Convenience in opening accounts, processing cash, servicing loans, calculating interest, implementing change in policies like changing interest rates etc.. In India most of the private sector banks have implemented the Core banking solutions but most of the Co-operative Bank, Regional Rural Banks are missing the benefits of CBS.

With the help of core banking & latest technology, private sector banks are giving tough competition to urban co-operative banks (UCBs) & other government managed banks.

To cope up with the growing needs of customers; co-operative banks need to implement core banking solutions. To face the challenges of dynamic market, UCBs need to take help of IT their operations. Considering the importance of the matter, the Reserve Bank of India (RBI) mandated a deadline for Urban Co-operative Banks (UCBs) and advised to implement the core banking solutions (CBS) by December 31, 2013. In India many IT organizations like ESDS Software are helping in implementation of the cost effective core banking solutions & Turn-Key Datacenter solutions.

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Payment Systems and Electronic Banking (Unit-2)

Automated teller machine An automated teller machine (ATM) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, transfer funds, or obtaining account information, at any time and without the need for direct interaction with bank staff. Using an ATM, customers can access their bank deposit or credit accounts in order to make a variety of financial transactions, most notably cash withdrawals and balance checking, as well as transferring credit to and from mobile phones. ATMs can also be used to withdraw cash in a foreign country. If the currency being withdrawn from the ATM is different from that in which the bank account is denominated, the money will be converted at the financial institution's exchange rate. Customers are typically identified by inserting a plastic ATM card (or some other acceptable payment card) into the ATM, with authentication being by the customer entering a personal identification number (PIN), which must match the PIN stored in the chip on the card (if the card is so equipped), or in the issuing financial institution's database.

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Mobile banking has simplified the lives of many people and given them the option to send money, receive money, check account balance, pay bills, etc. using their mobile phones. And the best part is that banks offer mobile banking services for free.

Types of Mobile Banking Services

Banks provide mobile banking services to their clients in the ways listed here:

• Mobile Banking over Wireless Application Protocol (WAP) • Mobile Banking over SMS (also known as SMS Banking) • Mobile Banking over Unstructured Supplementary Service Data (USSD)

These mobile banking services have been discussed in detail here:

Mobile Banking over WAP

The customers can download the mobile application of the concerned bank on their smartphones and then use it to avail various services provided by the bank. They need to register for mobile banking separately and receive their login credentials to use mobile banking applications, simply known as mobile apps. Most banks provide mobile apps for iOS and Android devices.

Different banks offer mobile apps to their customers to help them carry out common banking transactions conveniently. Some banks offer different mobile apps for different banking services. For instance, the bank may offer an e-Passbook app that only serves the purpose of account balance check since the app acts like a digital passbook and there is another mobile app for other services such as funds transfer, bill payment, and more in addition to balance check. The customers can choose to download one or more apps provided by the bank to avail mobile banking services. Some of the major mobile banking services have been mentioned here:

• Account Access: Customers can easily access their bank account using their smartphones by downloading the mobile banking All they need is to use their User ID and password to access their accounts. They can then carry out different banking transactions instantly. • Balance Enquiry: One of the main reasons why people used to visit the bank was to keep their passbooks updated so that they always knew their current balance. When the balance enquiry service was offered through ATM, people started using it instead of visiting the bank. Now, it is even more convenient to check account balance using the mobile banking

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• e-Passbook: Some banks offer a separate digital passbook mobile app that customers can download to check their previous transactions and the latest account balance while others just have this service as a part of their main mobile banking There is no need to visit a bank or ATM for balance enquiry or account statement. • Account Statement: If you want to check your bank account statement, you no longer need to go to the bank or ATM since you can get the statement on the mobile app of your bank. Since there are only a few free ATM transactions available to everyone these days, it is better to avail them only for cash withdrawal; account balance or account statement should be checked using the mobile app. You can also download your account statement in PDF format and save it on your phone. • Fund Transfer: If internet banking and mobile banking have made the lives of people any easier, it is mainly because of this service. People can now transfer money from their bank account to an account in their own bank or another bank easily. They may have to pay a nominal charge to carry out interbank transfers but intra-bank transfers are usually free. IMPS, NEFT or RTGS transactions can also be carried out easily using mobile apps. • Bill Payment: Mobile banking has made it easy to pay your mobile, credit card or utility bills. You can even schedule payments on a certain day of the month so that you do not have to worry about the payments. There is no need to stand in long queues to pay your phone bills, credit card bills, etc. • Branch Locator: If you are in a new city or area, you may need to find a branch of your bank then you can easily use the mobile banking app to find it. Most banks have a ‘Branch Locator’ that you can use to find the nearest branch. • ATM Locator: When you are in a new city or area, you might want to withdraw cash from an ATM. The easiest way to find an ATM of your bank is to open your mobile banking app and go to the “ATM Locator.” You will be able to find the address and exact location of the ATM within your vicinity. • Requests: There is no need to visit the bank to request a cheque book, new debit card, credit card, duplicate debit card, etc. since you can do so easily using the mobile app. Most banks also offer the service to hotlist or block a debit or credit card in the case of loss or theft.

Mobile Banking over SMS

Most banks offer mobile banking services over SMS. The customers need to sign up for this service, known as SMS Banking, by registering their mobile number. Then, they can send SMS to the bank to inquire about their account balance, check the mini account statement, etc. The bank then replies with an SMS that contains the information requested by the customer.

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Facebook Page Facebook Group Telegram Group Telegram Channel The customers do not need to own a smartphone or internet access to avail SMS banking services. Banks have a specific phone number registered and an SMS format that the customers need to follow to avail of this service.

For instance, to check the available balance in their account, they may have to send an SMS in the format: AVAIL BAL XXXX where XXXX is the last 4 digits of the account number. The bank replies with an SMS with the current available balance in the account.

It is important to note here that the mobile number registered with the bank and the one you use to send the SMS needs to be same to avail this service.

Mobile Banking over USSD

Banks offer mobile banking over USSD service to people who do not own a smartphone or have access to the internet. They can simply use USSD codes provided by the banks to avail banking services. The customers dial a prefix code and click send. Then, they receive a menu containing the banking services such as balance enquiry, mini account statement, etc. that they can avail using their phone. This service is quite popular in rural areas where most people do not own smartphones and do not have access to the internet.

Mobile Banking Features & Benefits

There are plenty of reasons why mobile banking has gained so much popularity ever since it was introduced in India. Here are a few features and benefits of mobile banking:

• One of the main benefits of mobile banking is the convenience of having banking services at your fingertips. There is no need to go to a bank or ATM and wait for the bank to open in order to check your account balance, transfer money, pay your bills or even see your account statement. You can do it all using your mobile phone. Fund transfer transactions may complete when the banks are open but you can check your account balance or get account statement irrespective of the time or day. • Banks know that everyone does not have access to the internet and that is why they offer mobile banking services to their customers over SMS and USSD. People who own smartphones and have access to the internet can download and use the bank’s mobile apps while others can use the mobile banking SMS and USSD services. The customers only need to use the right SMS format to avail SMS banking services and right prefix for USSD services. • Your bank account and your personal details are totally safe if you use mobile banking The bank will give you a set of login credentials which you can use to sign into your account and carry out the transactions. These login credentials are passed on to you securely and since you are the only one who knows your login ID and password, your account is always safe. Most banks allow you to enable two-step

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Facebook Page Facebook Group Telegram Group Telegram Channel verification where you can only carry out banking transactions if you enter the One- Time Password (OTP) sent to your registered mobile number. • Most people want to avail mobile banking services but think that it will cost them a lot. However, they will be delighted to find out that banks offer these services for free. You do not need to pay any extra charges to register for mobile banking Unlike ATM transactions where you get a limited number of free transactions, you can check your account statements, balance or pay your bills as many times as you want without paying any charges. After the implementation of GST, you only have to pay a nominal charge to transfer funds or pay your bills.

