State Bank of Travancore (SBT), an associate of State Bank of India, has stopped the facility of transfer of funds based on e-mail instruction from customer. The bank has taken this step in order to prevent frauds and to protect depositors’ money. Frauds in transfer of money, based on e-mails have been on the increase recently.
The bank has reported 30.41% rise in its net profit at Rs 131.99 crore for third quarter ended December 31, 2012 as compared to Rs 101.21 crore for the same quarter in the previous year. Total income of the bank has increased by 20.45% at Rs 2297.15 crore for quarter under review as compared to Rs 1907.06 crore for the quarter ended December 31, 2011.
