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Thursday, October 22, 2009

Banks facilitates the flow of money through economy


Banks are important entities in the financial market and offers investment funds. These institutions are highly regulated by the government bodies. It acts as a payment agents by guiding the assurance or current accounts for the customers, paying cheques drawn by the customers on the bank as well as collecting cheques deposited to customers' current accounts. Banks accepts the funds deposits on the current account for borrowing money. Moreover bank-accounts is considered to be essential by most businesses, individuals, associations and governments. It facilitates the flow of money through the economy. For this, savings are pooled to mitigate the risk added to provide funds for loans. Lastly, the elementary means for depository institution is to develop revenue. Actually, the banking terminology is law based, it is a contractual analysis between the bank and the customers, an entity who agrees to conduct an account. For instance, there is a big queue of private and public sector lenders such as ICICI, Axis Bank, HDFC, State Bank of India, (SBI), Standard Characters, ABN AMRO Bank, Bank of Baroda (BOD) and many more.The basic business function of banking carries out:conducting current account for the customerpaying cheque drawn on himcollecting cheque for his customersABN AMRO India, a global bank for the businesses and personal financial needs offers the comprehensive range of banking products, from investment and retail banking to private and asset management banking. ABN AMRO offers an innovative product range designed around one's need. With its local intimacy in to the domestic bank along with the support and resource of the global network ABN AMRO Bank extends world class products and services. Besides, it creates the best value, and move with the phrase- “making more possible”. Seeking the comfort of an individual, it offers greater convenience and maximum utility. The organization even brings the wide spectrum of value-added services. It is a one-stop financial solution provider as well as it has its own internal and external platforms to execute equity, debt, mutual funds, insurance, property and foreign exchange transactions.ABN AMRO Bank's Net Banking extends to access your account from wherever you are. As long you are Online you can:-Enquire on your balances/ transactions Easy fund transaction facility to ABN AMRO accounts or any other bank accountsDirect apply and invest in mutual funds Facility of open fixed deposits 24*7 accessibility to pay your billsGet a cash and draft delivery and pick up, whereas, including many other services too. Likewise, Axis Bank, the former UTI Bank, holds a special position in the Indian capital market and has encouraged many lending financial institutions in the country. Though, the bank is looking forward into the new area of business as on to non-life insurance. Complying the removal of the entry load on mutual funds and restriction on charges on life insurance policies, Axis Bank is found to be an emerging player in distribution game. Currently, it conducts its operations through more than 700 branches and ancillary extension counters. Its higher weightage on corporate banking leads to diversification of credit risk.

Online Banking MA Anywhere Anytime

All the banks are working towards reducing cost and increasing profits. Online banking is one of the way the banks can minimize on cost and provide their customer at home service without the hassle of queue and long waits.All the paper work has been reduced and making it more convenient for the banks and the customer to view the account information electronically, transferring funds, making bill payments and lots of other facilities electronically, bringing the usage of paper to the minimum.Another feature, online banking alerts, is sent to an email or cell phone via text message. Set up by a user based on preference, alerts provide instant information regarding an account balance or other transaction. For example, balance limit alerts are received when a balance goes above or below an amount the user has specified. Transaction alerts are received if a direct deposit is received, when a check clears, a withdrawal is made, or a purchase is made with a credit card. Alerts can also be set up to communicate bill payments that have been made.With the phenomenal growth of online banking, banks continue to develop effective security features, creating peace of mind for customers and a wall of protection against identity theft. Users should always opt in for the additional security features offered by their bank. These programs may prompt a security question, such as a mother s maiden name, if it does not recognize the computer from which a user is accessing the account. Customers should also look for https in the URL as well as a locked padlock icon in the lower corner of the screen. Most importantly, personal identification numbers (PINs) that use a combination of random numbers and letters will be much harder for a hacker to break through.Another security feature of online banking in MW is that it can be monitored nearly in real time. For those who think online banking is risky, a recent study by a major research firm found that the average days it takes to detect fraud for online account holders is 18 days. For those who monitor accounts from their monthly statements, it took an average of 114 days before fraud was discovered. It’s hard to deny that online banking is fast becoming the more secure way to handling and protecting finances. Banks are providing a wide array of online banking, personal banking and business banking options and banking solutions tailored to your individual needs

Secure and Easy Online Payments


Everyone and everything is now online. From personal journals such as blogs to fast cash loans—the Internet is now part of everyday life. Everyday millions of people are online making transactions and connecting with others. Doing business has never been easier as it is today with the advent of online business transactions. Making purchases online is a convenient part of life, so it is with online payment. It provides a unified payment interface for bank transactions, credit cards, debit cards, and a lot more. Although the Internet has made it possible to buy and sell products and other items online, it also opened doors for high tech criminal activities, making electronic transactions a potentially volatile payment medium. Fraudulent transactions are common on the Internet. Faceless and ruthless fraud perpetrators could do much harm with just a few unsecured passwords and clicks here and there. Aside from the criminal threat, another pain in the neck for online merchants and customers is the various online payments that have different requirements for making transactions.