Mobile Wallets in India A mobile wallet, in simple terms, is a virtual mobile-based wallet where one can store cash for making mobile, online or offline payments. There are various types of mobile wallets in India, such as open, semi-open, semi-closed and closed - depending on the type of usage and payments that can be made. Wallets are growing rapidly as they help in increasing the speed of transaction, especially for ecommerce companies and all ecommerce marketplaces have integrated with such mobile wallets too. Here are some of the top mobile wallet companies in India and what they offer to their customers. PayTM PayTM is one of the largest mobile commerce platforms in India, offering its customers a digital wallet to store money and make quick payments. Launched in 2010, PayTM works on a semi-closed model and has a mobile market, where a customer can load money and make payments to merchants who have operational tie-ups with the company. Apart from making e-commerce transactions, PayTM wallet can also be used to make bill payments, transfer money and avail services from merchants from travel, entertainment and retail industry. Amazon Pay Amazon Pay is an online payments processing service that is owned by Amazon. Launched in 2007 globally and in India in 2017, Amazon Pay uses the consumer base of Amazon and focuses on giving users the option to pay with their Amazon accounts on external merchant websites, including apps like BigBazaar etc. You also get to Shop on Amazon using Amazon Pay.

Google Pay (formerly known as Tez)

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Facebook Page Facebook Group Telegram Group Telegram Channel As its part of the Google ecosystem they have scaled up their user base really quickly, inspite of being a late entrant. With Google Pay you can send money to friends, pay bills and buy online, recharge your phone. Since Google Pay works with your existing bank account, which means your money is safe with your bank. There's no need to worry about reloading wallets and you don't need to do additional KYC - which is required for all the other apps. PhonePe (now part of Flipkart) PhonePe started in 2015 and in just 4 years it has been able to cross the 100 million download mark. From UPI payments to recharges, money transfers to online bill payments, you can do it all on PhonePe. Its got a very good user interface and is one of the safest and fastest online payment experience in India. Mobikwik MobiKwik is an independent mobile payment network that supposedly connects 25 million users with 50,000 retailers and more. This mobile wallet lets its users add money using debit, credit card, net banking and even doorstep cash collection service, which can in turn be used to recharge, pay utility bills and shop at marketplaces. Owing to the growing need for convenience, MobiKwik has also recently tied up with large and small time grocery, restaurants and other offline merchants. Yono by SBI This mobile wallet application was launched by State Bank of India to let users transfer money to other users and bank accounts, pay bills, recharge, book for movies, hotels, shopping as well as travel. This semi-closed prepaid wallet offers its services in 13 languages and is available for non-SBI customers as well. This app also allows its customers to set reminders for dues, money transfers and view the mini-statement for the transactions carried out. Citi MasterPass Citi Bank India and MasterCard recently launched 'Citi MasterPass', India's first global digital wallet for faster and secure online shopping. By using this, Citi Bank debit and credit card customers become the first in this country to be able to shop at more than 250,000 e-commerce merchants. It ensures faster checkout with a single click or touch and stores all your credit, debit, prepaid, loyalty cards and shipping details in one place. ICICI Pockets

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Facebook Page Facebook Group Telegram Group Telegram Channel Pockets by ICICI is a digital bank that offers a mobile wallet for its customers. It provides the convenience of using any bank account in India to fund your mobile wallet and pay for transactions.

With Pockets, one can transfer money, recharge, book tickets, send gifts and split expenses with friends. This wallet uses a virtual VISA card that enables its users to transact on any website or mobile application in India and provides exclusive deals or packages from associated brands. BHIM Axis Pay BHIM Axis Pay is a UPI banking app that lets you transfer money instantly to anyone using just your smartphone. Make online recharges to your prepaid mobile and DTH set-top boxes directly from the app.

EMV chip cards Banks are in the process of replacing the existing magnetic strip debit and credit cards with latest EMV chip cards, to comply with Reserve Bank of India guidelines. As part of its security measures for transactions where you swipe your card, RBI in May 2015 asked banks to gradually phase out the magnetic cards and move to EMV chip cards. In August that year, it set December 31, 2018 as the deadline for the changeover. What is it? EMV chip technology is the latest global standard for card payments. EMV is an acronym for Europay Mastercard and Visa, who developed this technology. EMV cards are chip- based payment cards with enhanced safety features that are designed to prevent fraudulent practices such as card skimming and cloning. Here's how they work. Your old credit and debit cards store your data on the magnetic stripe found on the reverse side of your card. This makes it easy for a fraudster to copy your data when you swipe the card. EMV cards, in contrast, store your data on a microprocessor chip embedded in the card. This means that the card generates fresh user data every time you transact, making it impossible for fraudsters to copy your original data from your card.

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Facebook Page Facebook Group Telegram Group Telegram Channel The other feature of EMV cards is that they use both your card and a secret PIN to complete a transaction. When you use your EMV credit or debit card at a terminal, it generates a unique encrypted code called a token or cryptogram, which is unique and specific only to that transaction. It cannot be used another time. The token is generated from a combination of information contained in the chip and that in the terminal. Why is it so important? A recent response to Parliament stated that, in the three years to FY17, India saw 3,409 cases of reported bank fraud involving credit cards, debit cards and internet banking with the amount lost at ₹134 crore. In recent times, bank customers have grappled with increasing attempts to defraud them using practices such as phishing, vishing and card skimming. The old magnetic cards are quite vulnerable to skimming. Fraudsters place a skimmer device inside the card swipe slot in ATMs or terminals at the point of sale, to read the customer data stored in the magnetic stripe.

They then use this skimmed information to clone a new card with identical details. Or alternatively they transmit this information to fraudsters across the globe who then siphon off the account balance by shopping online. EMV chip cards prevent such skimming, because they do not reveal your user data to the terminal at the time of swiping the card and instead generate a cryptogram. Indian banks are now vying to attain global standards in product and service offerings. Therefore, migration to EMV cards is inevitable as it represents the latest standard in credit card security. Many developed countries have phased out magnetic stripe cards to adopt EMV technology. Why should I care? Because it’s not a good idea to begin your New Year without cash. Banks are all set to deactivate magstripe-based debit cards this December 31 to comply with RBI guidelines. If you received your debit or credit card after September 1, 2015, it is likely that it is already an EMV chip card. If it is older, it may need replacement. You can find out if you already have an EMV card by examining the left corner of your card where the EMV chip is usually embedded. If you own a mag-stripe card, your bank should have replaced your card by now. If it hasn’t, do follow up to get a replacement. Electronic Banking

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Facebook Page Facebook Group Telegram Group Telegram Channel Electronic banking has many names like e banking, virtual banking, online banking, or internet banking. It is simply the use of electronic and telecommunications network for delivering various banking products and services. Through e-banking, a customer can access his account and conduct many transactions using his computer or mobile phone. In this article, we will look at the importance and types of e-banking services. Types of e banking Banks offer various types of services through electronic banking platforms. These are of three types: Level 1 – This is the basic level of service that banks offer through their websites. Through this service, the bank offers information about its products and services to customers. Further, some banks may receive and reply to queries through e-mail too.

