Customers will qualify for compensation even if they mistakenly share the OTP.
Bihar Police arrested 141 people in a state-wide crackdown on mule bank account networks allegedly used for cyber fraud. The operation, 'Cyber Prahar 2.0', led to the registration of 86 FIRs and uncovered collusion by bank employees.
Even if there is an early agreement on a cessation of hostilities in West Asia, the price shock will not go away easily, points out A K Bhattacharya.
A RBI constituted panel on financial inclusion headed by Nachiket Mor had recommended the setting up of the payments banks in order to deepen access to finance.
Mastercard and Visa are introducing passkeys that will allow users to authenticate card payments with face scans or fingerprints, eliminating the need for one-time passwords (OTPs).
ICICI Bank on Thursday said tax authorities have slapped a demand notice of Rs 238 crore on it for alleged short payment of GST.
As deposit growth lags credit expansion, Indian banks face shrinking low-cost Casa inflows, rising funding costs, and structural shifts driven by UPI, e-Kuber, and digital savings trends, points out Tamal Bandyopadhyay.
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
Delhi Police have arrested five individuals for allegedly abducting and robbing a man after luring him through a dating application in the Kalkaji area. The victim was assaulted, forced to transfer money, and later abandoned.
Congress leader K C Venugopal has filed a defamation complaint against a Haryana-based man, alleging politically motivated accusations ahead of the Kerala Assembly elections.
The Reserve Bank of India (RBI) on Tuesday came out with a draft framework on declaration of dividend by banks, as it proposed capping dividend payout to shareholders at 75 per cent of their net profit-- also called profit after tax (PAT).
About 85 per cent of the digital payment transactions take place through UPI in India, and the country can be a case study in inclusive, secure, and scalable Digital Public Platforms (DPPs), Reserve Bank Governor Sanjay Malhotra has said. He was speaking at a "High-Level Dialogue on Forging Economic Resilience through Digital Public Platforms" organised by RBI on the sidelines of the Annual Meetings of the World Bank and International Monetary Fund in Washington, DC on Tuesday.
Delhi Police have arrested four individuals involved in a sophisticated roadside extortion scheme, posing as fake loan recovery agents and targeting vehicle owners with pending EMIs.
The Enforcement Directorate has restored assets worth over 15,000 crore to a Supreme Court-appointed committee for distribution to investors defrauded in the PACL (Pearls Group) Ponzi scheme.
The Enforcement Directorate has filed a chargesheet against former Reliance Communications president Punit Garg and another individual in connection with a money laundering probe linked to an alleged Rs 40,000 crore bank loan fraud.
The Delhi High Court has extended the suspension of actor Rajpal Yadav's sentence in cheque bounce cases until April 1, acknowledging his 'substantial' payment towards the outstanding amount.
The payments banks are intended to house transactional accounts for individuals, focusing on payments and remittances.
The RBI may grant licences for setting up small finance and payment banks by April 2015.
Delhi Police have arrested two individuals from Rajasthan for allegedly defrauding a Delhi resident of over 21 lakh through a high-return online investment scam. The accused lured the victim with promises of lucrative returns and prepaid tasks.
Only bona fide victims would be compensated by banks within five days of receiving the complaint.
Samsung has unveiled a pair of fresh Galaxy handsets for the Indian market, expanding its A-range with the A57 5G alongside the A37 5G.
To meet liquidity pressure because of advance tax outflows this month, the Reserve Bank of India (RBI) has adopted a measured approach with its latest announcement of open-market operations (OMOs), worth Rs 1 trillion.
The Allahabad High Court has rejected a petition to dismiss a case against a woman accused of defrauding an aspirant of over Rs 22 lakh with false promises of a PhD degree and a university job.
The contraction in total reserves was driven by a fall in gold reserves, which dropped $13.49 billion to $117.19 billion during the reported week.
India's state-level fiscal rules have improved headline deficits, but the gains are fragile and uneven with major states still grappling with high debt levels, a World Bank report submitted to the 16th Finance Commission (FC) said. According to the report, despite nearly two decades of adoption of fiscal responsibility laws (FRLs), debt levels have not converged.
A cybersecurity expert warns that cyberattacks are increasingly targeting critical infrastructure, posing direct risks to human lives beyond mere data theft. The convergence of IT and OT expands the attack surface, making sectors like aviation, transport, and public utilities highly vulnerable.
Police in Navi Mumbai have dismantled a fraudulent call centre accused of swindling individuals out of over Rs 1 crore by falsely promising high returns on share market investments. Two individuals have been arrested, and investigations are ongoing.
'This marks a turning point for Paytm, with the regulatory environment looking much clearer than it has been in the last two years.'
The Economic Offences Wing of Crime Branch in Kashmir conducted searches at multiple locations in Srinagar and Budgam districts concerning the alleged siphoning of government funds during the COVID-19 pandemic.
On government's last week's announcement of revamping of PSU banks, Fitch Ratings said the move is "credit positive, but risks remain".
An Indian-origin couple in the UK has been sentenced for breaching a disqualification order, operating companies despite a ban imposed after tax fraud claims.
The average value of retail digital payments dropped 48 per cent from Rs 8,769 in March 2021 to Rs 4,560 in March 2024 due to a growing preference to use digital modes of transactions for small value payments, according to the Reserve Bank of India's (RBI) report on the trend and progress of banking in India.
Kochi city cyber police have recovered over 1 crore stolen from an 81-year-old man through a 'digital arrest' online fraud. The incident occurred in November when the man was defrauded of around 1.30 crore. Police intervention led to the recovery of 1.06 crore from a bank in Jammu and Kashmir.
Kochi cyber police recovered over 1 crore stolen from an 81-year-old man through a 'digital arrest' online fraud. The police froze the funds in a bank account in Srinagar and returned the money to the victim.
A retired school teacher in Kanpur was allegedly defrauded of Rs 1.57 crore (approximately 150,000) in a sophisticated cyber scam involving impersonations of Mark Zuckerberg and associates of Elon Musk.
A yoga teacher from Surat and six others have been arrested in Ahmedabad for circulating fake Indian currency notes (FICN). Police estimate they may have circulated Rs 10 to 12 lakh in counterfeit money.
Police in Himachal Pradesh have arrested five individuals for allegedly assaulting a man and forcing him to transfer money via UPI.
PhonePe on Friday said it has got the final authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator. With RBI authorisation in place, PhonePe will be able to expand its reach and tap into online merchants, with a particular focus on small and medium businesses (SMEs) across the country, according to a release.
OTP scams accounted for over one-fourth of all cyber frauds.
A 40-year-old woman has been arrested in Delhi for allegedly defrauding a resident of Rs 20,000 under the guise of arranging a loan through social media. The accused, Satvinder Kaur, was apprehended after a technical investigation revealed her involvement in the scam.
