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.
The Reserve Bank has asked troubled digital wallet firm MobiKwik, which is facing data breach allegations, to get a forensic audit done without any delay. Though the Gurugram-based firm has been claiming that its systems are secure and that there is no basis to the allegations of data breach, a group of hackers on Tuesday said that they accessed personal and financial data of nearly 10 crore MobiKwik customers. On Wednesday, sources in the know of the development told PTI that the RBI has ordered an immediate forensic audit of the company's systems by a certified auditor. When contacted, an RBI spokesperson refused to comment. MobiKwik refused to give a direct answer to a query on whether the RBI has ordered a forensic audit.
7 key areas that the Budget must address to re-energise the infrastructure sector, suggests Vinayak Chatterjee.
Use a "virtual credit card" for every online transaction when you can't pay cash on delivery.
Having grown swiftly since the acquisition of Flipkart by Walmart in 2018, it was looking at a valuation of $10 billion. However, factors such as lack of diversification, new e-commerce and data policies, as well as the overall investment environment, have slowed the process.
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.
Several Indian banks have alerted their customers not to download apps from any source other than official app stores. Banking customers are being targeted by a new type of mobile banking malware campaign using SOVA Android Trojan. This malware captures the credentials when users log onto their net-banking apps and access bank accounts. The new version of SOVA appears to be targeting more than 200 mobile applications, including banking apps and crypto wallets.
The ministry of labour & employment has now been mandated to seek the 12-digit unique identification number Aadhaar from people like employees and unorganised sector workers seeking registration, benefits, availing services or receiving any payment under various schemes under the Social Security Code 2020. Aadhaar would not be made mandatory for delivery of services under various social security schemes under the purview of the ministry because Social Security Code 2020 has not been fully implemented so far. The rules under the Code are finalised by the ministry but those rules are yet to be notified.
'There will be partnerships between banks and fintech firms, but there will also be areas where they will be direct competitors.'
Professionals with sharp technical skills and knowledge of emerging markets will continue to be in demand, says Nikhil Barshikar, founder and CEO of Imarticus Learning, a tech learning and training company.
While the Narendra Modi government has stuck to its stand that pending payment is Rs 12,343 crore, MSMEs calim outstanding amount is Rs 2-3 trillion. Moreover, MSME ministry's SAMADHAN portal has been of little help.
'Demand is wonderful. We have crossed 10 million on many days.' 'The Swedish trade commissioner recently said, "You guys are vaccinating the entire Sweden in one day".'
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Users well-versed in privacy laws or those concerned with their data would be worried; it could well be that many of us have already accepted the end user agreement without ado, points out Ashish Narsale.
Fund inflows jumped over 77 per cent in the second quarter of 2021 to $7.55 billion compared to $4.26 billion in the first quarter, according to the data collated by Refinitiv, the London Stock Exchange Group's financial markets data and insights arm. However, volume growth was a tepid 8.8 per cent in Q2 at 296 transactions up from 272 in Q1, totalling the counts in the first half to 568, against 365 transaction in the year-ago period. Total inflows in the first half of 2020 were $5.43 billion across 365 deals, while in the first quarter these were $3.92 billion across 183 deals and the second quarter at $1.51 billion across 182 deals, according to Refinitiv.
Overseas investors have pulled out a net Rs 1,14,855.97 crore from the Indian markets in the current year so far, amid heightened geopolitical tensions and inflation concerns. Foreign portfolio investors have sold domestic equities worth Rs 48,261.65 crore so far this month, taking the year-to-date tally this year to a massive Rs 114,855.97 crore, according to depositories data. The exodus of foreign investors was largely owing to inflationary pressures and deepening global macroeconomic conditions following the Russia-Ukraine war, experts said.
'We should look at is full year's growth rather than quarter numbers.'
With vehicular activity picking pace in May, toll collection also saw a huge uptick. Fastags posted an impressive jump of more above 400 per cent in transaction count at 55.17 million, and an over-300 per cent jump in value at Rs 1,142 crore.
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.
India's second-largest telecom firm Bharti Airtel on Tuesday reported a net profit of Rs 1,134 crore for the September 2021 quarter, and said it is witnessing strong business momentum with growth in 4G customers and increase in mobile ARPU. This is against a loss (attributable to owners of the parent) of 763.2 crore during the year-ago quarter, the company said in a statement. Its consolidated revenues for the second quarter of FY21 stood at Rs 28,326.4 crore, up 18.8 per cent year-on-year (on a comparable basis) and 13 per cent y-o-y on a reported basis, it added.
The negative balance is largely on account of pending material cost for the work done under the programme during the year and even earlier.
Mobile payments alone gathered close to $1.51 billion in the year 2017 through 13 rounds of funding, according to data compiled by Tracxn
The Reserve Bank of India's (RBI's) outstanding net forward purchases of US dollars fell by more than 50 per cent from the last quarter of FY22 to $30.86 billion in the June quarter (Q1). The net forwards position was at $65.79 billion at the end of the last fiscal year. The purchases fell by $18.33 billion in June as the central bank intervened in both the forwards and the spot market in order to protect the rupee from excessive depreciation in the face of a widening trade deficit.