Level 2 – In this level, banks allow their customers to submit instructions or applications for different services, check their account balance, etc. However, banks do not permit their customers to do any fund-based transactions on their accounts.

Level 3 – In the third level, banks allow their customers to operate their accounts for funds transfer, bill payments, and purchase and redeem securities, etc.

Most traditional banks offer e-banking services as an additional method of providing service. Further, many new banks deliver banking services primarily through the internet or other electronic delivery channels. Also, some banks are ‘internet only’ banks without any physical branch anywhere in the country.

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Facebook Page Facebook Group Telegram Group Telegram Channel Therefore, banking websites are of two types:

1. Informational Websites – These websites offer general information about the bank and its products and services to customers.

2. Transactional Websites – These websites allow customers to conduct transactions on the bank’s website. Further, these transactions can range from a simple retail account balance inquiry to a large business-to-business funds transfer. The following table lists some common retail and wholesale e-banking services offered by banks and financial institutions: Importance of e-banking We will look at the importance of electronic banking for banks, individual customers, and businesses separately. Banks Lesser transaction costs – electronic transactions are the cheapest modes of transaction A reduced margin for human error – since the information is relayed electronically, there is no room for human error Lesser paperwork – digital records reduce paperwork and make the process easier to handle. Also, it is environment-friendly. Reduced fixed costs – A lesser need for branches which translates into a lower fixed cost. More loyal customers – since e-banking services are customer-friendly, banks experience higher loyalty from its customers. Customers Convenience – a customer can access his account and transact from anywhere 24x7x365. Lower cost per transaction – since the customer does not have to visit the branch for every transaction, it saves him both time and money. No geographical barriers – In traditional banking systems, geographical distances could hamper certain banking transactions. However, with e-banking, geographical barriers are reduced. Businesses Account reviews – Business owners and designated staff members can access the accounts quickly using an online banking interface. This allows them to review the account activity and also ensure the smooth functioning of the account.

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Facebook Page Facebook Group Telegram Group Telegram Channel Better productivity – Electronic banking improves productivity. It allows the automation of regular monthly payments and a host of other features to enhance the productivity of the business. Lower costs – Usually, costs in banking relationships are based on the resources utilized. If a certain business requires more assistance with wire transfers, deposits, etc., then the bank charges it higher fees. With online banking, these expenses are minimized. Lesser errors – Electronic banking helps reduce errors in regular banking transactions. Bad handwriting, mistaken information, etc. can cause errors which can prove costly. Also, easy review of the account activity enhances the accuracy of financial transactions. Reduced fraud – Electronic banking provides a digital footprint for all employees who have the right to modify banking activities. Therefore, the business has better visibility into its transactions making it difficult for any fraudsters to play mischief. E-banking in India In India, since 1997, when the ICICI Bank first offered internet banking services, today, most new-generation banks offer the same to their customers. In fact, all major banks provide e-banking services to their customers. Popular services under e-banking in India ATMs (Automated Teller Machines) Telephone Banking Electronic Clearing Cards Smart Cards EFT (Electronic Funds Transfer) System ECS (Electronic Clearing Services) Mobile Banking Internet Banking Telebanking Door-step Banking Further, under Internet banking, the following services are available in India: Bill payment – Every bank has a tie-up with different utility companies, service providers, insurance companies, etc. across the country. The banks use these tie-ups to offer online

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Facebook Page Facebook Group Telegram Group Telegram Channel payment of bills (electricity, telephone, mobile phone, etc.). Also, most banks charge a nominal one-time registration fee for this service. Further, the customer can create a standing instruction to pay recurring bills automatically every month. Funds transfer – A customer can transfer funds from his account to another with the same bank or even a different bank, anywhere in India. He needs to log in to his account, specify the payee’s name, account number, his bank, and branch along with the transfer amount. The transfer is effected within a day or so. Investing – Through electronic banking, a customer can open a fixed deposit with the bank online through funds transfer. Further, if a customer has a demat account and a linked bank account and trading account, he can buy or sell shares online too. Additionally, some banks allow customers to purchase and redeem mutual fund units from their online platforms as well. Shopping – With an e-banking service, a customer can purchase goods or services online and also pay for them using his account. Shopping at his fingertips. Coin and Cash Counting Machines Coin-Counter-Machine While the trusty coin counter machine is not as popular as it was in the past, it still plays a very valuable role in helping out businesses with their daily accounting and sales tasks. With an impressively fast coin counting speed, machines can count in excess of two thousand coins per minute, depending on the power of your machine. On top of this notably quick speed, a coin counter machine can even reject coins that have been placed in the wrong denomination, for example rejecting quarters in a batch that should only contain 10 cents. Depending on if you deal with multiple currencies, having a coin counter machine that counts different currencies can also be a real blessing. Particularly if you are dealing with a number of different currencies, identifying, separating and then manually counting foreign coins can add a considerable amount of time to your accounting process. Cash Counter Machine Features As more businesses invest in their own cash counter machine, there are innovative features and new developments springing up all of the time. An increasingly fast counting speed is one feature, as cash counters can tally over 1000 notes a minute, ensuring your cash intake is calculated in a matter of seconds.

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Facebook Page Facebook Group Telegram Group Telegram Channel Counterfeit notes have become increasingly difficult to spot, so having a cash counter machine that does this for you is a great way of safeguarding against fake money. By implementing a process whereby customers pay through the cash counter machine, you are able to actively use this to ensure that counterfeit money does not enter your circulation. Another nifty feature of many modern cash counting machines is being able to have the bills batched up to a customized amount, so if you need your money in stacks of $200, this just requires a quick adjustment on the machine and you are away. If you deal with money in any aspect of your business, then the likelihood is that a coin or cash counter machine could make a big difference to your overall efficiency.

ADVANTAG Save Valuable Time These machines count coins of the same denomination quickly and effortlessly. Simply separate your coins and dump them into the machine for easy counting. They are incredibly fast—faster than any employee you have on staff—so you will save valuable time. Once the target amount has been reached on the counter, the machine will stop, provide a total, and alert you to add more coins in. All you have to do is move the counted bag of coins out of the way and dump more in so it can resume counting for you. When your employees aren’t spending so much time on counting coins in the back room, they can spend more time with your customers and on more valuable responsibilities, like cleaning up. Greater Accuracy Manual coin counting is difficult and cumbersome to do accurately. It inevitably comes with errors—it’s easy to lose track and make counting and reporting mistakes when you’re counting large volumes of coins. Your employees are human, after all. But just one mistake made while counting coins can add up to an extra 20 minutes or more of recounting— which is a waste of time. When you invest in a counter, you get greater accuracy, so you know that your totals will be reported correctly every time. Decrease in Costs and Losses Regardless of how common they are, when coin counting mistakes occur, they cost you money. Miscounting a few nickels might not seem significant, but miscounting dollar and two dollar coins can quickly add up. Luckily, your new coin counter will guarantee 99.9

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Facebook Page Facebook Group Telegram Group Telegram Channel percent accuracy, so you won’t have to worry about losing out on your hard-earned cash because of human error. And here’s an added bonus: because a coin counter can save you so much time, you can decrease your labour costs. You can cut your employees shifts by sending them home earlier since they won’t have to stay late to count coins anymore. Clean Hands Coins are dirty. They’ve been passed around from hand to hand and touched a lot of filthy surfaces before coming into your possession. Keep your employees’ hands clean and germ free by letting the machine do the grunt work. A Change for the Better Whether you’re counting coins in bags or rolling them up for depositing, your organization can benefit from investing in a coin counter. There’s no reason to be counting them manually. Make a change for the better and you’ll enjoy time and cost savings, greater accuracy, increased productivity, and cleaner hands. Microfiche What does Microfiche mean? Microfiche is a thin photographic film, usually four by five inches, which is capable of storing information in miniaturized form. This technique is used in preserving fragile materials such as archival documents, journals, books, newspapers and magazines, as well as a method of saving space in libraries and other archives. RuPay Card RuPay card was introduced by the Government of India so as to promote the cause of financial inclusion in India. It is an amalgamation of the words: Rupee and Payment. It is regarded as India’s own domestic payment network. The RuPay card was developed on the line of international networks of payments such as MasterCard, Visa and American Express and has been giving tough competition to these international card payment networks. In fact, many people have started opting for RuPay debit cards instead of Visa or MasterCard.

