Banking Current Affairs 2017

Welcome to Banking Current Affairs 2017 Section of GKToday. This section has current affairs on banking industry for IBPS Banking Recruitment, RBI Grade B, SBI PO, RRB and other banking examinations. An E-book compilation of 250 Banking Current Updates from June 2014 to December 2016 can be downloaded from This Link

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SBI launches ‘SBI Realty’ portal for home buyers

India’s largest commercial bank State Bank of India (SBI) launched SBI Realty, a dedicated portal that will help home buyers to choose flats from its 3,000 approved projects across the country.

SBI Realty will be a one stop integrated website for home buyers. It will help customers to choose their dream home from 3,000 SBI approved projects, which are spread across 13 states/UTs covering 30 cities.

Key Facts

The SBI Realty portal has been developed by SBICAP Securities in association with PropEquity in terms of data support, project information, etc. At present, the website has 9.5 lakh home units available on it.

Using the portal, customers can compare current and past trends of prices for properties in various localities in the city. It will also assist customers in calculating appropriate loan amount a customer should borrow based on income and credit profile.

About State Bank of India (SBI)

SBI is the largest commercial bank in India in terms of assets, deposits, branches, profits, customers and employees. It has a deposit base of Rs 25.85 lakh crore. It has an extensive network, with over 24 thousand branches in India and 194 overseas offices in 35 other countries.


RBI limits Customer liability in Online Banking

RBI has issued directions on ‘Customer Protection – Limiting Liability of Customers in unauthorised Electronic Banking Transactions’. RBI has issued the revised directions amidst a recent increase in customer grievances related to unauthorised transactions.

Salient Highlights

The following are the salient highlights of the revised directions:

If the customers report to the banks regarding the loss they suffer through online banking transactions within three days, then the amount involved will be credited to their accounts within a time period of 10 days. Any loss suffered by the customer after reporting of the unauthorised transaction will be borne by the concerned bank. In sum, there will be “zero liability of a customer” in the case of third party breach where the deficiency lies neither with the bank nor with the customer but elsewhere in the system.

The customer is required to report to the bank within three working days after receiving the communication from the bank regarding the unauthorised transaction.

In cases of customer reporting the third party fraud with a delay of four to seven working days, then the liability of customer in such cases would be up to Rs 25,000.

Customers will also be entitled to zero liability in cases when authorised transaction occurs due to contributory fraud/negligence/deficiency on the part of the bank irrespective of whether or not the unauthorised transaction has been reported by the customer.

In cases of negligence caused by the customer by sharing of payment credentials, the customer is liable to bear the entire loss until the unauthorised transaction is reported to the bank.

If the customer reports about the unauthorised transaction after seven days, then the liability of the customer would be determined as per the bank’s Board approved policy.

The bank has to credit the amount involved in the unauthorised electronic transaction to the customer’s account within 10 working days of reporting of fraud. The bank has to do this without waiting for settlement of insurance claim if any.

The banks should ask its customers to mandatorily register for SMS alerts and e-mail for email alerts for electronic banking transactions.