The Reserve Bank of India (RBI) on Thursday extended the card-on-file (CoF) tokenisation deadline by six months to June 30, 2022, in view of various representations received from industry bodies. Card-on-file, or CoF, refers to card information stored by payment gateway and merchants to process future transactions. The earlier deadline was December 31, 2021. "In light of various representations received in this regard, we advise...the timeline for storing of CoF data is extended by six months, ie., till June 30, 2022 and post this, such data shall be purged," RBI said in a notification addressed to all payment system providers and payment system participants.
The ED probe into alleged money laundering by crypto exchange WazirX and the subsequent squabbling among its promoters has revealed the 'darker side' of cryptocurrencies, a top government source said on Thursday. The source added that people should exercise caution in absence of a regulation to govern cryptocurrencies and so-called exchanges trading in them. "Caution is the word that should be in the minds of the people dealing with crypto. "In the episode of WazirX, people got to know many darker sides, caution is necessary in crypto transaction," the source said.
'EV-charging is the next big opportunity after fuelling'
Even as India's internet base continues to widen, with the country set to have over 900 internet users by 2025, a parallel rise in cyber threats has become a matter of huge concern. Experts say that the sudden surge in digital adoption left little time to develop a cybersecurity backbone for the country. This has put large amounts of data at risk.
GST officers can now launch prosecution against offenders in cases where the amount of evasion or misuse of input tax credit is more than Rs 5 crore, the finance ministry has said. However, this monetary threshold will not be applicable in the case of habitual evaders or in cases where arrests have been made at the time of investigation. "One of the important considerations for deciding whether prosecution should be launched is the availability of adequate evidence," the GST investigation wing under the finance ministry said, while issuing instructions for launching prosecution.
The Reserve Bank of India's (RBI) new rules for credit and debit cards came into effect from October 1. These include tokenisation, one-time password (OTP) for activation after 30 days, written permission for enhancement of credit limit, and greater clarity on interest calculation.
Damage from new shenanigans can be contained if regulators move quickly when something does not smell right, counsels Debashis Basu.
About 300 fintech firms are under investigation by the ED for allegedly partnering 38 non-banking financial companies for predatory lending practices to charge borrowers high interest rates.
Scammers and fraudsters keep coming up with creative ways to gain access to sensitive information and only by being alert and aware of such attempts can data privacy be truly maintained.
The Serious Fraud Investigation Office (SFIO) has arrested a person who the Ministry of Corporate Affairs (MCA) said has emerged as the mastermind of the racket of incorporating a large number of shell companies with Chinese links in India.
The probe agency is learnt to have taken possession of multiple physical and digital records during a search operation conducted on the premises of the South Korean firm in Delhi and Mumbai this week.
By toxic, the reference is to material that whips up hatred, is discriminatory in nature and has explicit sexual and pornographic content.
The two central premier investigative agencies - Central Bureau of Investigation and Enforcement Directorate - have asked their officials to focus more on digital evidence, e-forums and social media to crack down on offenders. These are a crucial part of prosecution amid the second wave of the pandemic. The Income Tax Department is going full throttle on data analytics to issue notices in time-bound cases. Further, sleuths have been given electronic devices including laptops with secure connections, which keep data encrypted and inaccessible.
'India has a lot of potential, not just in commercial aspects, but also in hiring of people and sourcing of products.'
Bollywood star Shilpa Shetty and her businessman-husband Raj Kundra on Tuesday sent a legal notice to actor Sherlyn Chopra, seeking an apology and Rs 50 crore in damages for ruining their reputation by making 'false and baseless' allegations against them.
Here are five things that fraudsters are likely to say or do that should set the alarm bells ringing in your head.
The Reserve Bank of India (RBI) on Friday extended the card-on-file (CoF) tokenisation deadline by three months to September 30, 2022, in view of various representations received from industry bodies. Card-on-file, or CoF, refers to card information stored by payment gateway and merchants to process future transactions. Tokenisation is the process of replacing actual card details with a unique alternate code called 'Token' - thereby enabling more secure transactions.
The size of the Indian financial services market could touch around $340 billion in the next few years.
Last year, it was not just the economy that slowed hiring. Employers were also unable to complete the verification process because of the lockdowns, resulting in delays in hiring and an increase in discrepancies between an employee's professed abilities and the reality. The experience is driving many companies to automation. In a recent EY survey, 56 per cent of the companies said they'd automated their processes, while 72 per cent felt technology could be leveraged to digitise employee records.
