Latest RBI Guidelines For Banks And Digital Payments. Do You Know?

Highlight: Learn about the most recent RBI laws regarding digital payments in India.

The digital payments ecosystem in India has matured in recent years, with the pandemic hastening the adoption of digital payments. An increasing number of citizens, including those living in non-metro cities and India’s hinterlands, have begun to transition to cashless transactions via Unified Payments Interface (UPI), Aadhaar-enabled Payments System (AePS), Internet Banking, and others.

The Reserve Bank of India (RBI) proposed in its statement on ‘Development and Regulatory Policies’ dated December 4, 2020, to establish a robust governance structure for digital payment products and implement common minimum security controls for channels such as internet and mobile banking and card payments. In accordance with the announcement, the RBI issued the Reserve Bank of India (Digital Payment Security Controls) Directions, 2021 (Master Directions) on February 18, 2021. 

These rules apply directly to scheduled commercial banks, small finance banks, payment banks, and NBFCs that issue credit cards. The new set of rules also lays out the criteria that will be utilized to enforce the rules.

In a circular, the central bank stated, “The Master Direction provides necessary guidelines to establish a robust governance structure and implement common minimum standards of security controls for digital payment products and services. The guidelines are technology and platform agnostic and shall create an enhanced and enabling environment for customers to use digital payment products more safely and securely.”

The Master Directions will apply to four regulated entities (REs):

  •  Scheduled Commercial Banks (excluding Regional Rural Banks)
  •  Small Finance Banks
  • Payments Banks; and
  • Credit card issuing Non-Banking Financial Companies.

The Master Directions establish a new set of regulatory guidelines for a more secure and safe digital payment system. The following are the key features of the new guidelines:

  • The REs are required by the Master Directions to develop a policy for digital payment products and services with the approval of their respective boards of directors. The policy must be reviewed regularly, at least once a year. On a regular basis, the policy shall incorporate appropriate processes into their governance and risk management programs to identify, monitor, and manage the specific risks associated with the digital payment products and services portfolio. The policy must explicitly address the payment security requirements’ functionality, security, and performance.
  • If the REs rely on third-party service providers, adequate mechanisms and controls for monitoring such third-party activities must be put in place following RBI outsourcing guidelines. These entities must also undertake risk assessments for the safety and security of digital payment products, processes, and services, according to the Master Directions.
  • According to the Master Directions, these REs must implement a web application firewall solution as well as distributed denial of service (DDOS) mitigation techniques to secure the digital payment products and services offered over the internet. Furthermore, to track user activity, security changes and identify suspicious behaviour and transactions, mobile banking, mobile payment, and internet banking applications must have effective logging and monitoring capabilities.
  • The REs must establish an escrow mechanism for the source code of digital payment applications licensed by a third-party vendor, according to the Master Directions, to ensure service continuity in the event that the third-party vendor defaults or is unable to deliver services.
  • When sending SMS or e-mails, REs will be expected to protect client information such as account numbers, card details, and other sensitive information. They’d need a system in place to actively monitor non-genuine, unauthorized, and malicious apps on the internet and in major app stores and take the appropriate steps to shut them down if necessary. Digital payment application security measures must ensure that the apps manage, store, and safeguard payment data. 
  • The Master Directions require REs to implement multi-factor authentication for electronic payments and fund transfers, including cash withdrawals from ATMs/business correspondents, through digital payment applications to combat various cyber-attack mechanisms and protect the confidentiality of payment data. In addition, REs should define the maximum number of unsuccessful log-in or authentication attempts beyond which access to the digital payment product/service would be stopped.
  • REs would need to implement configuration aspects for detecting suspicious transactional behaviour, alerting customers in the event of failed authentication, and so on.
  • A real-time reconciliation mechanism for all digital payment transactions will be implemented between RE and all other stakeholders, such as payment system operators, card networks, business correspondence, and so on, to improve the detection and prevention of suspicious transactions.
  • Certain requirements are outlined in the Master Directions in order to protect customers’ interests and raise customer awareness. To educate customers, REs would need to incorporate secure and safe guidelines and training materials for end-users into digital payment applications. After each or major updates to the digital payment application, the REs shall make it mandatory for the consumer to go through secure usage guidelines while recording confirmation during the onboarding procedure in the first instance.
  • The Master Directions require REs to provide a customer grievance redressal mechanism. The REs must include a section on the digital payment application that clearly specifies the process and procedure for lodging consumer grievances (with forms/contact information, etc.). Furthermore, the REs must follow current RBI instructions regarding the online dispute resolution system for digital payments.
  • To prevent authentication-related brute force attacks or Denial of Service (DoS) attacks, the Master Directions require REs to implement additional levels of authentication to internet banking websites, such as adaptive authentication, strong CAPTCHA with server-side validation, and so on.
  • The REs would ensure that mobile applications require re-authentication whenever the device or application is inactive for a specified period of time, and each time the user launches the application. Furthermore, the mobile application should not store sensitive personal or consumer authentication information on the device, such as user IDs, passwords, keys, hashes, or hardcoded references, and any sensitive customer information should be securely erased from the memory when the customer exits the app.
  • The Master Directions require REs to follow various payment card standards as prescribed by the Payment Card Industry for comprehensive payment card security, depending on the applicability/readiness of updated versions of the standards.
  • To improve ATM security, REs must: To improve ATM security, REs must: 
  1. Implement security measures such as BIOS password, disabling USB ports, applying the latest patches of operating system and other software, terminal security solution, disabling auto-run facility time-based admin access, and so on; 
  2. Implement an anti-skimming and whitelisting solution; and 
  3. Upgrade all ATMs to supported operating system versions. The use of ATMs with unsupported operating systems is strictly prohibited.

