Finance Minister Nirmala Sitharaman, in a meeting with heads of Public Sector Banks (PSBs) on Friday, urged them to leverage the Reserve Bank of India’s recent 50 basis points rate cut to accelerate lending towards the productive sectors of the economy. Sources reported that the Finance Minister asked PSBs to maintain the profitability momentum in FY26 , building on their strong performance last year. The cumulative net profit of 12 PSBs surged to Rs 1.78 lakh crore in FY25 , marking a 26% rise compared to the previous fiscal. In absolute terms, this meant a profit increase of about Rs 37,100 crore . Sitharaman also emphasised the importance of financial inclusion, directing banks to onboard more customers under government schemes to ensure broader credit outreach. On June 6 , the RBI’s monetary policy committee, led by Governor Sanjay Malhotra, cut the benchmark repo rate by 50 basis points to 5.5% . The minister highlighted that PSBs sh...
With fraudsters constantly devising new schemes, vigilance remains crucial to avoid falling victim to scams. Scammers often use familiar tactics, such as creating a sense of urgency or impersonating trusted entities, to trick people into making hasty decisions. To help protect yourself, consider these five questions, framed as a C.H.E.C.K. list, to evaluate the legitimacy of suspicious requests:
Credibility: Is the requester trustworthy? Scammers excel at appearing credible. When asked to make a payment or provide sensitive information, verify the authenticity of the request. Check if the request comes from a known business or individual. Cross-check contact details with those listed on official websites and only proceed if you are confident in the requester’s legitimacy.
Haste: Does the request seem overly urgent or too good to be true? Fraudsters often create a false sense of urgency to prompt quick decisions. They may pressure you to transfer money immediately or fabricate emergencies involving loved ones. If a request feels unusually urgent or offers something that seems too good to be true, take a moment to evaluate the situation thoroughly. Confirm the request's legitimacy before acting.
Excess Information: Am I being asked for more personal information than necessary? Be wary if you’re asked for excessive personal details, such as your PIN, password, or OTP, especially if it's for receiving money. Financial institutions will not request this information for verification purposes. If someone asks for these sensitive details, it’s a red flag, and you should avoid providing them.
Control: Did I initiate this transaction? Maintaining control over the transaction process is essential. Ensure that you are initiating any payments or actions yourself rather than responding to unsolicited requests. If you’re feeling pressured or coerced into sharing information, it’s best to halt the transaction and reassess its legitimacy.
Known Platform: Is the transaction occurring on a secure platform? Confirm that you’re using a reputable and secure platform for transactions. Navigate directly to official websites or use verified apps instead of following links. Ensure that the platform you’re using is secure and well-known. Avoid transactions on suspicious or unverified sites.
By asking yourself these key questions, you can better protect yourself from fraud and make more informed decisions in potentially risky situations.
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