Union Finance Minister Nirmala Sitharaman has said that Indian banks must adopt a more versatile and proactive approach to counter emerging artificial intelligence-driven cyber threats.
Manohar Lal chaired a review meeting on the implementation of the PM SVANidhi Scheme with representatives of 33 states and Union Territories, senior officials from the Ministry of Housing and Urban Affairs (MoHUA) and Department of Financial Services (DFS), and major Banks/SLBC Convenors, in New Delhi.
Money is not merely a piece of paper or a metal disc or an electronic digit but ‘in essence it is a social relationship’. Money is the promise to repay by one to another in a society. The promise is based upon trust.
With the RBI’s 50 basis points cumulative reduction in policy rates since February this year, transmission of the rate cut by banks is expected in the coming quarters, according to an SBI report.
The government on Tuesday announced to discontinue the medium term and long term government deposit (MLTGD) components of the Gold Monetisation Scheme (GMS), effective from March 26.
Indian societies run majorly on cash and banks play a crucial role in its existence. Therefore, the centre has exempted them the 21-day lockdown.
He also noted that ratio of deposit to M-CAP (market capitalisaion) is not the correct instrument for assessing the safety of banks and instead Capital to Risk (Weighted) Assets Ratio (CRAR) should be gauged.
The strike call has been given by the United Forum of Bank Unions (UFBU), an umbrella body of nine bank unions.
Police have also issued a set of advisories for the safety of the bank customers.
The greatest cause of concern in the current scenario is that in most cases, the bureaucrats who keep their hands under the table and the politicians who change parties as frequently as we change clothes, are regular guys who behave normally till they get a whiff of money.