To do away with these hassles and hindrances and simplify making business transactions through the Internet, here are some tips to remember:· Since when people makes online transactions, they usually use their own personal computers and laptops. One important thing to always remember is to update virus and spy-ware software and run it regularly. Most operating systems have this feature which could update and run these kinds of software on a set schedule. It is imperative to do this because there are vicious viruses and online bugs that are made to track and record personal information. Those who use their credit cards can make themselves vulnerable to cyber criminals when they type away their unsecured passwords and security codes.· One way to fight cyber criminals from snatching password numbers and security codes is to get a software program that presents the use of an e-wallet. These nifty programs can stop key logging viruses from getting valuable information straight from PCs and laptops. E-wallets provide security by signing in a password and username on the transactions made and the customer does not have to type in and make tale-telling keystrokes.· There is also such a thing as virtual cards. These give added protection in making online payments since it uses a false card number that a person can easily use to make purchases.

The number is generated so it would not be used again, thus effectively concealing the real account number. This will prevent hackers from cleaning out the customer’s account.· Lastly, online payment users should make sure to secure their email address and passwords so they are not prone to credit card information hackers. Print the receipts and invoices, then delete the emails by emptying the trash bin of the PC. A good tip for online users is to change passwords once in a while and delete sensitive information in the inbox.For other online transactions such as fast loans, these are secured transactions and most financial support websites have many security features. Online users and customers must be aware of the security threats in the Internet and take the necessary steps in securing their online information.

The Bank of England holds rates at record low

The Bank of England has today announced its base rate will remain at the record low of 0.5% for the sixth month running.It also reported that it would continue to inject up to £175 billion into the economy as part of its quantitative easing scheme, but this amount will not be extended further.This follows a number of recent surveys that suggest the UK has begun to emerge from the recession.But the Bank said the recovery would be "slow and protracted" and that it is likely to be months before the full impact of its policies is seen.The recent optimism about the future of the UK economy has had a positive affect on the FTSE 100 index, pushing it above 5,000 points for the first time since October last year.
Data published this week has shown that July saw manufacturing output in the UK increase at its fastest rate in 18 months.Reputable researchers at the National Institute of Economic and Social Research also said the UK economy grew 0.2% in the three months to August.But it added that although this was good news, the trend in growth should not be confused with a "return to normal economic conditions."
"There may well be a period of stagnation now, with output rising in some months and falling in others."The cuts made to the interest rates have been made as part of a strategy to attempt to boost lending in the economy.But some economists have now called for further rate cuts to below 0% in order to dissuade banks from keeping the money that is being injected into the economy, encouraging them to lend it to consumers and businesses in the form of mortgages and loans."One must now question the conventional view that cutting rates below 0.5% will not help," said BCC chief economist David Kern.

NRI & NRO Deposit Accounts with Online Banking in India!

Finances have always been of utmost importance and handling it with complete responsibility can be quite a task. At the end of it all, you need growth, sustainability and security for your money. When you are in a far-off land and you need to be connected with your homeland financially, then the bank you choose plays a crucial role in your wealth management. NRI Accounts in banks offer you a lot more than just parking space for your hard-earned money. They have on offer a bouquet of services including financial planning, investments, lockers, etc.
The government of India introduced the rules for holding a NRI banking account in the year 1970. Within that purview, individuals leaving their country have found great convenience in maintaining their finances. Non-resident Indians can open any of the below mentioned accounts with their Indian bank:
NRE (Non Resident External Accounts)It is an account by way of Savings, Current or Fixed Deposits in Indian rupees. The funds in this account are fully repatriable.NRO (Non Resident Ordinary Accounts)This account can be opened in the form of Savings, Current or Fixed Deposits in Indian Rupees. The only difference in this account is that the funds cannot be repatriated. However, the interest accrued over the deposits and investments is repatriable.FCNR (Foreign Currency Non Resident Accounts)All funds in this account are easily repatriable. You can only open a Fixed Deposit with this account in five major currencies of the world. The currencies are - US Dollars, Pound Sterling (GBP) and Euro.


