Thursday, December 29, 2011

The Do’s and Don’ts for the use of Debit Cards/PINs

  • Sign on the reverse of the card immediately upon receipt.
  • Memorize your PIN & destroy the PIN mailer immediately.
  • Keep changing your PIN regularly.
  • Follow the usage guidelines very carefully.
  • In case of Debit card loss, immediately report the loss and get the card hotlisted/blocked.
  • While using for purchases, ensure that the debit card is swiped in your presence.
  • Remember to collect the card after completing your transactions.
  • Do not disclose your debit card number/ ATM PIN to anyone.
  • Do not disclose any personal/ debit card related information to an unknown web portal or in response to any e-mail seeking such information.
  • Do not permit your debit card to be used by anyone else including your friend or relative.
  • Do not keep your PIN written in any of your records.
  • Avoid wearing cap/ helmet/ sunglasses while transacting at ATMs.

Saturday, December 17, 2011

Caution against fictitious offers of remitting cheap funds from abroad

The Reserve Bank of India has advised members of public not to fall prey to fictitious offers for release of cheap funds claimed to have been remitted by overseas entities to banks in India / Reserve Bank of India. Members of public should also not make any remittance towards participation in such schemes/offers from unknown entities.

Describing the typical modality of such offers, the Reserve Bank of India stated that certain foreign entities/individuals, including Indian residents acting as representatives of such entities/individuals, make offers through letters / emails, etc., of huge money in foreign currency to resident individuals/entities (including schools/hospitals), on the pretext of helping them in their business/ventures in India. Once the contact is established, the offer is followed by a request seeking details of bank account of the Individuals/Indian entity and asking some amount to be remitted to them as initial deposit/commission so that the offer money could be transferred. Likewise, references have been also received in the 
Reserve Bank in therecent past from individuals/authorised dealers seeking approvals/clarifications for effecting remittances in foreign currency towards commission/fees for receiving prizes won in overseas lottery schemes etc. It has also come to the notice of the Reserve Bank that certain overseas organisations have been advising individuals/companies/trusts in India that huge sums of money for disbursal of loans in India at cheap rates has been kept in an account with the Reserve Bank and the funds would be released after approval from the Reserve Bank. To substantiate their claims, even copies of certificate/deposit receipts purported to have been issued by the Reserve Bank are produced by such operators.

The Reserve Bank of India has today clarified that remittance in any form towards participation in lottery schemes is prohibited under Foreign Exchange Management Act, 1999. Further, these restrictions are also applicable to remittances for participation in lottery-like schemes functioning under different names, such as, money circulation scheme or remittances for the purpose of securing prize money/awards, etc. The Reserve Bank of India has further clarified that it does not maintain any account in the name of individuals/companies / trusts in India to hold funds for disbursal.

 Source: RBI Press Release

Sunday, December 4, 2011

Make your ATM transactions safe by following these rules....

  • Memorise your PIN. Do not keep your card and PIN together.
  • Do not share your PIN or card with anyone.
  • Do not take help of strangers for using the card or handling the cash.
  • Stand close to the ATM while entering your PIN.
  • Always press the 'Cancel' key before moving away from the ATM.
  • If your card gets stuck in the ATM, or if cash is not dispensed after you having keyed in a transaction, press the 'Cancel' key and call your bank immediately.

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