These rules will affect not only regulated banks but also third-party payment apps like Google Pay, WhatsApp Pay, and PhonePe in terms of how they interact with banking partners and store customer data.

How to sign up with Fibe in 100 seconds or less

Made in India, Fibe is a mobile-based application that is the ideal solution for every credit need. An online lender that facilitates young professionals with their short-term money needs aids in meeting the urgent cash requirements before people get their monthly salary. Fibe offers loans up to ₹5 lacs with a flexible repayment tenure.

Benefits of teaming up with Fibe?

  • The process of applying for a loan with Fibe is pretty simple and is 100% digital with minimum documentation.
  • There’s no collateral required, we just need your monthly income proof and some basic details.
  • Repay your loan any time over a tenure of 3-24 months.
  • With Fibe, pay interest only for the number of days you use the amount.
  • Our application process is transparent and involves no hidden cost.
  • No long forms and minimal paperwork involved. 
  • Apply for repeat loans anytime.

How to Login on the Fibe App?

You can download the Fibe app on Android or iOS via Google Play Store or App Store. You can apply for a loan through Fibe in the following way:

Step 1: Launch the app and agree to all app permissions and terms & conditions. 

Step 2: Log in to the app using the Facebook or GMail account and fill in particulars such as loan amount and repayment tenure.

Step 3: Enter your mobile number and the OTP to verify your number.

Step 4: Once verified, fill in your personal, professional and bank account details.

Step 5: You may be required to submit some basic documents.

Step 6: Once approved, choose the loan amount you need and repayment tenure.

Step 7: Set up the smart repay feature and never miss an EMI payment.

What Documents would be Required to Apply for a Fibe Personal Loan?

These are the following documents you’d require to apply for a loan and sign up with Fibe:

  • PAN Card
  • Address proof: Rent agreement and landlords electricity bill, landline bill/ mobile postpaid bill/ water bill/ gas bill (not three months old)
  • KYC documents: PAN Card, Passport, Aadhaar Card, Driver’s license, Voter ID card.
  • Income proof: Bank statement/Last three months’ salary slips.

Other Important Aspects:

  • Check your credit score: It is essential to check your credit score before you apply for a personal loan, as a healthy credit score helps in the smooth approval of your loan application at a lower interest rate.
  • Check your repayment ability: With the help of the Fibe Personal Loan EMI Calculator, you can evaluate the EMIs that you would be paying if you apply for a Personal Loan. It helps you to know your repayment ability and you only borrow what you can quickly repay.
  • Do not apply with multiple lenders: If you apply with multiple lenders simultaneously, this might decrease your credit score and may lead to the rejection of your personal loan application.

Fix the Problem of Employee Burnout for your Remote Workers

Highlight: Employee burnout has been a major issue and has elevated during the pandemic. Here is how employers can fix the problem of employee burnout.

Employee burnout or job burnout is a psychological process. One that happens due to prolonged stress or excessive workload. Unsurprisingly, it leads to physical and emotional exhaustion. 

Employers need to look out for the burnout signs for obvious reasons – it impacts work productivity, and isn’t it the responsibility of an employer to create a positive work environment to avoid burnout in the first place? Since the pandemic, firms all over the world have adopted work from home culture. How then, can employers recognise employee burnout remotely? 

Well, remote workers do display these burnout symptoms, provided you’re looking:

  • Lack of motivation and enthusiasm when a task is assigned.
  • They show decreased productivity and lack of concentration during work hours.
  • Inability to make work-related decisions when needed.
  • Irritable and more sensitive to feedback given by managers.
  • Decreased energy during meetings or discussions.
  • Their output goes down, and they perform less compared to their performance early in the pandemic or when on-site. 

Job burnout has been pervasive in the market for a long time, and it has spiked since the pandemic. According to Microsoft’s latest Work Trend Index, which surveyed over 6,000 data across eight countries globally, India had the second-highest percentage of workers facing increased burnout in Asia. Almost 70% of remote employees in India suffered burnout symptoms, a recent Monster.com survey found.

Limeade, a software company that surveyed its employees before the pandemic, found that 42% of workers were burned out. When they asked employees about burnout again, a few months after the pandemic, the number had shot up to 72%. 

What contributes to remote workers’ burnout? 

Unmanageable Workload

When an employee has excessive workload and limited time to complete tasks, stress and anxiety follow. Remote workers often take up loads of work, and some may even procrastinate and work ungodly hours. This deteriorates their mental and physical health leading to job burnout.

Lack of recognition and unfair treatment 

Employees of all fields expect primarily two things from their firm – recognition and fair treatment. For all the efforts they put in to complete their work, it is only fair to appreciate and recognise them. Since all the work is done remotely, managers ignore acknowledging their employee’s work efforts. 

Mismatched work skills and knowledge 

There have been too many remote job vacancies since the pandemic, and graduates apply for these vacancies irrespective of their educational compatibility. When the actual task is given, they feel too stressed and irritated since they don’t possess the skill set for that concerned job.  

Workplace buddy time is put on hold.

Employees have a social circle at their workplace, and this helps them relieve personal stress and work stress too. Due to work from home culture, they don’t find the time to converse with their colleagues, and their workplace buddies are put on hold. 

Lack of work-life balance 

Well, not being able to balance work and life remains an important factor for job burnout. Without time off from work, a person becomes exhausted, bored, depressed, and burnt out. Everybody needs some quality time with their family or friends or even alone time. Even though it is remote work culture, most workers never leave their room until nighttime. They keep themselves busy in finishing the work and ignore work-life balance. 

Employers must find a way to eliminate or mitigate burnout to maintain a healthy workspace for the employees, even if it’s WFH. So, it is necessary first to identify burnout signs and then incorporate some tactics to help overcome these issues. 