Credit Risk Management

The active management of credit risk has been receiving increasing regulator attention and strategic focus at many financial institutions. Regulators cite poor credit risk management at the portfolio level, weak credit standards for borrowers and counterparties, and insufficient attention to changes in economic and other circumstances affecting the capacity of borrowers and counterparties as the highest contributors to inadequate credit risk management. Regulators have changed capital charges to make financial institutions more responsive to actual credit exposure and have set new rules for how much capital banks must set aside to cover potential losses.
The basic principles for an effective credit risk management process were outlined in the consultative paper “Principles for the Management of Credit Risk,” issued by the Basle Committee on Banking Supervision. We consider it appropriate to underscore these principles in view of the current regulatory and credit market influences.
Definition of Credit Risk
Credit risk is the risk of loss arising from a borrower’s or counterparty’s inability to meet its obligations. The majority of a financial institution’s credit risk arises from its lending activities – outstanding loans and leases, trading account assets, derivative assets, and unfunded lending commitments that include loan commitments, letters of credit, and financial guarantees. It also exists in other activities such as acceptances, interbank transactions, trade finance, and retail and investment settlements.
Managing Credit Risk
It is important to formulate and implement a structured credit policy and related processes to manage credit risk. Strategies for credit risk management, including credit policy development and risk monitoring, is the responsibility of business unit and senior management, and the board of directors.
Financial institutions should establish credit limits to control the risk in all credit-related activity. Limits by industry sector, geographical region, product, customer, and country should be specified, along with the approaches to be used for calculating exposures against those limits, and made part of credit policy. Consideration should also be given to the spread across industries or regions as the default of one firm or industry may also affect others. Larger financial institutions might also consider multiple limits for each borrower or borrower group, by product, operational unit, and borrower member so that banking and trading activities of those borrowers or borrower groups creating credit risk can be more adequately monitored. While the trend has been that many financial institutions monitor total exposures in those categories, most have not set maximum limits on those exposures.
Commercial Portfolio Credit Risk Management
Credit risk in the commercial portfolio can be managed based on the risk profile of the borrower, repayment source, and the nature of underlying collateral given current events and conditions. Commercial credit risk management should begin with an assessment of the credit risk profile of an individual borrower or counterparty based on current analysis of the borrower’s financial position in conjunction with current industry, economic, and macro geopolitical trends. As part of the overall credit risk assessment of an obligor, each commercial credit exposure or transaction should be assigned a risk rating and be subject to approval based on approval standards defined in credit policy. Subsequent to loan origination, risk ratings should be adjusted on an ongoing basis as necessary to reflect changes in the obligor’s financial condition, cash flow, or ongoing financial viability. The regular monitoring of a borrower’s or counterparty’s ability to perform under its obligations allows for adjustments to be made that will affect the credit exposure measurement.
Risk rating aggregations should be considered for measurement and evaluation of concentrations within portfolios. Risk ratings are also a factor in determining the level of assigned economic capital and the allowance for credit losses.
To manage the relative risk within the commercial portfolio, many financial institutions utilize participation or syndication of exposure to other financial institutions or entities, loan sales and securitizations, and credit derivatives to manage the size of the loan portfolio and the relative associated credit risk. These activities can play an important role in reducing credit exposures for risk mitigation purposes or where it has been determined that credit risk concentrations are undesirable.
Consumer Portfolio Credit Risk Management
Credit risk management for consumer credit should begin with initial underwriting and continue throughout a borrower’s credit cycle. Consumer and other common attributes to evaluate credit risk. Statistical techniques may be used to establish product pricing, risk appetite, operating processes, and metrics to balance risks and rewards appropriately. Statistical models can be purchased or created that use detailed behavioral information from external sources such as credit bureaus, along with internal historical experience. These models should be validated periodically to assure they continue to be statistically valid and reflect performance of the institution’s customer base, particularly if used for credit scoring. When used, these models will form the foundation of an effective consumer credit risk management process and may be used in determining approve/decline credit decisions, collections management procedures, portfolio management decisions, adequacy of the allowance for loan and lease losses, and economic capital allocation for credit risk.
Accurate Calculations of Exposures
Assuring accurate calculations of exposures against limits is critical to managing credit risk. Methodologies will vary according to product types. For lending products and current accounts, the book balance is considered an appropriate measure, with related accruals included as part of the exposure as default of a counterparty on the primary exposure would also likely lead to loss of interest income. The current market value should be used for issuer exposures on bonds and equities, with replacement cost of the trade used as measure for any unsettled trades. For foreign exchange and derivatives, exposure should be measured at the replacement cost of the trades plus an add-on value based on the nominal value to reflect potential future adverse movements in the replacement cost.
Concentrations of Credit Risk
Portfolio credit risk should be evaluated to assure that concentrations of credit exposure do not result in undesirable levels of risk or in violations of regulatory requirements. Regular review and measure of concentrations of credit exposure against established limits by product, industry, geography, and customer relationship should be performed. For specialized industries, additional measurement categories may be appropriate, such as geographic location and property type for commercial real estate loans. When exposures exceed established limits, an escalation process should be triggered to avoid potential conflicts and to assure senior management is aware of all excesses. Periodic revalidation of established limits would be appropriate to assure that the limits continue to match the strategic risk appetite, provide for targeted asset mix, and recognize potential exposures as anticipated.

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