With about 2,000 qualified engineers to service ATMs across the country, it is an uphill task to modify 220,000 machines.
'The PCA framework was revised and tightened in April 2017, but there was no discussion in any board meeting. The government does not know the rationale behind revising the framework and how the RBI arrived at it. Similarly, there was no discussion in the board meeting on the revised NPA framework,' said an official.
Big data analytics is an expertise that offers actionable insights and is a confluence of a host of specialisations, including mathematics, science and social sciences.
A Europe-like cyber security defence alliance is the need of the hour, say banking technology experts.
'Credit expansion is probably the quickest way to get the economy going again.' 'Easy credit is like a shot of nitro in a race car: In timely, small, quick, doses it can give a tremendous boost but carried to extreme it can destroy the engine,' points out S Muralidharan, former managing director, BNP Paribas.
Top officials in key ministries, including finance and IT, are of the opinion that a sensitive payments system such as UPI should not be on a platform whose security is possibly compromised.
Auditors have to be compulsorily changed by a company at the end of two five-year terms, say the new rules.
The regulatory actions, undertaken by the RBI and the government, came hours after finance ministry sources confirmed that SBI was directed to bail out the troubled lender. For the next month, Yes Bank will led by the RBI-appointed administrator Prashant Kumar, an ex-chief financial officer of SBI.
There are 7 key rules one can follow to ensure that the chances of such fraud are almost reduced to a negligible level when shopping online, says Anil Rego
On the 10th anniversary of the global financial crisis, a multi-part series analyses the lessons learnt and those not learnt.
Apart from mobile apps, 611 websites with the .in domain in the country were also found to be vulnerable, the Trend Micro survey reveals.
The suspected security breach happened through a malware in the systems of Hitachi Payments Services, which serves ATM network of Yes Bank
India has historically not had a strong compliance mechanism around insider trading. This is in stark contrast to developed countries.
A K Bhattacharya digs into the yet-to-be-public report on ways to curb black money and finds out that Modi's next moves could include action on dabba trading, hawala, and education.
'Flush with funds, lending became a cash management exercise.' 'Road projects, power generation plants, airports etc were financed left and right with apparently no regard for the projects' ability to repay,' explains S Muralidharan, former managing director, BNP Paribas.
India has a long way to go before it develops a culture of professional boards accountable to institutional investors. There is, therefore, no realistic alternative to reforming and strengthening PSBs under government ownership, says T T Ram Mohan.
Be cautious when purchasing from little-known Web sites.
Besides 15 loan transactions to the Siva group of companies, the former directors also used unique methods to ensure the group did not get into the default list.
'The COVID-19 pandemic must push the military into a long-term reconsideration of its primary challenges.' 'There must be greater emphasis on humanitarian aid and disaster relief including the management of contagious illnesses and impending crises caused by climate change,' notes Ajai Shukla.
'We are all in a tizzy about NBFCs in the aftermath of the IL&FS default.' 'We tend to jump to the notion that an NBFC is like a bank. But banks make a promise that deposits are liquid and have an assured return.' 'NBFCs make no such promises,' points out Ajay Shah.
He was sentenced to nine and five years on charges of conspiracy and two of securities fraud.
Lenders get a clear idea about your financial health, risk profile and personality trait
Heading to the third year, will Urjit Patel be busy firefighting a currency crisis? Almost no governor of the RBI managed to evade it and Patel perhaps knows it.
This is one of the many such cases that helped to create an acute fear psychosis among public sector bankers, reveals Tamal Bandyopadhyay in his fascinating new book Pandemonium: The Great Indian Banking Tragedy.
'We feel there is definitely something murky in the system.' 'Will anyone believe that Nirav Modi will go to a branch and bribe a low-level officer?' 'Just look at the people with whom he had moved around.'
HR can make better hiring decisions with solutions powered by robotics & machine learning.
Under the EB-5 visa programme you can become a US citizen provided you invest $500,000 in an approved project and create targeted employment. But only 700 Indians can do so each year.
'There is much scope for ingenuity and inventiveness, and the stakes are very high.'
Experts suggest six ways to play stocks that tank suddenly and make money as Sanjay Kumar Singh listens in
In addition to the problem of long queues at automated teller machines, there would be the problem of guiding new cardholders, especially in rural and semi-urban areas, on how to use those cards, some bankers told Business Standard.
The problem is set to grow following issuance of 75 million new RuPay cards in the next six months with the launch of the Jan Dhan Yojana.
Unless Dr Urjit Patel starts clearing the balance sheets of banks, the investment cycle will not start. Unless the clog in the drain is cleared, further lending cannot happen. If further lending doesn't happen, the investment cycle also will not happen, writes M R Venkatesh.
The government must be the initial driver.
The decision to do away with Rs 500 and Rs 1,000 notes accelerated the slowdown in economic activity with growth averaging 6.8 per cent in the seven quarters after it, as against an average of 8 per cent in the six quarters preceding it, says former chief economic advisor Arvind Subramanian.
Organisations are focusing on how they are going to be much more nimble, much more innovative and that is the ticket to success, Mark Goodburn tells Sangeeta Tanwar
Are you overstaying on an F1 visa?
Sher Shah Suri ruled for only a few years, but his huge influence on India continues six centuries later, reveals Farhat Nasreen.
Every online user must put these additional security layer in place to prevent theft of their online identities and vital information like user IDs and passwords
As you swipe your credit/debit card with carefree abandon at merchant outlets, banks are losing money to the tune of Rs 3,800 crore annaully, says Soumya Kanti Ghosh
If you leave too much money lying in your trading account or hand over your securities to brokers, there is always the risk that they could use it to trade in the markets.
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