Cyber intelligence firm CloudSEK reports that online fraudsters are using a new toolkit called 'Digital Lutera' to bypass security features of UPI apps and carry out fraudulent financial transactions.
The proposed solution is a one-hour delay for digital transactions exceeding Rs 10,000, particularly when the transfer is made to a new or unverified beneficiary. The idea is simple -- give users a window to reconsider, detect fraud or alert their bank before the funds are irretrievably transferred.
'It is a tradeoff between convenience and fraud prevention.'
Customers will qualify for compensation even if they mistakenly share the OTP.
Prime Minister Narendra Modi is promoting India as a global hub for digital infrastructure and artificial intelligence, highlighting the government's incentives for data center investments and inviting the world's data to reside in India.
The Confederation of Indian Industry (CII) has urged the Indian government to gradually restore the Rs 10-per-litre cut in special additional excise duty on petrol and diesel over six to nine months. This move aims to relieve pressure on government finances as crude oil prices stabilise, without significantly impacting consumer sentiment.
The Reserve Bank of India (RBI) is in no rush to launch the central bank digital currency (CBDC) nationwide, as its most promising use case - cross-border payments - depends on other countries rolling out their own CBDCs simultaneously for the system to work effectively. That said, the CBDC pilot is progressing well, with the user base in India expanding to about seven million, said RBI Deputy Governor T Rabi Sankar.
Officials from both India and the US in the recent past have indicated that a "fair deal" will be concluded soon, with Indian officials holding that more formal rounds of talks are not needed.
Sebi Chairman Tuhin Kanta Pandey announced intensified surveillance and technology-driven enforcement to combat pre-investment scams targeting retail investors, who are increasingly being lured by fake trading apps and promises of high returns.
Digipin promises to revolutionise location-based services in India with safeguards.
'We have seen that stablecoins lack the basic attributes of money, their advantages are neither unique nor unambiguous and their risks are all too real.'
Reserve Bank of India (RBI) Governor Sanjay Malhotra on Wednesday said regulations should not create unintended barriers to financial inclusion while emphasising that the impact of regulations on individuals and businesses should be considered.
Lacking basic safeguards and regulations, India is fast emerging as a hub for illegal online betting and gambling market, with the top 15 such unauthorised platforms logging an alarming over 5.4 billion visits in FY25, according to a report by public policy think-tank on consumer sovereignty.
'Illegal gambling operators are systematically exploiting India's advertising and payment infrastructure, siphoning off crores of rupees from outside the country.'
Reserve Bank Governor Sanjay Malhotra on Wednesday exhorted the fledgling fintech ecosystem to focus on the underserved sections of the society to deepen financial inclusion. Speaking at the annual Global Fintech Fest in Mumbai, Malhotra accepted that serving the "privileged" will be a lucrative business, but urged the smaller companies to focus on the underserved.
The Employees' Provident Fund Organisation (EPFO) board has approved liberalised part withdrawals for subscribers, allowing up to 100 per cent EPF withdrawal, and rolled out the 'Vishwas Scheme' to reduce litigation through rationalised penal damages.
'Instead of the government and telecom operators solving the mess of their own creation, they're telling us we need to give access to our phones perpetually.'
The Indian government has introduced a bill in the Lok Sabha to ban online games played with money, aiming to curb addiction, money laundering, and financial fraud. The bill also targets advertisements and financial transactions related to such games.
'The new Bill introduces no policy or rate changes, leaving financial planning strategies largely unaffected.'
'The considerations for choosing between the old and new tax regimes remain essentially unchanged.'
In an age where personal data is a valuable commodity, investing in cyber insurance is not just a prudent choice; it is becoming a necessity for individuals and families alike, says T A Ramalingam.
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
'Challenge is basically near-term growth as the outlook has turned a bit adverse.'
Telecom service providers and the Maha Kumbh Mela administration are on their toes to ensure smooth connectivity at the grand event set to witness record teledensity.
India should not be left behind. It should join the seven central banks which are studying feasibility and safeguards necessary to eliminate risks, particularly from hacking, advises former foreign secretary Shyam Saran.
'The West has always opposed a strong nationalist leader in India and Narendra Modi is no exception.' 'The West prefers weak leaders who are amenable to Western pressure and Mr Modi's independent stance is not to the liking of the West,' asserts Colonel Anil A Athale (retd).
Google on Tuesday began reinstating about 250 Indian apps it had delisted from its Play Store over a billing dispute as it caved in to government criticism, but the squabble may not yet be over.
Rs 5,000 crore additional liquidity facility to be provided by the National Housing Bank to boost liquidity in housing sector, the RBI said.
Customers taking small and convenient steps and some degree of care and precaution while paying digitally will ensure safety and security from new threats that emerge every day, says Avinash Luthria
Absence of comprehensive data protection and privacy laws will be barriers in the government's digitalisation drive.
Apart from the Google team led by AI scientist Manish Gupta, the company will also partner with the research community across the country to focus on tackling challenges in fields like healthcare, agriculture, and education.
Billionaire Mukesh Ambani on Friday backed the proposed data privacy and cryptocurrency bills, saying India is putting in place the most forward-looking policies and regulations. Ambani, who has been a votary of Indians owning and controlling their own data and the nation drafting strict rules around how digital information is stored and shared, said nations have the right to build and protect strategic digital infrastructure. Stating that data is the 'new oil', he said every citizen's right to privacy has to be safeguarded. "India is putting in place the most forward-looking policies and regulations," he said at the Infinity Forum, hosted by International Financial Services Centres Authority (IFSCA).
'Given the emerging trends, it may be time for India to embrace digital banking,' notes Pradipta Bagchi.
'No government will forego the usage of data of this order and nor will any private concern.' 'Unless, of course, there are strong safeguards to privacy.' 'Which is why that nine-member Supreme Court bench could make or mar everybody's future,' says Devangshu Datta.
The economy is gaining traction with gradual pick up in manufacturing activity and moderation in contraction of services, spurred by comfortable liquidity conditions, an RBI article on Tuesday said. Observing that the retreat of the second wave of coronavirus pandemic has been slow, the RBI in an article on the 'State of Economy' said, the aggregate demand conditions are buoyed by the release of pent-up demand post unlock, while the supply situation is improving with the monsoon catching up to its normal levels and sowing activity gaining pace. "Reaffirming the traction that the economy is gaining, the manufacturing activity is gradually turning around, while contraction in services has moderated.
'Breaking down silos and ensuring a more integrated governance process is just as important to performance.' 'It has been a major priority in the last six years, especially in national security,' External Affairs Minister Dr Subrahmanyam Jaishankar points out when delivering the Sardar Patel Memorial Lecture-2020: India and the Post-Covid World.
Prime Minister Narendra Modi on Saturday announced the adoption of the New Delhi Leaders Declaration, a significant victory for India's G20 presidency that came amid increasing tensions and divergent views over the Ukraine conflict.
Do not shop around for loans immediately after getting a secured credit card. Such loan enquiries can also pull down credit score, as they are treated as a sign of credit-hungry behaviour.
The Indian government is concerned only because Indian names are involved, the source said.
'Clients deemed higher-risk are required to update their KYC more frequently.'
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.
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