In 2005, the Reserve Bank of India established the Board for Payment and Settlement Systems in the country, after realising that it was necessary to bring all retail payments systems together under a solitary channel. This decision led to the formation of the National Payment Corporation of India. The NPCI introduced RuPay in 2012. Since its

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Facebook Page Facebook Group Telegram Group Telegram Channel launch, RuPay cards have seen a mammoth growth and are gradually becoming a favourite payment network among Indians. Types of RuPay Debit Card Here are the types of RuPay debit card which are issued at present: RuPay Platinum Debit Card: The card offers complimentary lounge access. You can receive access to 30+ domestic lounges two times per calendar quarter per card. You can also earn 5 percent cashback on your utility bill payments capped at Rs. 50 per month per card. Other benefits of this card are: -Avail 24/7 host of referral services from travel assistance to hotel reservations to consultancy services. -Celebrate round the year with exclusive merchant offers (POS and Ecom) available on your RuPay Platinum Debit Card. -Keep yourself and your family safe with Personal Accident Insurance and Permanent Total Disability cover up to Rs. 2 Lakhs. RuPay Classic Debit Card: This debit card offers a comprehensive insurance policy. You can keep yourself and your family safe with Personal Accident Insurance and Permanent Total Disability cover upto Rs. 1 Lakh. You can also celebrate round the year with exclusive domestic merchant offers (POS and Ecom) available on this card. RuPay PMJDY Debit Card: Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a National Mission for Financial Inclusion to ensure access to financial services such as banking in an affordable manner. RuPay PMJDY Debit Card is issued with accounts opened under Pradhan Mantri Jan Dhan Yojana. The RuPay PMJDY Debit Cards can be used at all ATMs, POS terminals and e-commerce websites. It comes with added Personal Accident and Permanent total disability Insurance cover of Rs. 1 Lakh. RuPay PunGrain Debit Card: This card has been launched as an initiative of the government of Punjab. PunGrain is a grain procurement project of Punjab Government launched in October 2012.The Arthias are provided with a RuPay Pungrain Card under this account. RuPay PunGrain Debit cards can be used at ATMs for cash withdrawal and for automated grain procurement facility at PunGrain mandis. RuPay Mudra Debit Card: This card is to support Government of India's initiative towards the beneficiaries of MUDRA Loans under Pradhan Mantri Mudra Yojana Scheme. Pradhan Mantri Mudra Yojana Scheme’s main motive is to attain development in an inclusive and sustainable manner by supporting and promoting partner institutions and creating an ecosystem of growth for micro enterprise sector. RuPay Mudra Debit Card is issued with

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Facebook Page Facebook Group Telegram Group Telegram Channel account opened under Pradhan Mantri Mudra Yojana. This is an innovative product which provides working capital facility as cash credit arrangement. The cardholder can make use of MUDRA Card in multiple withdrawal and credit, so as to manage the working capital limit in a most efficient manner and keep the interest burden minimum. The card also comes with a Personal Accident and Permanent Total Disability Insurance cover of Rs. 1 Lakh. Key Features and Benefits of RuPay Debit Cards Here are some of the key features of RuPay debit cards which give them an edge over their contemporaries available in the market. -You can use your RuPay debit cards to make payments at over 8 lakh PoS terminals in India and more than 10,000 e-commerce websites. -Over 1.8 lakh merchant terminals across India accept RuPay debit cards -All transactions are processed within India. This ensures swifter transactions as compared to all other debit cards available in the market -RuPay cards are offered by several banks in the public and private sectors as well as many rural and co-operative banks. -Whenever a transaction is made using a RuPay debit card, the merchant is charged a tiny transaction fee of only 0.01 percent. -All information pertaining to consumers, including consumer data and transactions remains protected. Such data is not shared outside India. -The NCPI offers several different solutions across financial platforms such as ATMs, cheques, mobile technology and so on. All these systems are very well placed which means there is great coherence between payment channels and products offered by RuPay. -All RuPay ATM-cum-debit cardholders are also eligible for accidental death and permanent disability insurance cover. While RuPay Classic cardholders can get accidental cover worth ₹ 1 lakh, RuPay Premium cardholders are eligible for accidental cover worth ₹ 2 lakh. The NPCI pays the insurance premiums on behalf of the cardholder. -RuPay card holders can receive SMS alerts and notifications to their registered mobile number for every transaction. Eligibility Criteria for RuPay Debit Cards -RuPay Card are being issued by all public, private, regional rural as well as co-operative banks in India

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Facebook Page Facebook Group Telegram Group Telegram Channel -Some of the major Indian banks offering Rupay cards include SBI, ICICI bank, Central bank of India, Bank of Baroda, HDFC bank, Axis bank etc. -You can get the RuPay debit card with a no-frills savings bank account, which you can also open under the Pradhan Mantri Jan Dhan Yojana Scheme You only need basic KYC documents such as ID and address proof to avail the card. HWAK (The Intelligent Auto-teller and Netware Management System) Intelligent auto-teller systems are a special breed of auto-teller machines capable of thinking for themselves, that means they are fast, impose less demands on your banking systems and serve the customers more like a personal banker than less sophisticated auto teller systems. HWAK provides unsurpassed service even without benefit of a reliable communication network. Benefits of HWAK are: (a) Customer satisfaction. (b) High availability (c) Online and offline auto-recovery (d) Anytime full banking service (e) Low cost, shorter queues and less number of tellers with ease of use (f) Quick and early implementation (g) Enhanced security and audit control (h) Network management (i) Predictable cost of ownership (j) Comprehensive 'One Stop' autobanking.

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Data Communication Network and EFT systems (Unit-3)

Component and modern transmission Transmission Components Ever wondered just what is inside a modern automatic transmission? This article describes and informs on clutch packs, one-way clutch systems, torque converters and more. The modern automatic transmission consists of many components and systems that are designed to work together in a symphony of clever mechanical, hydraulic and electrical technology that has evolved over the years into what many mechanically inclined individuals consider to be an art form. We try to use simple, generic explanations where possible to describe these systems but, due to the complexity of some of these components, you may have to use some mental gymnastics to visualize their operation. The main components that make up an automatic transmission include: Planetary Gear Sets which are the mechanical systems that provide the various forward gear ratios as well as reverse. The Hydraulic System which uses a special transmission fluid sent under pressure by an Oil Pump through the Valve Body to control the Clutches and the Bands in order to control the planetary gear sets. Seals and Gaskets are used to keep the oil where it is supposed to be and prevent it from leaking out. The Torque Converter which acts like a clutch to allow the vehicle to come to a stop in gear while the engine is still running.

