Six months after a Rs 400-crore fraud was detected in its Gurgaon branch, the Reserve Bank of India (RBI) on Monday rapped Citibank for the episode.
Do not trust any incoming phone calls or mails that ask you to install any file or programme, warns Niranjan Upadhye, general manager-fraud risk management, Worldline India.
The Parthasarathy Shome committee gives its second reform report to finance ministry.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
Amid a political furore over a meltdown in the Adani group shares, stock market data shows it is not only the plunge now but the sharp surge of the past also drew regulatory attention and enhanced surveillance. Adani group stocks have taken a huge beating on the bourses, losing billions of dollars in market value, after US-based activist short-seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. The Adani group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
The talk of governance reforms at public-sector banks seems to remain on paper, as a majority of them continue to be working with just a handful board members. Half of the board seat at these banks have been vacant. Ten of the 12 public-sector banks, even large ones like Punjab National Bank, Canara Bank and Union Bank of India - all except State Bank of India (SBI) and Bank of Baroda - don't even have a chairman. In 2014, while splitting the post of chairman & managing director (CMD), the government had decided to appoint non-executive chairmen at these banks. SBI, which has an executive chairman and four managing directors, was an exception.
The Indian financial system's asset quality improved despite the pandemic, but it could be due to special dispensations by the regulator, and banks would likely see increased stress on their books once the schemes expire. According to the annual trend and progress report of the Reserve Bank of India (RBI) released on Tuesday, the data available for this financial year so far indicate that banks' bad debts have moderated while provision coverage ratios (PCRs), capital buffers as well as profitability indicators have improved relative to pre-pandemic levels.
If the credit card is not used judiciously, it can cause havoc with one's personal finances, warns Sarbajeet K Sen.
'If something unfortunate happens to an earning member, the family loses the crucial income which would have gone towards paying off debts, meeting the cost of children's higher education, or towards the upkeep of elderly parents.'
'If the RBI had done the right things, these mistakes would not have happened in banks, public or private,' says Ajay Shah.
Billionaire Gautam Adani's embattled conglomerate said its balance sheet is "very healthy" and is laser focused on continuing business momentum, as it looked to reassure investors to keep faith in the conglomerate despite a share rout triggered by a damning report by a US short-seller. Group CFO Jugeshinder (Robbie) Singh in an earnings call said the group is confident of its internal controls, compliance and corporate governance. Separately, it released a compendium of group companies to highlight that it has adequate cash reserves and has ability to refinance debt.
Do not share your passwords or personal information with anyone.
It is high time the Indian government signalled discomfort with the UK providing refuge to those accused of financial crimes in India, states Jaimini Bhagwati.
Indian society may be more advanced than we think it is, notes Ajit Balakrishnan.
Beware of spot offers and discounts aimed to lure you into binge buying.
Do not click on any pop-ups, links in messages or notification balloons if you are off the corporate VPN, warns Niranjankumar Laxman Upadhye.
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.
IIIT-D team builds algorithm that will help identify synthetic images.
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.
Is the RBI unable to accept with grace that beyond 55, one can have the ability to head the compliance functions in a bank, asks Tamal Bandyopadhyay.
The combined market-cap of all listed Adani group firms has plunged nearly Rs 7.11 trillion since January 24 when the Hindenburg report was made public.
Force India are now 99 points clear of fifth-placed Williams, and 165 behind third-placed Red Bull, with a maximum 86 remaining to be won.
'The CM kept his cool, but his adviser was liberal with filthy language.' Tamal Bandyopadhyay recreates the diary of a general manager in a public sector bank, providing a glimpse of how they balance their work and life.
The bank wanted to run a background check on some Indian promoters.
After a tumultuous past few days that almost halved value of the Adani group, embattled tycoon Gautam Adani-led conglomerate had some pressure eased on Friday as two global rating firms stuck with their calls on its credit profile and its French partner backed its investments in the group firms. Also for the first time since January 24, shares of the group's flagship firm Adani Enterprises ended in positive territory after erasing an intraday loss of 35 per cent. Adani Ports and SEZ also ended 8 per cent higher. This is after a over $100-billion rout in value of group stock since the US short seller Hindenburg Research accused Adani group of stock manipulation and accounting fraud.
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.
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
Look carefully at any ad or pop up that tempts or attracts you with freebies and offers etc. It could be a scam, warns Niranjankumar Upadhye.
RBL Bank is no Yes Bank. It's not fraught with fraud. It's a story of limitless ambition and greed for growth under a leader who doesn't want to give up, says Tamal Bandyopadhyay.
RBI seeks detailed report on what happened between 2011 and now; bankers to recall loans to Nirav Modi entities.
"Fitch Ratings has placed Punjab National Bank's (PNB) Viability Rating of 'bb' on Rating Watch Negative (RWN), following the large fraud reported by PNB," the US-based agency said in a statement.
'The deaths of the children in the Gambia would batter India's reputation as the developing world's pharmacy.'
A new mobile banking 'Trojan' virus -- SOVA -- which can stealthily encrypt an Android phone for ransom and is hard to uninstall is targeting Indian customers, the country's federal cyber security agency said in its latest advisory.
India's economic image is not affected due to Adani Group's recent decision to pull out Rs 20,000 crore FPO (follow-on public offers) amid allegations of financial wrongdoings, Finance Minister Nirmala Sitharaman said on Saturday.
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.
He appeared via videolink from the prison as his legal team offered a package of "stringent" bail measures, including bail security of 4 million pound, house arrest with a 24-hour electronic tag as well as a private security guard service and a strictly monitored access to gadgets and telephones.
A flavour-of-the-season approach does not work in investing, suggests Deepesh Raghaw.
The UK judge who handed down his judgment on Thursday in favour of the extradition of Nirav Modi to face charges of fraud and money laundering in India said he had found no evidence of adverse political influence in the case, as claimed by the diamond merchant's legal team.
'We revolutionised the system in a manner so that the chances of leakage will be much lower than it was in the beginning.'
'No commercial bank will be allowed to fail. There is nothing to worry about.'
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