These tactics might help employers/managers/HRs eliminate employee burnout: 

1. Providing time off from work can help to have a work-life balance. From a poll conducted by OnePoll,

  • 67% of those working remotely feel pressured to be available at all hours of the day
  • 65% admitting to working longer hours than ever before.
  • Six in 10 respondents fear that their job would be at risk if they didn’t go above and beyond working overtime.
  • 63% agree that time off is generally discouraged by their employer.

Employers have to make sure their workers develop actual barriers between their work and personal life and have a dedicated workspace to join and leave work. Employees look to their managers for hints about what’s expected in terms of work hours. 

If you are constantly available, then your employees will believe they need to be as well. Model a clear work-life balance and encourage your remote team to do the same.

2. Many workplace cultures provide options for taking a vacation and other time away from work responsibilities. This is a productive approach since studies have shown that taking time off to rejuvenate helps boost worker productivity over the long term. Also, remember that if managers/employers don’t take a vacation, employees may not feel comfortable taking vacation either.

3. When you notice an employee is not his usual self and something might be wrong with them as a change of attitude or performance, you can address them and discuss it. Once they open up with you, you can help them in solving the problem in all possible ways you can. By doing so, you will see a decrease in burnout rates in your organization, and your employees will be more motivated. 

4. Give employees the chance to connect with coworkers or colleagues and avoid work-related conversations. This allows employees to get to know each other well and provides some relaxation time.

5. Suggest that teams ‘sign off’ from email and turn off work notifications after regular work hours. This helps employees to get back to their personal lives, and work-life conflict is addressed. Because when workers get notified about a new task or any updates in the task after work hours, they tend to complete it and spend working overtime.

6. Workforce management system helped ensure employee safety, wellbeing, and work/life balance during the pandemic. These extra programs and benefits, in addition to the workforce management system, show workers that they are valued and cared for during this time. For instance, fatigue management systems track- hours worked, tasks performed, breaks taken, and time off scheduled to flag employees that may be at risk of becoming exhausted and burned out.

Paul Gionfriddo, president and CEO at MHA, stated “Company leadership–including executives, HR, and management–have a responsibility to their employees to model and talk openly about behaviors that reduce stress, prevent burnout, and help employees establish the appropriate boundaries when working remotely.” 

Source 

Remote work is believed to remain a norm both during and after pandemics. Employers increasingly have the responsibility to assure their employees’ well-being and take proactive steps to make operational changes. By paying attention to those workers most vulnerable to pandemic fatigue and burnout, managers/employers can build better organizations for their employees. 

So next time when employees do take time off, approve it to be completely uninterrupted. If someone is on vacation, avoid reaching out to them with work-related tasks. These measures will allow them to come back more refreshed and productive, which will lead to higher levels of employee satisfaction and better business outcomes. 

Investment Guide For The First Jobbers

Highlight: Snap out of your comfort zone – it’s time to start making your own (brilliant) financial decisions. Follow these simple rules of investing if you are a first-time investor.

Investing is essential to achieve your financial goals and secure your future. You save and accumulate a fortune for a rainy day with a perfect investment portfolio. In addition, making regular investments instills a sense of financial discipline in the long run.

Of course, there will be ups and downs. But it’s certainly a better idea to start investing young so that you have decades to ride them out. To be on the road to financial wellness, it’s a good idea to start planning how you can invest your salary, once your basic expenses are met. 

Inflation and the Importance of Investing

Inflation, in simple terms, is a surge in the price of goods and services. By decreasing the worth of your money, it reduces your purchasing power. One cannot control the inflation rate. If you want to stay ahead of it, you need to have more money. But money cannot grow on its own.

If you want your money to grow, it has to earn returns, and the best way to ensure this is to invest. Therefore, a robust investment portfolio is necessary to tackle inflation. 

For instance, if inflation is at the rate of 8% – you’d require 8% more money than what you have to purchase the same item next year. 

Here’s how inflation reduces the worth of Rs 1 lakh over eight years at 8% :

Amount in hand nowRs 1,00,000
After one yearRs 92,000
After two yearsRs 84,640
After eight yearsRs 51,322

It is essential to earn inflation-beating returns.

Spend less than you earn

Spending more than what you earn will only leave you in a difficult debt. Spending exactly how much you make means you won’t have any money to tide you over in bad times. Spend less and invest your savings smartly to ensure a livable future awaits you.

Budget it

Record all your income and expenses along with the inflow and outflow. Once you can classify how much you spend on essentials and how much goes to entertainment and miscellaneous expenses, you will cut down on the extras and plan your money better.

Put away 10–20% of your salary to have that money available in case of an emergency, always. 

You should also budget to invest this amount in a liquid fund. A liquid fund is a debt mutual fund that invests money in instruments generating fixed-income like FDs, commercial paper, certificates of deposit, around 4%. Invest your savings every month (long-term) and see the magic it can do for you!

Dealing with surplus cash judiciously

You determine your future by planning to deal with surplus cash because you are likely to overspend when you don’t have a plan. 

Start with identifying goals like buying a vehicle or planning for retirement. Categorize those goals into short-term and long-term. Goals achievable within 1 to 3 years are essentially short-term, goals that will take more than five years will be long-term goals.

Identify your risk appetite. If you can digest, say, a 25% fall in your investment value, you will be a high-risk seeker. Else, you are a risk-averse investor. 

Once you identify your goals and risk appetite, you can select the investment haven conveniently. A risk-averse short-term investor may pick out a portfolio with a more liquid or balanced fund. Conversely, a risk-seeker may go for a diversified equity fund. 

Learn about taxation

Learning where and how much your income is going to be taxed is essential. Usually, at the beginning of your career, tax saving is not a priority as your income is not high, and you may not be aware of the taxation rules. But large starting salaries, as well as accelerated income growth in the corporate sphere, are expected.