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Facebook Page Facebook Group Telegram Group Telegram Channel The Governor and the Modulator or Throttle Cable monitor speed and throttle position in order to determine when to shift. The Computer which controls shift points on newer vehicles and directs electrical solenoids to shift oil flow to the appropriate component at the right instant. Electronic Payment Systems in India Money can be transferred from one person to another electronically through various electronic payment systems in India. The initiatives and steps taken by the Reserve Bank of India has created a strong technology based system for electronic payments, allowing seamless electronic fund transfer between two parties with very minimal transaction cost. In this article, we look at the different types of electronic payment systems currently operational in India. Electronic Clearing Service (ECS) ECS payment was introduced in India by the RBI during the 1990s. Since, its introduction, the platform has grown more robust and scaled to handle large volumes. ECS payments are used to handle bulk and repetitive payment like salary, interest, dividend payments of companies, corporates and institutions. Using ECS payment system, a customer accounts can be credited on a specified date for a specific amount. National Electronic Funds Transfer (NEFT) The NEFT payment system was introduced in 2005 to facilitate one to one fund transfers. NEFT payment system can be used by both individuals and corporates. NEFT system processes payments in batches at hourly intervals, thus providing near real-time settlement of funds from one party to another. There is no minimum of maximum limit on the amount of funds that can be transferred through NEFT. National Electronic Clearing Service (NECS) During September 2008, the Bank launched a new service known as National Electronic Clearing Service (NECS), at National Clearing Cell (NCC), Mumbai. NECS (Credit) facilitates multiple credits to beneficiary accounts with destination branches across the country against a single debit of the account of the sponsor bank. The system has a pan-India characteristic and leverages on Core Banking Solutions (CBS) of member banks, facilitating all CBS bank branches to participate in the system, irrespective of their location across the country. Real Time Gross Settlement (RTGS)

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Facebook Page Facebook Group Telegram Group Telegram Channel In the RTGS system, funds are transferred from one bank account holder to another on a “real time” and on “gross” basis. Settlement in the RTGS system happens “Real Time” on a one on one basis and there is no bunching or batching like the NEFT system, wherein payments are processed in batches. Once a payment is processed through the RTGS system, it cannot be undone and is final and irrevocable. RTGS system has been operational since 2004 and is used for settling inter-bank payments.

Regional ECS (RECS) Similar to NECS, RECS operates as a miniature of NECS confined to the bank branches within the jurisdiction of a Regional office of RBI. RECS system is available in Ahmedabad, Bengaluru, Chennai and Kolkata regions. Under the system, the sponsor bank will upload the validated data through the Secured Web Server of RBI containing credit/debit instructions to the customers. The RECS centre will process the data, arrive at the settlement, to provide credit/debit to the accounts of beneficiaries by using the Core Banking System put in place by the bank. Electronic Clearing Service (ECS) Debit ECS (Debit) system helps with effecting periodic and repetitive collections of bills from consumers. ECS (Debit) facilitates consumers to subscribe to services of companies and make routine and repetitive payments by ‘mandating’ bank branches to debit their accounts and pass on the money to the companies. There is no limit on the minimum or maximum amount of payment through the ECS debt system. Electronic Funds Transfer (EFT) The Electronic Funds Transfer system was introduced in the late 1990s to enable account holders of a bank to electronically transfer funds to another account holder. The EFT system has gradually been phased out for use by the general public and subsumed by the National Electronic Funds Transfer (NEFT) system. Society for Worldwide Interbank Financial Telecommunication (SWIFT) SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. It’s an organization that was founded in Brussels in 1973 to establish some common processes and standards for financial transactions. SWIFT for Electronic Funds Transfers Need to transfer money overseas? Today, it is easy to walk into a bank and transfer money anywhere around the globe, but how does this happen? Behind most international money

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Facebook Page Facebook Group Telegram Group Telegram Channel and security transfers is the Society for Worldwide Interbank Financial Telecommunications (SWIFT) system. SWIFT is a vast messaging network used by banks and other financial institutions to quickly, accurately, and securely send and receive information, such as money transfer instructions. Every day, nearly 10,000 SWIFT member institutions send approximately 24 million messages on the network. In this article, we will explore what SWIFT does, how it works, and how it makes money. Inside a SWIFT Transaction SWIFT is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes.

SWIFT assigns each financial organization a unique code that has either eight characters or 11 characters. The code is interchangeably called the bank identifier code (BIC), SWIFT code, SWIFT ID, or ISO 9362 code. To understand how the code is assigned, let’s look at Italian bank UniCredit Banca, headquartered in Milan. It has the 8-character SWIFT code UNCRITMM. First four characters: the institute code (UNCR for UniCredit Banca) Next two characters: the country code (IT for the country Italy) Next two characters: the location/city code (MM for Milan) Last three characters: optional, but organizations use it to assign codes to individual branches. (The UniCredit Banca branch in Venice may use the code UNCRITMMZZZ.) Who Uses SWIFT? In the beginning, SWIFT founders designed the network to facilitate communication about Treasury and correspondent transactions only. The robustness of the message format design allowed huge scalability through which SWIFT gradually expanded to provide services to the following: Banks Brokerage Institutes and Trading Houses Securities Dealers Asset Management Companies

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Facebook Page Facebook Group Telegram Group Telegram Channel Clearing Houses Depositories Exchanges Corporate Business Houses Treasury Market Participants and Service Providers Foreign Exchange and Money Brokers

BANK AUTOMATED CLEARING SYSTEM

The Bank automated clearing system (BACS) is a scheme for the electronic transferring of funds from one bank account to another account. The account is widespread in the United Kingdom due to the advantages it brings but has also been widely criticized for the rather slow processing time.

Bank Automated Clearing System is usually encouraged for business-to-business (B2B) transactions with repeat or regular customers. The reason for this is that there is a faster scheme now available in the UK called Faster Payment Service (FPS), which is used for low value transactions. For transactions that exceed a value specified in the FPS, the BACs is still used, especially if multiple transactions are expected. Some of the advantages of using BACs for B2B transactions are listed as: * Reduced time and cost in administering bulk payments – even if the transaction takes three days to clear the fact that it is automated means less man hours in starting the payment process, which is significant for bulk payments (i.e. more than 100 payments to be processed). BACs are usually a free service so there is no added cost and the reduced man- hours means less employee-time to pay. * Easier cash flow management – everything is accounted for electronically by the banks and included in the bank statement(s) so tracking and cross-referencing is easy. * Reduced risk of loss, late payments and theft – no need to physically go the bank, write checks, and remember dates.

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Role of Technology Upgradation and its impact on Banks (Unit- 4) Technology trends in 2019

2019 is almost here and with it a flood of lists describing the trends that will define various fields in the new year. From among these predictions, those related to new technological standards stand out first and foremost, given that they will end up revolutionizing every industry, in an age when digital transformation plays a major role. After evaluating various consulting firm reports, we conclude that these are the nine major trends that will define technological disruption in the next 365 days. 5G Networks Spain’s National 5G Plan for 2018-2020 stipulates that throughout 2019, pilot projects based on 5G will be developed resulting in the release of the second digital dividend. Hence, the groundwork is being laid so that in 2020 we will be able to browse the Internet on a smartphone at a speed that will reach 10 gigabytes per second. Data from Statista, a provider of market and consumer data, indicates that by 2024, 5G mobile network technology will have reached more than 40 percent of the global population, with close to 1.5 billion users. Artificial Intelligence (AI) This trend has appeared in all the lineups for a few years now, but everything indicates that this year will be the year it takes off definitively. This is the year we’ll see its democratization, while it is even included in the political agenda. At the beginning of December, the European Commission released a communication on AI directing the member states to define a national strategy addressing this topic by mid-2019.