The asset quality of non-banking financial companies (NBFCs) deteriorated in April-September 2021 (H1FY22) owing to the second wave of the pandemic. Their gross non-performing assets (NPAs) rose to 6.8 per cent in September 2021 from 6 per cent in March 2021. The Reserve Bank of India's (RBI's) annual Trend and Progress report (FY21) said the sector might have to grapple with higher delinquencies as and when policy measures unwound. The pandemic posed significant challenges to NBFCs during the first wave (2020) also.
If the CBDCs don't offer interest, why will people shift from cash to CBDCs?, asks Tamal Bandyopadhyay.
On the other hand, the Yogi Adityanath government has 'completed nine lakh houses under the scheme and 14 lakh are under construction', Modi said, reeling out comparative figures.
Niranjan Upadhye, general manager, fraud risk management, Worldline India, tells you how to quickly spot a scam and save yourself from grief.
Tokenisation is the process of replacing debit and credit card numbers with a set of characters or tokens.
In a bid to ensure security of card data, the Reserve Bank of India (RBI) has enhanced the scope of tokenisation and permitted card issuers to act as token service providers (TSP). Under tokenisation services, a unique alternate code is generated to facilitate transactions through cards. The RBI on Tuesday extended the device-based tokenisation to card-on-file tokenisation (CoFT) services, a move that will bar the merchants from storing actual card data. Card-on-file refers to card information stored by payment gateway and merchants to process future transactions.
Kumar said the Commission will follow the time-tested methods of consultations and consensus building in bringing about any reforms and will not shy away from tough decisions, according to an Election Commission (EC) statement.
'Given the emerging trends, it may be time for India to embrace digital banking,' notes Pradipta Bagchi.
Banking technology start-up Zeta is the latest entrant to the unicorn club after raising $250 million in its Series C round from SoftBank Vision Fund 2. Sodexo participated as an additional minority investor in the round. Founded by serial entrepreneur and billionaire Bhavin Thurakia, the startup is now valued at $1.4 billion. It is the 14th company this year to cross the $1 billion valuation mark after Meesho, Cred, Pharmeasy, ShareChat, Moglix and others.
'The major worry for everyone using Internet-linked devices today is whether the latest download on his smartphone or laptop is a bait from a digital hacker who is out to secure access to his hard-earned money,' notes T A Ramalingam, chief technical officer, Bajaj Allianz General Insurance.
Nearly two million e-mandates for recurring payments have been registered with banks and card networks after the Reserve Bank of India (RBI) made it mandatory from October 1 to take prior consent of a customer before debiting her account, sources in know of the matter said. Industry estimates peg the recurring transactions at approximately 2.5 per cent of the total volume of transactions, and about 1.5 per cent in terms of value. Of these, around 75 per cent of domestic recurring transactions, and about 85 per cent international recurring payments are below Rs 5,000.
After the recent attack on debit cards exposed the gaps in their security systems, banks are getting serious about data privacy.
Fintechs need to behave with responsibility and transparency. A lot of mis-selling has been happening. Other issues have been plaguing the fledgling industry -- high interest rates, even higher processing fees, harsh collection process and, most critically, data leakage leading to rampant frauds, points out Tamal Bandyopadhyay.
Television footage showed images of young men,jumping the gates of the stadium while others outside, including children, were tear-gassed by riot police
Artificial Intelligence will create 2.3 million machine learning jobs by 2020.
Tokenisation acts as an additional layer of security as it masks sensitive card data such as the 16-digit account number, expiry date and security code. However, the security level of the app and the customer's mobile itself also needs to be taken into consideration, say experts. Nikhat Hetavkar explains the whole idea of tokenisation, how it is enabled, its impact on card transactions and related security guidelines.
Currently, Choksi has got interim relief from immediate repatriation to India by the Dominican court.
During a three-hour long virtual meeting with CEOs of large public and private sector banks along with heads of NBFCs, the prime minister assured them that the government is ready to take all steps to support the financial sector.
'It has also saved the government about $ 9 billion in fraud and wastage because by having that unique number you eliminate fakes and duplicates from your beneficiary and employee list,' Nilekani said at an event on the sidelines of the annual meeting of the International Monetary Fund and the World Bank.
In the excitement over the allocation of bank licences for the private sector, a new category of licence offered by the Reserve Bank of India (RBI) last year went almost unnoticed. That was when the RBI consolidated the rules for prepaid payment instruments (PPI), popularly understood as e-wallets or gift cards. In the process, the regulator has fast-forwarded a bottom-up card usage industry in India that is completely different from the world of bank-linked credit and debit cards.
A user just needs to download any app floated by such fraudsters and apply for instant loans. These apps are mainly concentrated on Google Play considering the reach and popularity of Android systems.
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