With attention to detail, you can reduce your taxes, increase your disposable income, and pick investments with low tax incidence. So, keep yourself updated about investment options like ELSS, PPF, and NPS to get maximum tax benefits.

Other than that, many deductions are available in the Income Tax Act under Sections 80C through to 80U. 

Take advantage of Section 80C by investing in Equity Linked Savings Scheme as it has the shortest lock-in period. ELSS is a diversified equity fund that helps you achieve your financial goals in the equity market via investment.

You can save taxes up to Rs.45,000 and avail of a deduction of up to Rs.1.5 lakh under this section.

Understand and allocate your Asset 

Asset allocation divides your investment portfolio among different asset categories, such as stocks, bonds, and cash, by understanding your needs. It depends primarily on your time horizon and the ability to tolerate risk.

Stocks

A stock, or otherwise known as equities, is a share of ownership in a single company.

Bonds

A bond is essentially a loan to a company or government entity, which agrees to pay you back in a certain number of years while receiving your interest.

Mutual funds

A mutual fund is a mix of investments. It allows investors to purchase a diverse collection in one transaction instead of picking individual stocks and bonds.

Exchange-traded funds

Like a mutual fund, an ETF also holds many individual investments bundled together. The difference is that ETFs trade throughout the day like a stock and one can purchase it for a share price.

The following table summarises the various investment portfolio options:

Plan your Retirement

Healthcare costs are increasing with each passing year. And as time passes, you are more vulnerable to ailments. In the absence of a social security net, you need to have your funds to fund all these expenses. 

While planning for retirement, you need to clarify a few points, like deciding an age at which you want to retire and how much money you will need to meet your post-retirement expenses per month. 

Suppose that you plan to retire at 60 years, and your monthly estimated expenditure after retirement is Rs 50000. Assuming a rate of return of 12%, you need to contribute a SIP of Rs 2,900 every month for 30 years to accumulate a corpus of Rs 1 crore.

Formulate a plan for the future to keep things in place

Conclusion

If you don’t know where to begin, then take advice from a reliable source. Opt for a Salary Card or get an instant loan to start your life portfolio and your investment journey. It is convenient, paperless, and hassle-free at Fibe. 

You need to set long-term agendas for your life, just as you do for your days. Financial objectives involve a lot of commitment and preparation. So, the sooner you begin, the better. Bagging the first job is a milestone achieved. It would be the start of a successful career in a real-world setting, and investing to increase your returns is a much-needed cherry on the cake!

How To Upload Document On Personal Loan App

Table of contents:

  1. Step-by-step guide to get a Fibe Personal Loan
  2. FAQs on personal loan documents

Long gone are the days where you had to fill out long forms and attach innumerable documents to apply for a simple personal loan. The process of application itself was so tedious that many prospective applicants tried to steer clear of availing a personal loan from a bank. 

With the advancements in the fintech sector however, several personal loan apps have cropped up. Lenders like Fibe now offer online personal loans, which are quick, easy to get and completely hassle-free. Read on to know the steps you can follow to obtain a Fibe Personal Loan through the Fibe Personal Loan App. 

Step-by-step guide to get a Fibe Personal Loan

STEP 1: Visit the Fibe website or download the Fibe personal loan app 

The first thing to do is simple: register on the website or app by filling out a few details to set up your account. 

STEP 2: Complete your KYC on the Fibe Loan app or website 

Just fill out a few account details and other personal information necessary for availing a Fibe Personal Loan. You can follow the following steps to complete your KYC:

  • Enter your account details – You need to enter your bank credentials for instant approval and disbursal of personal loans through the Fibe Personal Loan App. The loan will be instantly approved within 10 minutes if you meet the simple eligibility terms.
  • Upload identity-related documents – Upload photos of your original Aadhaar card and Pan card on the Fibe Personal Loan App. You can even verify your identity on the Aadhaar website and authenticate your account to get a personal loan on the Fibe app or website.

You can also watch this short video to know the step-by-step procedure for KYC.

STEP 3: Upload the few other documents required for availing the Fibe Personal Loan. 

The documents which are required apart from your ID proof include: 

  • Address proof
  • 3 months’ salary slips in PDF format (Not mandatory for all customers)
  • Bank statement 

STEP 4: Set up Smart Repay System 

Adjust the amount of your Fibe Personal Loan and select the tenure of the loan and as per your convenience. Your EMI amount is completely customisable. Repayment of loan has never been this easy! 

To summarise the personal loan documents details, all you need to submit on Fibe are:

  • ID proof 
  • Address proof
  • Income proof

If you are wondering how to upload documents for approval on the Fibe app or website, its easy. Simply attach clear photos of ID proofs without any shadow in the background. When it comes to your bank statements or salary slips, you can attach PDFs documents. 

That’s all. Once everything is verified, you will receive the money in your bank account stress-free!

Personal loans are a one-stop solution for all your planned or unplanned financial needs. Be it a wedding in the family, urgent health expenses or planning your dream vacation, you can rely on the Fibe Personal Loan. 

We offer you an instant and hassle-free personal loan of up to ₹5 lacs at a competitive rate of interest. With simple eligibility terms and no reliance on credit score, you can borrow with ease to upgrade your life. So, get started on the Fibe experience now! 

FAQs on personal loan documents

Which of the personal loan documents can be used as income proof?

You can submit your salary slips, bank statements, income tax return or Form 16 as income proof for a personal loan. Some lenders may require a specific document while others may allow you to submit any of the above. 

Why are documents required while applying for personal loan?

Documents are required when you apply for a personal loan to prove your eligibility for the loan in terms of income, identity and place of residence.

Tips To Land On To Your Dream Job In 2024

Highlight: While job hunting can be a tedious task, you can improve your chances of getting your dream job with certain smart strategies. 

