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Public sector banks are much easier to defraud than private sector ones: Here's the proof

Public sector banks are much easier to defraud than private sector ones: Here's the proof

Finance
Clearly, it is much easier to defraud public sector banks than private sector ones in India and the figures speak volumes about the way the latter are run. According to the Reserve Bank of India‚Äôs (RBI) annual report for 2017-18, during 2017-18, public sector banks accounted for almost all (92.9 per cent) of the amount involved in frauds. While the private sector banks accounted for 6 per cent. With regards to the cumulative amount involved in frauds till March 31, 2018, PSBs accounted for around 85 per cent, while the private sector banks accounted for a little over 10 per cent. Banking frauds in general are on the rise. According the central bank’s annual report, the number of cases on frauds reported by banks were generally hovering at around 4500 in the last 10 years before thei
Public 'back' taxes to tackle single-use plastic waste

Public 'back' taxes to tackle single-use plastic waste

Science
There is high public support for using the tax system to reduce waste from single-use plastics, the Treasury says. A consultation on how taxes could tackle the rising problem and promote recycling attracted 162,000 responses.Treasury Minister Robert Jenrick said the government was looking at "smart, intelligent incentives" to get plastic producers to take responsibility.Reports suggest a levy on manufacturers and some disposable plastic products may be introduced in the Budget.It could include measures such as a tax on single-use coffee cups. What are the alternatives to plastic? Two-thirds of plastic food pots unrecyclable 50 nations 'curbing plastic pollution' Responding to the consultation, the Treasury said it wanted to promote the greater use of recy...
Perform and get paid: Public sector banks plan to link pay with performance

Perform and get paid: Public sector banks plan to link pay with performance

Finance
Senior management of public-sector banks (PSBs) may now have to perform to earn more. In a first-of-its-kind move for PSBs, State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda (BoB) are planning to introduce performance-linked salary structure for the senior management, according to a Business Standard report. "The bank is seriously thinking of introducing a system of performance-based incentives for officers above the general manager grade. There will be a component of fixed and variable pay. But it will evolve slowly,” PNB Managing Director and Chief Executive Officer Sunil Mehta told the paper. SBI and BoB may also follow a similar model and are working on a compensation framework, says the report. Performance-linked pay is widely used in the private sector t...
25% ATMs of public sector banks may be vulnerable to fraud

25% ATMs of public sector banks may be vulnerable to fraud

Finance
The government on Friday indicated that nearly a quarter of the automated teller machines (ATMs) run by public sector banks may be vulnerable to frauds as 74% of the cash dispensers are running on outdated software. The statement on state-run banks came in response to a question in Parliament on ATMs running on software that was outdated or “unsupported”. These ATMs are prone to fraud and lack basic security features. The government, however, did not disclose details of such ATMs that were run by private sector lenders. A bulk of the machines in the country are operated by public sector players, with government telling Parliament that close to 89% of the ATMs belonged to this category. Despite the growing presence of private players in recent years, state run-banks still contro...
Give your bones a workout, public told

Give your bones a workout, public told

Health
Too many of us are neglecting to do exercises for strong muscles and bones, says Public Health England (PHE).It's launched a new report giving advice on how people can age better by doing the right workouts. While the message about doing aerobic exercise for a healthy heart and lungs is getting through, people are less clear about the need to look after their overall strength too, it says. We should all be doing strengthening exercises at least twice a week.Lifting weights is one option, but taking up tennis or dancing also works, says PHE and the Centre for Ageing Better. Activities offering the most benefit include: Ball games Racket sports Dance Nordic walking (walking with poles to give your upper body a workout as well as your legs) Resistance train...