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Facebook Page Facebook Group Telegram Group Telegram Channel Autonomous Devices In respect to the previous point robots, drones, and autonomous vehicles are some of the innovations in the category the consulting firm Gartner labels “Autonomous Things” defined as the use of artificial intelligence to automate functions that were previously performed by people. This trend goes further than mere automation using rigid programming models, because AI is now being implemented to develop advanced behavior, interacting in a more natural way with the environment and its users. Blockchain Blockchain technology is another topic that frequently appears on these end of year lists. It has now broken free from an exclusive association with the world of cryptocurrencies; its usefulness has been proven in other areas. In 2019 we will witness many blockchain projects get off the ground as they try to address challenges that still face the technology in different fields like banking and insurance. It will also be a decisive year for the roll-out of decentralized organizations that work with intelligent contracts. Augmented Analytics This trend represents another stride for big data, by combining it with artificial intelligence. Using machine learning (automated learning), it will transform the development, sharing, and consumption of data analysis. It is anticipated that the capabilities of augmented analytics will soon be commonly adopted not only to work with data, but also to implement in-house business applications related to human resources, finance, sales, marketing and customer support – all with the aim to optimize decisions by using deep data analysis. Digital Twins A digital twin is a virtual replica of a real-world system or entity. Gartner predicts that there will be more than 20 billion sensors connected to end points by 2020, but the consulting firm goes on to point out that there will also be digital twins for thousands upon thousands of these solutions, with the express purpose of monitoring their behavior. Initially, organizations will implement these replicas, which will continue to be developed over time, improving their ability to compile and visualize the right data, make improvements, and respond effectively to business objectives. Enhanced Edge Computing Edge computing is a trend that relates most specifically to the Internet of Things. It consists in placing intermediate points between connected objects. Data can be processed at these intermediate points, thus facilitating tasks that can be performed closer to where

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Facebook Page Facebook Group Telegram Group Telegram Channel the data has been received, thus reducing traffic and latency when responses are sent. With this approach, processing is kept closer to the end point rather than having the data sent to a centralized server in the cloud. Still, instead of creating a totally new architecture, cloud computing and edge computing will be developed as complementary models with solutions in the cloud, administered as a centralized service that runs not only on centralized servers but also on distributed servers and in the edge devices themselves. Immersive Experiences in Smart Spaces Chatbots integrated into different chat and voice assistance platforms are changing the way people interact with the digital world, just like virtual reality (VR), augmented reality (AR), and mixed reality (MR). The combination of these technologies will dramatically change our perception of the world that surrounds us by creating smart spaces where more immersive, interactive, and automated experiences can occur for a specific group of people or for defined industry cases. Digital Ethics and Privacy Digital ethics and privacy are topics that are receiving more and more attention from both private individuals as well as associations and government organizations. For good reason, people are increasingly concerned about how their personal data is being used by public and private sector organizations. Therefore, we conclude that the winning organizations will be those that proactively address these concerns and are able to earn their customers’ trust. THE ROLE OF TECHNOLOGY IN BANKING INDUSTRY The banking sector has embraced the use of technology to serve its client’s faster and also to do more with less. Emerging technologies have changed the banking industry from paper and branch based banks to ”digitized and networked banking services. Unlike before, broadband internet is cheap and it makes the transfer of data easy and first. Technology has changed the accounting and management system of all banks. And it is now changing the way how banks are delivering services to their customers. However this technology comes at a cost, implementing all this technology has been expensive but the rewards are limitless E-banking: This enables the bank to deliver its services easily to its high end customers. To make the system user friendly to all clients, banks have used a Graphical User Interface (GUI) , with this software , customers can access their bank details on their own computers, make money transfers from one account to another, print bank statements and inquire about their financial transactions. Another technology used by banks to exchange data between the bank and clients is called Electronic Date Interchange (EDI); this software can

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Facebook Page Facebook Group Telegram Group Telegram Channel be used to transmit business transaction in a computer-readable form. So the client on the other end will be in position to read the information clearly. NRI Banking Services: This technology has been embraced in countries like India, USA, UAE, just to mention but a few. Since many people go abroad to work, they have a need of supporting their families. So technology has made it simple for them to send money to their loved ones easily. RURAL Banking: Unlike in the past when banking was centralized in urban areas, now day’s technology has made it simple to set up banking facilities in rural areas. For example: In Africa, they have introduced Mobile money banking facilities. In this case a user in a rural area will have an account with a mobile company which is opened for free. They can then deposit money on that account via a near by mobile money operating center. This money can be withdrawn at any time any were in that area and they can also receive or send money using the same system. Plastic money: Credit cards or smart cards like ‘’VISA ELECTRON’’ have made the banking industry more flexible than before. With a credit card , a customer can borrow a specific amount of money from the bank to purchase any thing and the bank bills them later. In this case, they don’t have to go through the hassle of borrowing small money. Then with ‘’Smart Cards’’ like visa electron , a customer can pay for any thing using that card and that money is deducted from their bank accounts automatically, they can also use the same card to deposit or withdraw money from their accounts using an ATM machine. Self-inquiry facility: Instead of customers lining up or going to the help desk, banks have provided simple self inquiry systems on all branches. A customer can use their ATM card to know their account balance, or to get their bank statement. This saves time on both sides. Remote banking: Banks have installed ATM machines in various areas; this means a customer does not have to go to the main branch to make transactions. This facility has also enabled anytime banking, because customers can use ATM machines to deposit money on their accounts. Remote banking has helped people in rural areas improve on their culture of saving money. Centralized Information results to quick services: This enables banks to transfer information from one branch to another at ease. For example, if a customer registered their account with a rural branch, they can still get details of their account while at the main bran in an urban area. Signature retrieval facilities: Technology has played a big role in reducing fraud in banks which protects its clients. For example, banks use a technology which verifies signatures

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Facebook Page Facebook Group Telegram Group Telegram Channel before a customers withdraws large sums of money on a specific account and this reduces on the errors or risks which might arise due to forgery. Security Considerations (Unit-5) Risk concern Area Technology is the great enabler, but it also presents pervasive, potentially high-impact risk. Cyber risk in the form of data theft, compromised accounts, destroyed files, or disabled or degraded systems is “top-of-mind” these days. However, that is not the only IT risk that the board and management should be concerned about. Some of the most significant risks in technology in financial services include: Strategic risk of IT Cyber security and incident response risk IT resiliency and continuity risk Technology vendor and third-party risk Data management risk IT program execution risk Technology operations risk Risk of ineffective risk management Type of threat in banking technology Much of a bank or financial institution’s operations take place with the use of technology, including through the Internet. Without solid cyber security measures in place, your bank’s sensitive data could be at risk. Here are the some biggest threats to a bank’s cyber security. Unencrypted Data This is a very basic yet crucial part of good cyber security. All data stored on computers within your financial institution and online should be encrypted. Even if your data is stolen by hackers, it cannot be immediately used by them if it’s encrypted – if left unencrypted, hackers can use the data right away, creating serious problems for your financial institution. Malware