The job market has constantly evolved and 2024 has brought new trends and challenges. Whether you are a new graduate or trying to get employed again, the job market can be hard to crack. With the right approach, you can stand above the competition and secure the coveted position you were eyeing for.
To know more about the strategies that can help you get your dream job, read on.

How Do I Get My Dream Job?

Adopting a disorganised approach simply won’t help you make a cut in this highly competitive landscape. Here are 5 manageable tips for job search to present yourself as a top candidate and stand out from other applicants:

  1. Review and Update Your Resume

The most important job-winning tip is to begin your job search on the right foot. This will entail looking for the right jobs in the right places and then submitting applications in the proper format. Here are certain techniques to follow to create a unique resume:

  • Update your resume with recent accomplishments, newly acquired skills and current job title at least once a year
  • While your resume must be current and complete, it should also stand out 
  • Customise your resume by emphasising the most relevant skills to the position for which you are applying
  1. Build Your LinkedIn Profile

LinkedIn is a public representation of your professional self as well as an important networking and job search tool. Follow these steps to build a robust LinkedIn profile:​

  • Ensure that your profile photo looks professional and clear
  • If you don’t have a suitable photograph, hiring a professional photographer to take one for LinkedIn is a financial investment in yourself and your career
  • Check if the dates and job descriptions on your LinkedIn profile do not contradict those on your CV
  • If you want to keep your job search private from your employer and coworkers, make sure to turn off the ‘Activity Broadcasts’ in your privacy settings
  1. Build a Strong Network

Networking will be your most useful weapon in 2024. A resume and cover letter will not get you far in searching for the ideal job. Networking frequently allows you to learn about upcoming vacancies that have not yet been advertised. The following are some of the strategies to follow:

  • Build a professional network, connect with the right people and make acquaintances with key people in your field to gain recognition
  • Attend networking events, make phone calls, talk to people at social gatherings and spread the word that you are looking for work
  1. Upskill

Your skills, the jack of all trades, will help you win the race in the job market in 2024. To a large extent, modern work culture blurs the distinct differences between job roles. That is why learning more and more about the skills related to your primary job role is extremely beneficial. Follow these tips to acquire new skills to improve your chances of landing a dream job:

  • Make the most of your free time by learning new skills
  • Investigate the internet, set up informational interviews, enrol in relevant coursework and make arrangements to work onsite at a company in your chosen field
  1. Get Ahead of the Game        

Don’t wait for the stars to align. Instead, apply before a position becomes available. You can contact an organisation to express your enthusiasm for their work and interest in a position, regardless of whether they are hiring or not. This will set you apart and keep you at the top of the list when positions become available. If you’re ready to pursue your dream job, follow this process and doors will open for you. 

Make no compromises in your job hunt. It may take some time to get the job you deserve but don’t give up and accept any job that comes your way. Instead, work on improving your skills and abilities to get closer to your dream job. During a job switch, if you are in need of funds, you can access up to ₹5 lakhs with Fibe’s Instant Personal Loan. Download the Fibe Instant Loan App here, or simply log in to our website to avail these funds at competitive interest rates.

FAQs on Tips to Land on Your Dream Job in 2024

How to find a job immediately?

Due to the competitiveness in the job market, it is not easy to secure a new job as and when you need it. However, you can follow these strategies to get a job quickly:

  • Optimise your resume
  • Utilise online job bulletins and boards
  • Widen your network
  • Acquire new and relevant skills
  • Follow up with the employer promptly

How do I make sure I get the job?

The following are some of the strategies to ensure that you get your dream job for sure:

  • Start with a detailed plan for your future career
  • Widen your network and utilise it to get information about job offers
  • Apply for the jobs for which you qualify

Workers Now In Search Of Better Jobs And Better Life

Highlight:  Read about how the Covid-19 pandemic has caused people to reconsider their work lives, resulting in workers looking for better jobs in order to live a better life.

In 2020, the Covid-19 pandemic disrupted global labor markets. Millions of people were furloughed or lost their jobs in the short term, and others quickly adjusted to working from home as offices closed. 

The Covid-19 pandemic has caused many to reconsider their lives and careers, accelerating trends that were already brewing beneath the surface.

We were forced to engage in an experiment to see how we could value our professional dimensions based on factors other than pay, such as quality of life and quality of time with people we care about. These five strategies may be able to assist if you are considering a career change.

Determine what is missing

Making the decision to pursue a career change rather than a new job in the same field is the best course of action. Consider the three Cs:

  • Competency (basic job skills).
  • Challenge (being pushed outside of your comfort zone).
  • Curiosity (you feel genuine intrigue about your work and want to keep learning).

If you are missing just one of the Cs in your current job, you may be able to fill it by looking for a new position within your company or industry. If you are missing more than one C, it is time to consider a career change seriously.

Change your perspective

Determine the top three criteria for your life outside of work, whether it is childcare, elder care, or the ability to live anywhere in the country.

The most common mistake people make is designing how they want to work and then using whatever resources and time are left over to design how they want to live.

You should start by planning how you want to live and then work accordingly. It is critical to consider how you want your life to unfold before you begin looking for work.

Begin planning your switch practically

Consider what your experience can translate to in order to come up with different career options. What are your obstacles? What piques your interest, both professionally and personally?

Once you’ve compiled a list of ideas, consider how you’ll tell your story in the language of your new profession. This entails determining your target audience and making necessary adjustments.

Explore what skills and certifications you may require for a new industry. Talk to other people who are doing the job to get a sense of what it is like on a daily basis.

Network

Make a list of everyone in your network who comes to mind, regardless of industry or whether or not you have a new career plan in place.

You can tell them you’re thinking about making a change during your conversation. You don’t have to provide any other responses, but tell them you’ll keep them updated on your journey. This will help you become more comfortable with networking, and if you decide to pursue a career, you may be able to find someone to assist you.

