'This is not only a fight against corruption and black money, this is also a fight against terrorism and counterfeit currencies.'
Recently, an Air India flyer sent a legal notice to the airline seeking damages of Rs 30 lakh for the breach of personal data of 4.5 million passengers, including her husband and herself. Air India had informed the complainant of the data leak a month earlier, after it emerged that its passenger service system provider fell prey to a cyberattack in February. However, in the absence of a data protection law, India lacks a mechanism for compensation or grievance redress of consumers in such cases, say experts. Advocate Virag Gupta, a New Delhi-based cyber law expert, explains that a legal notice is a good beginning in the Air India case, but it raises many questions. These include whether sensitive personal information has been leaked and whether the airline is responsible or not, given that a passenger service system provider was also involved.
This was reflected in India Inc's lackadaisical attitude towards sensitising employees on fraud prevention.
'This fund will enable micro-donations as a result of which a large number of people will be able to contribute with smallest of denominations,' a statement said. People can visit www.pmindia.gov.in to make contributions using credit and debit cards, UPI, net banking and RTGS or NEFT, it said.
According to a PMO statement, Narendra Modi told banks this would be a source of immense satisfaction for them, and that he himself would recognise the achievements of the best performing branches.
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.
'The absence of cyber security framework for ATMs is like a dream come true for hackers.'
Apple Pay also faces competition from Merchant Customer Exchange (MCX) - a consortium of retailers including Wal-Mart and Best Buy - which is developing its own mobile payment platform.
Going through these steps are by no stretch of imagination fun things to do, but if you do indeed lose your wallet, these steps may come in handy and reduce your stress.
Taking a dig at those who have been attacking him over demonetisation, he said, "Some people have lost glow on their faces... earlier they used to chant money-money, now they are chanting Modi-Modi."
Experts say the new guideline is likely to hurt foreign players more, especially card companies such as Visa, MasterCard and American Express who process and store credit card transaction data outside of India.
India recorded 50,035 cases of cyber crime in 2020, an 11.8 per cent surge in such offences over the previous year, according to the National Crime Records Bureau (NCRB) data. The Reserve Bank of India (RBI) last week once again cautioned bank customers of fraud, including those in Know-Your-Customer (KYC) cases. In fact, certain frauds have become more prevalent than others, and being aware of them is the first step towards protect yourself. Mayur Joshi, chief executive officer, Indiaforensic.com, a company engaged in the prevention, detection, and investigation of frauds says, "It is necessary to learn, to read about these scams."
Indian industry snubbed Google Play's decision to cut by half its commission for developers when they make $1 million in annual revenue for in-app purchases, saying the US tech giant may continue its "abrasive & monopolistic abuse" as it owns the Android system. Google Play said Tuesday that beginning July 1 it would slash its 30 per cent billing fee to 15 per cent for developers globally when they make the first $1 million of their annual revenue.
'In the total of black wealth, only 1% or less than 1% constitute cash.' 'So, even if cash is completely weaned out, it impacts only 1% of the black wealth.'
'Those who should have been affected benefitted from demonetisation.' 'And the vast majority who should not have been affected lost out.' 'That is the ultimate result of demonetisation.'
Almost all banks that issue contactless cards provide users with a 100 per cent liability cover.
Non-resident individuals (NRIs) have also been allowed to apply for the niche banking licence, provided they plan to return to India.
Maharashtra recorded the highest number of cases in the country under the Indian Penal Code (IPC) in 2021 at 3,67,218, while Mumbai was placed second among major metropolitan cities in registration of criminal offences, according to a National Crime Records Bureau (NCRB) report.
Both firms have made several applications for patents pertaining to digital payments in the country
If you are one of those who is now staring at your credit card bill and wondering how to go about it, here is the way out.
Adhil Shetty, CEO, BankBazaar.com shares his thoughts on what could help make digitisation and going cashless easier in the New Year.
Ending Paytm's monopoly as the only wallet payment option on Uber, the ride-hailing service has decided to allow payments through Jio Money. Alnoor Peermohamed reports.
Race for Asia's No. 1 MFI spot: Bandhan now closes in on Grameen Bank
Despite accounting for the largest number of fatalities, the death rate, however, in the US is much lower than other countries.
With over Rs 15,000 crore in deposits, its strategy is a hit for now, but the real test will come when it starts lending to retail and corporate customers in a big way
In a letter to Kejriwal, dated December 23, the veteran activist took a dig at the Delhi CM and said if change has to be brought into the system, then the leadership should "walk the talk".
'When users sign up for free apps and services, they are giving up data. They fail to realise the impact of their data in the public domain, which is something that corporations have been monetising on for some time now.'
Unbanked customers can expect easier access to banking.
ICICI Bank, ONGC and Tata Motors contribute to nearly 50% gain seen on the Nifty.
"You can download mobile applications provided by banks on your phones and I want to urge political leaders, teachers, youth to give training to people on mobile banking," Modi said.
'For the next three months or so, the market will go down.' 'Traders do not have Rs 100 notes.'
We bring you some of the best pictures from across the nation in the last one week.
Kotak Mahindra Bank to have a 19.9% stake in the proposed banking venture.
Use a "virtual credit card" for every online transaction when you can't pay cash on delivery.
Modi govt says its economic score on all coutns is very good.
'It's looking odds-on there won't be a data protection law before this edition of the Lok Sabha is dissolved.' 'This limbo has enabled all sorts of businesses that would be illegal in countries that do have data protection laws,' notes Devangshu Datta.
'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.
A task force will speed up the recalibration of 200,000 ATMs so these can dispense the new Rs 2,000 notes.
Watal panel had suggested an independent payments regulator be set up.
Sensex under pressure as Yellen signals rate hike; banking stock slip.