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Facebook Page Facebook Group Telegram Group Telegram Channel End user devices – such as computers and cell phones – that have been compromised by malware pose a risk to your bank’s cyber security each time they connect with your network. Sensitive data passes through this connection and if the end user device has malware installed on it, without proper security, that malware could attack your bank’s networks. Third Party Services that Aren’t Secure Many banks and financial institutions employ third party services from other vendors in an effort to better serve their customers. However, if those third-party vendors don’t have good cyber security measures in place, your bank could be the one that suffers. It’s important to look into how you can protect from security threats imposed by third parties before you deploy their solutions. Data That Has Been Manipulated Sometimes hackers don’t go in to steal data – they simply go in to change it. Unfortunately, this type of attack can be difficult to detect right away and can cause financial institutions to incur millions of dollars in damages, if not more. Because the altered data doesn’t necessarily look any different than unaltered data on the surface, it can be challenging to identify what has and hasn’t been altered if your bank has been attacked in this manner. Spoofing A newer type of cyber security threat is spoofing – where hackers will find a way to impersonate a banking website’s URL with a website that looks and functions exactly the same. When a user enters his or her login information, that information is then stolen by hackers to be used later. Even more concerning is that new spoofing techniques do not use a slightly different but similar URL – they are able to target users who visited the correct URL. Computer Audit Development of Computer-Audit in Banks in India Computer-technology in banks in India, and therefore growing importance of Computer- Audit, the IB A made beginning way back in 1990 by bringing out a set of guidelines on EDP-audit. Subsequently, in 1995, the RBI constituted a Committee under the chairmanship of Shri. R Jilani, the then Chairman, PNB, to examine the internal inspection and audit system in banks and to suggest ways to make it more effective. The committee rightly devoted one chapter in this report discussing the problems of 'Computer Audit' in general and has made a number of suggestions, a gist of the same is reproduced below.

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Recommendations of the Jilani Committee - There is a need for formal declaration of systems development methodology, programming and documentation standards by the banks, and the EDP Auditors should verify the compliance thereof - The entire domain of EDP activities (policy to implementation) should be brought under scrutiny of inspection and audit department. - Efforts should be made to develop a competent and motivated team of EDP Auditors. There is also a need for the creation of EDP Audit cell within the Inspection and Audit Department. This cell should be manned by personnel drawn from both EDP and Audit Departments. - More emphasis should be given to total systems development rather than ad-hoc implementation, for effective working and control over computerized operations. - In the present target-oriented time bound scenario for computerization of branches, there is an urgent need for specifying the role and linkage of EDP Department with outside vendors. There is, thus, a need to formulate a policy and lay standards for development, updation/amendments and audit of such software (S/W) developed by OCA (Outside Computer Agencies). Such SAVs are required to be approved by senior management before these are implemented. Inspection and Audit department should also verify changes from the point of view of control for maintaining uniformity. - There is also a need to augment knowledge of EDP auditors on an on-going basis by deputing them to seminars/conferences and through technical publications. - System of contingency plan should be introduced and subjected to testing by inspecting staff at periodical intervals.

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Facebook Page Facebook Group Telegram Group Telegram Channel - Due to increase in the use of on-line application, EDP auditors should place greater emphasis on security and controls. Moreover, different security and control features for different systems should be defined and implemented. EDP audit function should include critical areas like access control and its levels authorized to make changes in S/W and privileges, etc. - System of automatically generating inspection reports should be developed for MIS purposes which would evaluate services management for ordering rectification/ratification. Exercise of such reports should be a checking point for EDP auditors.

INFORMATION SECURITY AUDIT FOR BANKING SECTOR

With rapid advances in Information Technology (IT), institutions engaged in the financial services sector have actively begun to utilize systems using open network as typified by the Internet. IS or IT Audit is “the process of collecting and evaluating evidence to determine whether a computer system safeguards assets, maintains data integrity, allows organizational goals to be achieved effectively and uses resources efficiently.” Primarily, vulnerabilities in the Bank’s Information System include:

• Improper system/network design,

• Programming errors, weak or inadequate physical/logical access controls

• Absence of or poorly designed procedural controls

• Lack of back up/contingency procedures

• Ineffective employee supervision, and management controls

• Lack of awareness among employees etc. Cyber security is critical for every business. But, for banks, the stakes are even higher. Financial institutions hold important data that may be siphoned off for indulging in fraud or various other criminal activities. Security measures are therefore indispensable for Banks. Such measures should be designed in a manner to detect and prevent attempts to steal consumer data.

BIGGEST THREATS TO A BANK’S CYBER SECURITY

Financial threats are still profitable for cyber criminals and therefore continue to be an enduring part of the threat landscape. From financial malwares that attack online banking, to attacks against ATMs and fraudulent interbank transactions, there are many different

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Facebook Page Facebook Group Telegram Group Telegram Channel attack vectors utilized by criminals. Most of the banks or financial institution’s operate with the use of technology, including the Internet. Without a good cyber security measures in place, your bank’s sensitive data could be at risk. Here are some biggest threats to a bank’s cyber security :

• Mobile Banking Risks

• Social Networks and Web 2.0

• Malware, Trojan, Botnets, and DDoS Attacks

• Phishing

• ACH Fraud: Corporate Account Takeover

• Inside Attacks

• First-Party Fraud

• Skimming

• Unencrypted Data

• Third Party Services that aren’t Secure

• Spoofing

• Data Breaches

CYBER FORENSIC FINANCIAL SECURITY SOLUTIONS AND SERVICES

Primary goal of our Bank IS audit is to determine information and related technological security loopholes and recommend feasible solution. IS Audit is all about examining whether the IT processes and IT Resources combine together to fulfill the intended objectives of the organization to ensure effectiveness, efficiency and economy in its operations while complying with the extant rules. ANA Cyber Forensic offers following services and solution to banks:

• IT Asset Management

• ISMS Policy implementation

• IT Service & Facility Management

• Physical (client/server interface, telecommunication, server, data storage, intranet, internet & Environmental Security)

• User & Access Management

• Database Access & Network Security Management

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• Data Center Security

• Change & Patch Management

• Problem & Incident Management

• IT Strategies, IT budget

• Audit trails &Data Privacy Protection Management

• IT Service Contract & Agreements and Vendor Management

• IT Risk Management

• Data Integrity & Transaction control

• Data Retention & Disposal

• System Acquisition, Development Management

• Business Continuity & Disaster Recovery

• Risk Based Adaptive Authentication

• Fraud Analyzer and Intrusion Detection

• Two Factor Authentications

• Data Warehousing and Business Intelligence Security

• Mobile Checkpoint Security

• Secure Web Gateways and Firewall services

• PCI DSS Compliance Check

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Gopalakrishna Committee Recommendations Overview of IT Act (Unit-6)

The Reserve Bank of India issued new guidance in April 2011 for banks to mitigate the risks of use of information technology in banking operations. RBI guidelines are result of the Working Group's recommendations on information security, electronic banking, technology risk management and cyber fraud. The Working Group was formed under the chairmanship of G. Gopalakrishna, the executive director of RBI in April 2010. The guidance is largely driven by the need for mitigating cyber threats emerging from increasing adoption of IT by commercial banks in India. Recommendations are made in nine broad areas, including- IT Governance: emphasizes the IT risk management accountability on a bank's board of directors and executive management. Focus includes creating an organizational structure and process to ensure that a bank's IT security sustains and extends business strategies and objectives. Information Security: maintaining a framework to guide the development of a comprehensive information security program, which includes forming a separate information security function to focus exclusively on information security and risk management, distinct from the activities of an information technology department. These guidelines specify that the chief information security officer needs to report directly to the head of risk management and should not have a direct reporting relationship with the chief information officer.

