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.
The Reserve Bank on Friday retained the GDP forecast for the current financial year at 9.5 per cent and flagged global semiconductor shortages, elevated commodity prices and potential global financial market volatility as downside risks to economic growth. In his address after the three-day meeting of the rate-setting panel, RBI Governor Shaktikanta Das said recovery in aggregate demand gathered pace in August-September, and it is reflected in high-frequency indicators, like railway freight traffic; port cargo; cement production; electricity demand; e-way bills; GST and toll collections. "The ebbing of infections, together with improving consumer confidence, has been supporting private consumption," he said, and added the pent-up demand and the festival season should give further fillip to urban demand in the second half of the financial year.
Digitisation is changing the banking business. This shift has resulted in a change in banking job profiles.
Google on Wednesday launched its global 'Be Internet Awesome' programme for children in India in partnership with Indian comic book publisher Amar Chitra Katha to interweave critical internet safety lessons across eight Indian languages. The tech giant has also launched an enhanced Google Safety Centre in eight Indic languages as part of its efforts to step up safety of users on the internet. Google has significantly increased its resources dedicated to India's Trust Safety teams, including product policy analysts, security specialists, and user trust experts that support over 10 vernacular Indian languages, enabling its central teams to benefit from the local nuance and inputs.
With debit cards of 5 banks compromised, time to be very cautious while transacting. If possible, avoid non-bank ATMs.
Do not share your passwords or personal information with anyone.
Prime Minister Narendra Modi on Thursday said his government is using all channels including diplomatic to bring back high-profile economic offenders, leaving them with no option but to return to the country. Speaking at a symposium on credit flow and economic growth, he asked banks to support wealth and job creators with proactive lending while promising to stand by any loans given in right earnest. "In our attempt to bring back fugitive (economic offenders), we relied on policies and law and also used diplomatic channels.
"The government feels the industry needs some government oversight and can't be left unregulated. A panel of bureaucrats will soon submit their recommendations on the subject," said an official.
These directions on enhancing security of card transactions will come into effect from March 16, 2020, as per the RBI notification.
India Inc has weathered many a storm during Covid-19: from supply chain disruptions to demand dips, steep increase in input costs to shortage of key raw materials. As most companies navigated unprecedented challenges on multiple fronts, realisation dawned also about the criticality of employee welfare in the survival of the business. And it was the human resources (HR) department that faced the greatest test on this front.
Credit Vidya helps lenders assess credit and fraud risk for thin-file and new-to-credit customers.
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Ramalinga Raju founded Satyam in 1987.
This is one of the major corporate frauds in the country.
'With just 2.4 per cent of global landmass, India houses six to eight per cent of planetary biodiversity and hence is a prime target of wildlife criminals.'
There will be different ways of returning the money, depending on the profile of the depositors and the amount, predicts Tamal Bandyopadhyay.
Zee Entertainment last week witnessed shareholder activism that saw an open call for the ouster of promoters and the incumbent management led by Punit Goenka. Besides, Dish TV also faced a similar call earlier this month. The trouble at Zee Entertainment can be gauged from the fact that this is a unique company wherein the promoters own just 3.99 per cent, but fully control the firm.
Now that you have already downloaded mobile wallets and all set to go cashless/digital with your payments to the local grocer, cabbie, maid, etc, here's what you must watch out for, says Tripti Rai.
'Completely disregarding ground reports of starvation deaths owing to Aadhaar and potentially disguising these deaths to look like accidents appears brutal,' says Rajendran Narayanan.
Absence of comprehensive data protection and privacy laws will be barriers in the government's digitalisation drive.
The number of cyber crimes in India could touch 3,00,000 in 2015
Tamal Bandyopadhyay details HDFC Bank's digital journey.
The payments industry is at a crossroads with the banking regulator on two pressing issues, neither of which seems headed towards an amicable solution. Depending upon which side accommodates the other, customers in India will have to choose between convenience and ironclad safety. In the end, the Reserve Bank of India (RBI), which regulates both banks and all payments services providers, will prevail. But the question is: will it do so by bending a little or by sticking to its firm stand? The two issues - one concerning payment facilitators storing customers' card details and the other about auto-renewal of payments - appear similar but aren't.
Kunnal Prem, chief executive officer of the Insurance Information Bureau of India, tells Mayank Jain on what they're doing.
Digital-pay companies see 10x growth spurt after demonetisation, report Ayan Pramanik & Shine Jacob/Business Standard from Bengaluru.
'If Indians are to be truly protected, Parliament must review and address these dangerous provisions before they become law.'
Washington might occasionally make some noises about alleged human rights violations and related issues but commonality of interests will only see the Indo-US ties grow stronger, observes Virendra Kapoor.
'With Universal Mail-In Voting (not Absentee Voting, which is good), 2020 will be the most INACCURATE & FRAUDULENT Election in history,' Trump tweeted on Thursday, just 96 days before the election. 'It will be a great embarrassment to the USA. Delay the Election until people can properly, securely and safely vote???' Trump said in his tweet, which was immediately condemned by the opposition Democratic party leaders.
The new provisions include greater emphasis on digital signatures, new security practices and procedures for e-governance and other technology applications.
The cell was formed after attacks on the Bangladesh central bank by international hacker groups siphoned off millions of dollars.
Citizens won't have faith in Digital India if their hard-earned money is looted by cyber criminals and cyber fraudsters from banks.
In the era of technology-driven crime, when stolen money and intellectual property can be digitally transmitted in seconds, corporates are often handicapped while investigating frauds that occur in other countries, says a survey.
Amid slowdown blues, the government has unveiled a raft of measures over the past few months aimed at improving liquidity in the system, moderating interest rates as well as credit growth apart from addressing stress in the NBFC sector.
'There is a law that prevents the government from diluting its equity in the PSBs below 50 per cent.' 'That law has to be amended and given the parliamentary arithmetic of the political parties, it is not as simple to do that.'
Even devices such as connected lights, doorbells -- even garden sprinklers -- are all at risk from attackers who can remotely, or even physically, access them to dump firmware, warns Nir Chako, security research team leader, CyberArk, a security software company.
After the NHB asked housing finance cos to desist from offering interest subvention schemes, disbursement of loans are likely to get delayed, points out Tinesh Bhasin.
CBI sources said the shell companies were allegedly being used by the suspects to divert loan funds meant for specified purposes, creating fake invoices, and 'round-tripping' of funds to evade taxes and generate black money.
The infra-major going belly up cracked open some major flaws in the system - the most evident being weak corporate governance and how layers of corporate structures could be formed adding to the opaqueness of the group.
Adidas' profit after tax has grown to Rs 140 crore in 2017-18.
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