Detecting forged or fabricated title deeds in home loan applications requires a comprehensive approach involving both manual scrutiny and digital verification tools. Banks and financial institutions adopt several methods to ensure the authenticity of documents, identify discrepancies, and mitigate the risk of fraud. These methods focus on verifying the legitimacy of title deeds, assessing ownership…
IntroductionThe Reserve Bank of India (RBI) has introduced significant amendments to its Know Your Customer (KYC) framework to facilitate easier onboarding and periodic updation of KYC details by customers. These changes, incorporated in the Master Direction – Know Your Customer (KYC) Direction, 2016 (updated from time to time), are aimed at streamlining procedures and reducing…
In the context of bank loans in India, security refers to the assets that a borrower pledges to a lender as a guarantee of loan repayment, mitigating the lender’s risk in case of default. Essentially, it’s a form of collateral that the lender can seize or sell if the borrower fails to meet their loan…
IntroductionAccording to the Reserve Bank of India’s Annual Report for FY 2024–25, the total value of bank frauds tripled despite a decline in the number of reported cases, indicating that frauds are becoming more sophisticated and financially damaging. Among various fraud typologies, home loan frauds remain a critical area of concern due to their multifaceted…
CERSAI 2.0 is an upgraded version of the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) platform, designed to enhance the efficiency and accessibility of the registry. It offers features like online application submission, real-time tracking of requests, and an improved user experience. This upgrade aims to prevent fraudulent transactions involving…
The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) was established, under Section 20 of the SARFAESI Act (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002). It is a government-owned company that operates a central registry that deals with the filing of the security interest of…
Online fraudsters are using innovative methods to wipe out your bank balance. Be aware of such frauds to protect yourself from fraudsters. In the current reporting RBI has reported a dramatic spike in the value of bank frauds for the financial year 2024-25. A total of 23953 fraud cases amounting to Rs.36014 crore were recorded…
The Reserve Bank of India made available an illustrative list of Early Warning Signals (EWS) which should alert bank officials about wrongdoings and frauds in loan accounts. In the background of increasing incidences of frauds in general and in loan portfolios in particular, the Reserve Bank of India brought into force the systemized framework for…
The Government of India, under the Jan Suraksha initiative, has introduced several social security schemes aimed at enhancing financial inclusion and providing affordable insurance and pension benefits, particularly to the economically weaker sections and the unorganised sector. Indian banks actively facilitate the implementation of these schemes by partnering with insurance providers and pension fund authorities.…
IntroductionEstate planning involves the strategic organization and management of an individual’s assets to ensure an orderly transfer upon their incapacitation or death. The primary objectives of estate planning include preserving wealth, minimizing tax liabilities for beneficiaries, and facilitating the seamless distribution of assets. Key tax considerations in estate planning include capital gains tax and income…