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Facebook Page Facebook Group Telegram Group Telegram Channel IT Operations: specialized organizational capabilities that provide value to customers, including IT service management, infrastructure management, application lifecycle management and IT operations risk framework. IT Services Outsourcing: places the ultimate responsibility for outsourcing operations and management of inherent risk in such relationships on the board and senior management. Focus includes effective selection of service provider, monitoring and control of outsourced activities and risk evaluation and management. Information Security Audit: the need for banks to re-assess IS audit processes and ensure that they provide an independent and objective view of the extent to which the risks are managed. This topic focuses on defining the roles and responsibilities of the IS audit stakeholders and planning and execution of the audit. Cyberfraud: defines the need for an industry wide framework on fraud governance with particular emphasis on tackling electronic channel based frauds. Focus includes creating an organizational structure for fraud risk management and a special committee for monitoring large value fraud. Business Continuity Planning: focuses on policies, standards and procedures to ensure continuity, resumption and recovery of critical business processes. Also, this topic emphasizes implementing a framework to minimize the operational, financial, legal, reputational and other material consequences arising from such a disaster. Customer Education: the need to implement consumer awareness framework and programs on a variety of fraud related issues. Legal Issues: defines the need to put effective processes in place to ensure that legal risks arising from cyber laws are identified and addressed at banks. It also focuses on board's consultation with legal department on steps to mitigate business risks within the bank. Preventive Vigilance in Electronic Banking (Unit-7) Phishing Phishing is the attempt to obtain sensitive information such as usernames, passwords, and credit card details (and money), often for malicious reasons, by disguising as a trustworthy entity in an electronic communication. How does phishing work? Phishing is usually done over e-mail or instant messaging, sending the user via a link to a an “apparently legitimate” site where they gather the user’s data or are infected by malware (ie. trojan).

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Facebook Page Facebook Group Telegram Group Telegram Channel There isn’t a one-size-fits-all defense against phishing attacks.. Phishing can come in all shapes and forms, even someone lying to you in person. So while you can’t avoid liars after your info, you can get better at spotting them. Criminals can launch targeted phishing campaigns directed at employees’ organizations or their customers. It’s a bit like a criminal marketing campaign. In the same way that marketing is becoming more innovative and intrusive, phishing will become more targeted and effective. Phishing and banking Since banking is “where the money is,” phishing practices have evolved to better compromise banking and financial information. One out of four phishing targets involves bank information and these are attacks are becoming more and more frequent. Online banking phishing scams are constantly evolving. So, at N26 it’s something we’re always on the lookout for. Customer Education In the modern business world, too little attention is paid to customer education. This is despite companies (especially software vendors) releasing more technologically sophisticated and innovative products that can sometimes leave customers scratching their heads. The simple fact is that new and exciting products require new knowledge and skills from customers. And if customers aren’t educated in the uses and benefits of a product or service, they won’t be able to recognize its full value. This is why “customer education” is also thought of as “customer empowerment”. Your product or service should help customers do what they do best, and do it even better than before! Improved customer satisfaction Imagine you’ve just bought a new car. It’s fresh off the showroom floor, and it’s supposed to sport some mind-blowing new features that make driving easier and more enjoyable. The only problem is that you haven’t driven in years! Your first drive is meant to be fun, but instead you stall repeatedly and keep confusing the windshield wipers with the air conditioning. Needless to say, you’re unsatisfied with your purchase. The great shame is that there’s nothing wrong with the car, you just need some training on how to use its cool features.

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Facebook Page Facebook Group Telegram Group Telegram Channel The point is, customer satisfaction soars when customers are properly educated in using the product or service. This is because they’re able to take advantage of all the tools and features, without running into problems that make their user experience frustrating. Boosted customer engagement Customer education improves each customer’s experience of the product, which in turn increases customer engagement with your brand. And of course, everyone engages more with brands they trust and enjoy. Through this increased engagement with the brand, customers will be more likely to renew or repurchase your product. They’re also more likely to spread positive word-of-mouth about your product and brand to their friends and colleagues. Increased loyalty This probably won’t come as much of a surprise, but satisfied and engaged customers are less likely to shop around for an alternative product or service. Why? Because they’re loyal. And customer loyalty has many benefits. Some of the benefits of customer loyalty relate directly to ROI, like: ● Lower costs to secure each purchase – securing repeat purchases costs companies much less in marketing spend than it does to secure a new customer! ● Improved brand advocacy through positive customer word-of-mouth and testimonials, which translates to free high-quality marketing.

Higher quality customer support When companies invest in customer education, there are fewer customer complaints and questions to be handled by the customer support department. This is because customers are able to figure out these snags using their product knowledge. Removing most minor issues from the customer support queue means that the customer support team gets to focus on the more complex issues that are still reported. And because the support team is free to assist customers with complex issues more quickly, improved customer support feeds back into increased customer satisfaction. A more trustworthy brand When customers are empowered to find useful information on products, services, and their benefits, their trust in your brand increases. And what’s the value of brand trust? A trustworthy brand improves customer advocacy and repurchases, and reassures new

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Facebook Page Facebook Group Telegram Group Telegram Channel customers that they’re in good hands. All of this increases customer loyalty and improves ROI. So, make your customer education materials easy to find. Your customer support team should also be well-trained in recommending educational materials to customers who report an issue. Safety checks precautions Tips to use internet banking safely: Always use genuine anti-virus software To protect your computer from phishing, malware, and other security threats always use genuine anti-virus software. Anti-virus helps in detecting and removing spyware that can steal your sensitive information. Avoid Using Public Wi-Fi or Use VPN software The biggest threat of an open Wi-Fi network is that the hacker can sit in between the end user and the hotspot and can trace all the data without any difficulty. Hackers see unsecured connection as an opportunity to introduce malware into your device. So, usage of public Wi-Fi hotspots for internet or mobile banking and making payments on ecommerce sites should be avoided. Check for latest updates of your Smartphone's operating system Smartphone users should make sure their operating system is updated with the latest security patches and updates. They should also not remove the security controls from the phone often called 'jail breaking' or 'rooting'. They should always look to restrict access that apps ask for when being installed to only what the app really needs.

Change your password regularly and ensure it's a strong one This might sound clichéd but, it is important to keep your account safe and helps you maintain confidentiality. And needless to say, don't share your details with anyone. Your bank will never ask for your confidential information via phone or email. If you have written your banking passwords in a notepad or a dairy, make sure it remains confidential. Subscribe for mobile notifications If you haven't done it already, do it now. These notifications will alert you quickly of any suspicious transaction. Whether the transaction exceeds the specified limit or is within it, you'll get an alert which will tell you the remaining account balance. Not just the

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Facebook Page Facebook Group Telegram Group Telegram Channel transactions, the bank will alert you of the unsuccessful login attempts to your net-banking account. Avoid signing-in to your net-banking account via mailers It is always safer to type the bank URL yourself than getting redirected to it via a promotional mail or any other third party website. As mentioned earlier a bank will never ask you to for the login credentials to your account. So if there's a fraudulent email which offers to redirect you to your bank's website and you enter your personal details on landing page after clicking it, there's a huge risk of your login credentials being stolen. Hence, if you receive an email from a bank asking for login details, treat it with suspicion. Do not use public computers to login to net banking If you are using a public computer, the risk of compromising your login credentials is higher. However if you have to login from such places, make sure you clear the cache and browsing history, and delete all the temporary files from the computer. Also, never allow the browser to remember your ID and password. Or just go incognito.

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