Overview: Global and Indian Forex Market
The foreign exchange market, or Forex Market (FX market), is a global decentralized over-the-counter (OTC) marketplace for trading currencies. Participants in the FX market engage in buying and selling foreign currencies, determining exchange rates for global currencies. It is the largest financial market in the world, comprising a global network of financial centers that operate…
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Key Areas of Fraud in the Banking Sector
IntroductionBanking fraud refers to a spectrum of deliberate acts intended to deceive and unlawfully benefit from financial transactions or services. These fraudulent activities can target various banking operations, including account openings, lending processes, fund transfers, and digital banking. Understanding the common areas in which frauds are committed is essential for institutions to develop preventive mechanisms…
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RBI Guidelines on Fraud Reporting and Vigilance for Private Sector and Foreign Banks
IntroductionThe Reserve Bank of India (RBI) has established a comprehensive regulatory framework for private sector and foreign banks to ensure financial integrity, mitigate risks, and uphold the stability of the banking system. These guidelines focus on fraud reporting, customer due diligence, vigilance mechanisms, and cybersecurity infrastructure. Adherence to these norms is critical to maintaining transparency,…
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A guide on Fundamentals of Foreign Exchange and various terminologies used in dealings
[This post contains fundamental aspects of foreign exchange; and forex markets; as well as over 100 terminologies used in forex dealings such as direct and indirect Quote; buying rate, selling rate, forward exchange rate, swap rate, spot rate, cross rate, transaction date, value date, Spread, premium, discount, points, arbitrage, Interest arbitrage, Interest parity, future, hedging,…
Read article The Vigilance Function in Banks: Ensuring Integrity and Accountability
IntroductionThe vigilance function in banks plays a vital role in safeguarding institutional integrity, ensuring compliance with regulatory frameworks, and fostering a culture of ethical conduct. Operating as a key component of the bank’s governance structure, the vigilance department serves both preventive and corrective purposes by monitoring activities, investigating irregularities, and promoting transparency across operations. 1.…
Guidelines for Reporting Banking and Cyber Fraud in India
IntroductionTimely reporting of banking and cyber fraud is essential to mitigate losses and facilitate the recovery process. Multiple channels have been established by the Government of India and financial institutions to assist victims in lodging complaints and initiating investigations. Reporting Mechanisms 1. National Cybercrime Helpline (1930)Dial 1930 to report incidents of cybercrime, including financial fraud.…
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