Banking

Technology-based products are a boon for financial inclusion, and this has rapidly become the go-to criteria for development. This realisation has also seen the Reserve Bank of India introduce many technology-based products in the country. New technology based products helped the Government and the RBI in their financial inclusion mission on one hand, but ended up creating potential for fraud, money laundering and terrorist financing. The threat thus posed to the financial sector has led the RBI to issue guidelines for KYC Norms/ AML Standards/ CFT obligations, among others to prevent banks from being used, intentionally or unintentionally, by criminal elements for nefarious activities. However, these sporadically updated critical regulations make it difficult for banking employees to keep up with in the modern day busy lifestyle. This is prone to leave them vulnerable to organizational action and serious legal implications in case of deviance from prescribed procedures as the system fails to recognize ignorance as an acceptable excuse. While many books deal with traditional banking, the same cannot be said of books pertaining to technologybased banking and related topics, which is why these ideas form the core of this book. This book covers all topics which are influenced by technology, with special emphasis to those developed in past decade. It brings you all the available data, including the RBI guidelines, regarding tech-related products to form one exhaustive resource worthy of being an absolute must-read for all current and aspiring bank-employees. The book contains thirteen self-sufficient chapters on the many diverse domains of banking. Each chapter is comprehensive in its coverage of the subject matter, and I honestly believe that the readers will appreciate and embrace the efforts put into making it possible. This book provides the readers with the ultimate base required to not only crack competitive exams and interviews but also ease day-to-day banking responsibilities and leading to quick, efficient and confident decision making. About the Author Dr. Archana Alok Avasthi is an Ex-Manager of the Central Bank of India. After completing her M. Sc. degree in Organic Chemistry in 1985 from P.P.N. College Kanpur in First Division, she had enrolled herself for Ph.D. in HBTI Kanpur, and also joined UP Pollution Control Board as a Scientific Assistant in September 1985. Two years later, she joined Central Bank of India in Nov. 1987 and completed her Ph. D. simultaneously from HBTI, Kanpur in 1991. In this time, she published over fifteen research papers in multiple reputed international journals and conferences. She also has under her belt qualifications of having cleared CAIIB from Indian Institute of Banking & Finance and a diploma course in Computer Science from APTECH. She served Central Bank of India for more than 26 years in a variety of branches/ non-business office/ central office, and roles spanning the breadth of the Indian banking industry and accepted VRS on 31 January, 2014. Having been in the Banking sector for more than 26 years, she identified a need gap in the knowledge space of the employees and promotional-exam takers. She has decided to author a series of practically applicable and comprehensive books in the banking domain to enable greater effectiveness from the employees and ease others looking to make a foray into the field.