Update your resume

With career highlights or key experience sections at the top of your resume, you can position yourself for your desired roles right away.

When recruiters receive hundreds of applications, they will look for someone who has previous experience in that role.

Career highlights are most effective for those with more than ten years of experience and a two-page resume. If you have less than that, consider including a section that highlights your technical skills, such as computer software or financial analysis. 

It’s also important to note that companies frequently filter resumes based on keywords. In order to pass the applicant tracking system, incorporate language from the job posting into your resume and cover letter.

Bottom Line

Work-life balance entails balancing workplace stress with daily pressures from family, friends, and oneself. Employees today want more control over their lives and a greater say in how their jobs are structured.

Employees who have a greater sense of control and ownership over their own lives have better relationships with management and are able to leave work issues at work and personal issues at home. Employees who are well-balanced are more motivated and less stressed at work, increasing company productivity and reducing conflicts between coworkers and management.

People are reconsidering their work lives as a result of the never-ending pandemic. People have begun to look for better jobs to have a better life, which allows them to maintain a balance between work and personal life, improving their mental state and way of life.

You can use Fibe to search for current job openings and see if anything piques your interest.

Managers looking to elevate team morale and strength and learn about employee loyalty to help your organization grow can follow these steps. You can also learn about financial wellness programs designed to assist employees in the aftermath of this Covid-19 pandemic.

Employee psychology: Why does it matter in workplaces?

Highlight: Employee engagement is defined as “an individual employee’s cognitive, emotional, and behavioral state directed toward desirable organisational objectives.”

Employee performance is a crucial component of total organisational performance in high-performing organisations; thus, it must be managed. Employee engagement is one of the most important factors in promoting high levels of employee performance. HR departments can utilise employee engagement strategies to improve employee well-being and productivity at all levels of the organisation as it encourages all personnel of an organisation to put their best foot forward daily using various measurements, projects, and techniques.

Employee engagement also ensures that each employee is completely dedicated to the company’s vision, goals, and values and that they are encouraged and motivated to contribute to the organisation’s overall success. Employee engagement definitions vary significantly among businesses, based on what is proper and best for their workforce. Engagement, according to Dell Inc. is, “to compete today, companies need to win over the MINDS (rational commitment) and the HEARTS (emotional commitment) of employees in ways that lead to the extraordinary effort.”

Also read: How Do You Build Successful Work Teams?

Psychological aspects

Employee engagement has been intertwined with concepts from work psychology since its start. In psychology, employee engagement is defined as “an individual employee’s cognitive, emotional, and behavioral state directed toward desirable organisational objectives.” Argyris used the phrase “psychological contract” in the early 1960s to refer to employees’ impressions of the employment arrangement. The idea that promises are being kept strengthens commitment and intention to stay with the company. Individuals’ ideas about the terms and conditions of the bilateral agreement between themselves and their organisations comprise psychological contracts. Psychological contracts form when individuals think that their organisation has pledged to give them certain incentives in exchange for their efforts to the organisation.

To explore how people hold job roles, psychologist William Kahn drew on the research of labor roles and organisational socialisation. He used “personal engagement” and “personal disengagement” to describe two opposite spectrum extremes. At the “personal engagement” end, individuals occupy themselves—physically, mentally, and emotionally—in their job position. In contrast, they uncouple and withdraw from the role at the end of the “personal disengagement” stage. What can be done to avoid this?

Organisations can enhance employee loyalty and engagement by understanding psychological factors. Social cohesiveness, feeling supported by one’s supervisor, information sharing, similar objectives and vision, communication, and trust can all impact engagement and productivity. 

The advantages to employees and organisations are enormous when

  • Individual employees’ goals and objectives are aligned with those of the organisations for which they work
  • They have faith in the organisation’s leaders to chart the right course
  • They believe the organisation will be successful in the future
  • They receive adequate support and resources to achieve their objectives
  • They are more likely to have excellent connections, more positive attitudes, intentions, and behaviors, and better levels of work satisfaction
  • They believe in what they and their organisations are doing

Also read: The Finance Behind High Employee Engagement

How does an engaged workforce affect the company? 

According to a Dale Carnegie research published in 2017, “Only 26% of executives surveyed believe [employee engagement] is a very significant element of what they think about, prepare for, and do daily. Another 42% claim they work on it regularly, with the remainder working on it relatively infrequently, if at all “Never, ever.” 

Source 

Low engagement can be caused by a variety of causes, including a lack of acknowledgment by management, poor business communication, and a lack of alignment with the firm’s goal. Employee engagement should be viewed as a strategic business goal by corporate executives since engaged employees contribute to long-term employee retention, greater productivity levels, and enhanced job quality.

HR should lead the way in designing, assessing, and evaluating proactive workplace policies and practices that help recruit and retain personnel with the skills and competencies required for growth and sustainability to promote a culture of engagement. Employer activities such as job and task design, recruiting, selection, training, pay, performance management, and career development kick off the process.

Such approaches have an impact on employee engagement as well as work performance. Then, performance and engagement combine to generate business outcomes. Your business must invest in human resource strategies to engage workers and profit from that involvement. However, as with any other investment, you must evaluate future return—that is, you must commit money to the HR practices that you feel will provide the best results.

Employee Engagement: The TLDR Version

To summarise 

  • Employee engagement focuses on being psychologically present in the events that will lead to participation and commitment to the job. It entails immersing oneself in job responsibilities, people, situations, etc.
  • Employees that are engaged are seen to be passionate and to put in extra effort at work. They continuously demonstrate creativity and commitment.

Employee engagement and commitment can translate into significantly beneficial business results for an enterprise. Common human resource processes like recruiting, training, performance management, and employee surveys can be strong engagement levers. Organisations define employee engagement and measure it in several ways, implying that no one “right” or “best” approach exists to define or drive engagement in your workforce. As a result, while choosing whether HR practices would match your organisation’s goal, it is critical to examine your own organisation’s vision of involvement, as well as its strategy and workforce structure.

Frequently Asked Questions

What is employee engagement meaning?

Employee engagement refers to how devoted and proactive the workforce is about helping the company realise its mission and organisational goal. 

What is the aim of employee engagement?

The primary aim of engagement within the workforce is to increase productivity and create a positive work environment. It results in a workforce that does their jobs in alignment with the company’s vision and goals and showcase their best self in the organisation.

What are the three key elements of employee engagement?

Although many elements drive engagement within the company, the three key elements are feedback, recognition and validation.

What are the types of employee engagement?

Different types of employee engagement include emotional, cognitive, and physical engagement.

How can we improve employee engagement?

An organisation can improve engagement within the workforce by developing practices that fulfil employees’ needs while keeping organisational goals and value a priority. Good practices to start off with include fair pay, career development programmes, performance management and perks like financial wellness programs.

Do Online Courses Help In Getting Jobs?

Highlight: Online courses have proved to be an accessible and affordable means of education that may help you land your dream job. Here’s how.

Learning and upgrading your skills continuously is essential to get a competitive advantage. One of the best ways to do this is by taking the benefits of online courses. Online courses have gained a lot of popularity in the recent past for being an easily accessible and affordable means of education.

So, whether you are a fresher and want to pad up your resume or looking for a better job opportunity, here is how doing an online course will help you land your dream job.

Perks of Taking Online Courses

Here are a few benefits you can get when you opt for online courses:

  • Flexible and Self-paced 

These online courses can be done anywhere in the world. You now have the opportunity to do online courses from universities like Harvard and Stanford, without having to actually go there. 

In addition to that, if your work schedule is unpredictable, you can pace the course according to your own requirements, as opposed to classroom teaching. These courses let you take the classes at your convenience so that you don’t have to juggle between your work/college and the course. 

  • Less Expensive

Most courses, even the ones by reputed universities, are either free or available at a very low fee. This is done to ensure that access to quality education is not hindered by either financial or spatial constraints. 

  • Helps in Upskilling

The Indian education system may not give you an opportunity to build a specialisation in a niche area, especially the ones which have recently cropped up. 

For instance, most law schools in India do not include laws relating to blockchain and cryptocurrency as a part of their general curriculum. So, if you want to build a specialisation in such latest technologies, your best choice is to take up an online course in the area of your choice. 

Also, if there’s an area that you may be interested in but is not aligned with your current job requirements, you can learn about it via online courses. Based on that, you can diversify your work profile to make your chances of professional growth better. 

  • Shows Initiative and Potential for Self-learning 

An initiative for self-learning by opting for additional online courses may go a long way in making a good impression on your prospective employers. 

Such additional qualifications give you an edge over the other candidates and exhibit various qualities to the employer. It sets you apart from the crowd and increases your chances of landing your dream job.  

Advantages of Online Education vs Traditional Education

Here’s how online education is more beneficial than traditional learning:

ParametersOnline Education Traditional Education
Learning ModeYou can study at any suitable location, as you just need a device and a stable Internet connection.You need to commute to a physical classroom. 
FlexibleYou enjoy more flexibility, as you can learn at your own pace, whenever suitable.You need to follow a specific schedule.
NetworkingYou can connect with your teachers and peers online from anywhere around the world.You can only network with your teachers and classmates.
Cost of LearningThis is more affordable than traditional education. This involves higher expenses because of the infrastructure and resources. 

Why Online Courses Should Not Be Your Only Option?

While online learning comes with a plethora of benefits, it may not be suitable for everyone. Here’s why:

  • You get limited guidance, and you’re responsible for your own learning
  • You can’t communicate with your teachers and peers face-to-face
  • Your education may be disrupted due to technical issues occasionally
  • It’s easier to procrastinate in online learning
  • You need to learn to manage your time well
  • Too much screen time can be harmful
  • You may feel a sense of isolation

So, taking the right kind of online courses can really be the final push you need to land your dream job. However, not everyone may have the financial capacity to be able to afford online courses of their choice. The first solution that may come to anyone’s mind is taking an education loan. 

However, that may not be a viable idea as it is not available for most online courses and even if it is, it comes with high rates. The solution is very simple. You can get an Instant Personal Loan from Fibe at low interest rates and flexible repayment options. 

With this solution, you don’t have to think twice to avail of the benefits of online learning and make your dream job a reality. Download the Personal Loan App here, or simply log in to our website to apply.

FAQs on Benefits of Online Courses

Which online course is best for getting a job?

To upgrade your skills and get a high-paying job, you can do online courses in these areas:

  • Project Management
  • Data Analysis
  • Account Management
  • Digital Marketing
  • Artificial Intelligence
  • UX/UI Design
  • Web Development
  • Leadership Skills

Do online courses really help?

Yes, digital courses are a great way to polish and upgrade your skills. You enjoy these benefits:

  • You learn new skills and concepts 
  • They offer flexibility and allow you to learn at your own pace
  • Online courses are an affordable alternative to traditional learning
  • You can learn in a comfortable environment
  • It eliminates the need to travel or relocate
  • You can create strong networks worldwide

Do online courses help you update your resume?

Yes, you can boost your employability and earning potential by adding online courses to your resume.

Is it better to do courses online or offline?

Whether online or offline learning is better for you depends on your preferences. Here are some of the pros of online courses that can help you decide:

  • You get to learn new skills and concepts through online resources
  • Online courses are generally more affordable than offline learning
  • You benefit from the flexibility of learning at your own pace
  • You can learn in a comfortable environment from the comfort of your home
  • You don’t need to travel or relocate for education
  • Connecting and networking with peers on a global level becomes easier

Alert! Keep Your Account Safe from Online KYC Scam

Table of contents:

  1. KYC for banks
  2. KYC fraud
  3. Three important tips from SBI to avoid KYC scam
  4. Reporting KYC fraud
  5. FAQs on KYC scam

With the country transforming into a cashless and digitised economy, there has been a rise in digital payments. However, there are some downsides to it as well – the increase in cyber fraud. 

One of the most common concerns about banking transactions is KYC fraud. Simply put, KYC (Know Your Customer) is the verification process that banks, financial institutions and insurance companies adopt. With the help of a KYC check, these institutions are assured that your identity and address are valid.

The RBI mandates all digital payments companies, banks and other financial institutions to follow a compulsory KYC check before offering any financial products. With the increasing number of KYC fraud, you may even begin to wonder, ‘Is KYC safe or not?’

Read on to understand how you can avoid falling prey to the KYC scams and a few tips from SBI to ensure safe banking transactions.

KYC for banks

The KYC completion process and updates vary according to the account type and depending on the bank’s risk perception. As a result, KYC becomes critical when performing transactions such as:

  • Opening bank accounts
  • Investing in fixed deposits, recurring deposits or mutual fund accounts
  • Making online investments

Doing a KYC check is essential as it allows banks to ensure that the application and all supporting details received are from a legitimate customer. Banks can easily predict and prevent fraud by ensuring an individual’s identity.

KYC fraud

Since the pandemic, online fraud has increased in the country owing to increased usage of digital platforms such as UPI, mobile wallets and mobile banking applications. This has even led to customers wondering whether KYC is safe or not.

Amidst an increase in the Know Your Customer (KYC) deception, one of India’s largest lenders, the State Bank of India (SBI), has warned its customers of increased online fraud. 

In a statement, SBI stated that KYC fraud is real and has spread across the country.

SBI issued a warning to its customers via its official Twitter account, stating that there have been cases of fraudsters duping people with KYC verification.

“KYC fraud is real, and it has proliferated across the country. The fraudster sends a text message pretending to be a bank/company representative to get your personal details,” tweeted SBI.

During the second wave of the Covid-19 pandemic, the bank recently allowed customers to update their KYC via mail or post. As customers were unable to visit the bank branch to complete their formalities due to the pandemic, this step had to be taken.

Three important tips from SBI to avoid KYC scam

Customers can protect their accounts by following three safety tips provided by SBI:

  • Think before you click any link

Customers must exercise extreme caution before clicking any link, especially if they receive a message stating that failing to click it will suspend their account.

  • No bank would send links to customers for KYC updation

According to SBI, it never sends any links to customers to update their KYC. However, fraudsters often pose as bank representatives to trick people.

  • Avoid giving your phone number or any confidential information to anyone

SBI has warned its customers not to share their mobile numbers or other confidential data with any third party.

This is not the first time the bank has tweeted about safety precautions. It has regularly communicated these precautionary measures to its customers. Sharing your ATM PIN, CVV or OTP is strictly prohibited, even with bank officials.

SBI has also advised its customers not to download any mobile apps based on the advice or tips given by unknown individuals. Understand that messages containing OTP/PIN/CVV can be read or tapped even from a remote location.

Reporting KYC fraud

The State Bank of India warns its customers to immediately report any unauthorised or suspicious bank transactions in their accounts. You can use the toll-free customer service numbers 1800-4253-800 and 1800-112-211 if you detect any unauthorised transaction in your bank account.

You may also file a complaint with the National Cyber Crime Reporting Portal, a government initiative to combat cybercrime. Ensure you provide accurate information when filing your complaint so that action can be taken as soon as possible.

There has been an increase in robust digital payments infrastructure with UPI at its core in recent years. The pandemic also highlighted the significance of digital payments. It resulted in a significant shift in consumer behaviour, forcing them to adapt to digital transactions. 

However, the convenience that digital transactions provide has its drawbacks. Fraudsters and scammers with a strong understanding of social engineering techniques have used KYC procedures to steal people’s hard-earned money. 

They primarily target people who are unfamiliar with these technologies. Hence, It is critical to protect yourself from these KYC scams in order to safeguard your finances, especially when considering a personal loan.

Feel free to get in touch with Fibe (Formerly EarlySalary) for any questions on credit, loans, and your instant cash needs! We’re available throughout to help you manage your financial requirements. Download the instant loan app here, and be a part of the #OneInAMillion experience.

FAQs on KYC scam

What are the different ways in which KYC frauds in India are happening?

KYC fraud may happen in the following ways:

  • Smishing executed through text messages having unusual attachments or links that misuse the name of genuine companies 
  • Pretending to be bank officials to extract customer KYC details
  • Phishing performed by collecting customer information using online databases or social media channels
  • Using someone’s identity when applying for a credit or filing taxes 

What is the process to follow to complain about KYC scams in India?

Follow this simple process to complain about KYC scams:

  • Prepare a summary of the facts giving clear details of the scam
  • Keep a screenshot of the Email, SMS or any other link sent by the scammer 
  • Collect all the necessary documents for proof, such as your bank transaction statements 
  • Visit the nearest police station and file a complaint by providing clear details of the incident and submitting the relevant documentation
  • Keep a soft copy of all these papers and submit them to the investigating officer 

What is KYC?

KYC is an important process implemented by banks and other institutions to check the authenticity of a customer before providing any financial offerings.

Why is KYC required?

KYC is required as it helps financial institutions assess and verify their customer’s claims related to address and identity. This helps monitor risks and prevent illegal practices.

What are the simple ways to identify KYC scams?

Follow these simple ways to identify KYC fraud:

  • Avoid clicking on unknown email or SMS links
  • Check the identity of the banking representative before entertaining them
  • Refrain from providing your bank account or credit card information
  • Avoid installing any third-party apps to complete your KYC details