This is not for the first time that the customers of the bank have faced service outage. In fact, the bank has been penalised by the Reserve bank of India (RBI) for two major outages in the past. In December, the RBI temporarily barred HDFC Bank from launching new digital banking initiatives and issuing new credit cards after taking a serious view of service outages at the lender over the last two years.
Prime Minister Narendra Modi on Saturday launched 5G technology services in India and said that technology has become democratic in its truest sense since even the poor of the country have always come forward in adopting new technologies. He said that this is a major step in the vision of Digital India and Aatmanirbhar Bharat. "Talking about Digital India, some people think that this is just a government scheme.
A majority of respondents in a survey said they will not use WhatsApp payment features and may discontinue business chat if the app shares information with Facebook and third parties, according to a survey. The survey -- conducted around WhatsApp new proposed policy across the country covering over 17,000 respondents -- found that five per cent users have deleted the app, while 22 per cent claimed to have reduced using the mobile messaging platform.
Average wages paid by listed companies is more than twice the salaries paid by other enterprises, points out Mahesh Vyas.
The government on Friday informed the Parliament that Sebi has discovered discrepancies in the claims by the bondholders and the database provided by Sahara Group in the Rs 20,000-crore (Rs 200 billion) investors money refund case.
The Swadeshi Jagran Manch (SJM) on Friday opposed a regulatory body's recommendation for environmental release of genetically modified mustard, calling it "dangerous" and urged the Centre to ensure that the crop's seed is not allowed to be planted "now or ever". In a letter to Union Environment Minister Bhupender Yadav, the RSS-affiliated organisation accused the Genetic Engineering Appraisal Committee (GEAC) of functioning in an "irresponsible fashion" and said the claims made in support of genetically modified (GM) mustard were "completely untrue, unsubstantiated and wrongly projected". "Swadeshi Jagran Manch has all along been opposing this dangerous and unneeded GM mustard being brought in through the backdoor as a public sector genetically modified organism (GMO)," organisation co-convenor Ashwani Mahajan said in the letter.
Ashok Kumar Gupta, chairman of the Competition Commission of India (CCI), has never minced words while talking about the giant technology companies, referring to them on multiple occasions as "centres for entrenched and unchecked dominance". The anti-trust regulator has, in fact, been cracking down on big technology companies such as Google, Apple, Facebook, and others, after they were hauled up by regulators and lawmakers in Europe and Australia. However, in several instances, existing regulations have prevented the CCI from going all out against these companies for anti-competitive activities.
Demonetisation of the high value currency notes of Rs 500 and Rs 1,000 did not have any discernible impact on currency in circulation (CIC) in the country, which has soared by almost 83 per cent since its announcement on November 8, 2016. The Supreme Court on Monday upheld the decision of the government on demonetisation. On November 8, 2016 Prime Minister Narendra Modi had announced demonetisation of old Rs 1,000 and Rs 500 banknotes and one of the key objectives of the unprecedented decision was to promote digital payments and curb black money flows.
Former Delhi deputy chief minister Manish Sisodia 'conspired' with others to frame a faulty excise policy in order to generate kickbacks and proceeds of crime to the tune of more than Rs 290 crore, the Enforcement Directorate (ED) alleged before a court in New Delhi on Friday.
'There has been a marked increase in four types of cases.' 'One is fraud related to online deliveries, online shopping and online groceries and liquor.' 'Second fake news, third hate speech and fourth sextortion.'
The Serious Fraud Investigation Office (SFIO) has arrested a person who the Ministry of Corporate Affairs (MCA) said has emerged as the mastermind of the racket of incorporating a large number of shell companies with Chinese links in India.
Auto-debit payment bounces have gone up for the second consecutive month in May, emphasising the stress building up due to a halt in economic activities as authorities lock down various parts of the country to stop the spread of the virus in the second wave. According to the National Automated Clearing House (NACH) data, in May, of the 85.7 million transactions initiated, 35.91 per cent, or 30.8 million transactions, failed.
DD Freedish is the 'largest TV platform in India', going to 58 million homes, featuring 70-odd private channels. DD Freedish reaches about 278 million people, and is easily among the top five TV platforms in the world.
Aditya Birla group chairman Kumar Mangalam Birla has offered to hand over his stake in debt-laden Vodafone Idea Ltd (VIL) to the government or any other entity that the government may consider worthy to keep the company operational. The billionaire businessman made the offer in June in a letter to Cabinet secretary Rajiv Gauba. According to official data, VIL had an adjusted gross revenue (AGR) liability of Rs 58,254 crore out of which the company has paid Rs 7,854.37 crore and Rs 50,399.63 crore is outstanding.
The key components of the Ayushman Bharat Digital Mission include a health ID for every citizen that will also work as their health account, to which personal health records can be linked and viewed with the help of a mobile application, a Healthcare Professionals Registry (HPR) and Healthcare Facilities Registries (HFR) that will act as a repository of all healthcare providers across both modern and traditional systems of medicine.
A single application and a plethora of services for passenger cars - that is what myTVS, a brand that operates under Ki Mobility Solutions and is part of the TVS family, is set to bring to customers, in a bid to disrupt the concept of "super apps" in India. Starting July 15, myTVS will launch its connected car platform or super app called myTVS Life360 for aftermarket passenger cars. Through it, customers will be able to avail themselves of a range of services like maintenance, diagnostics, roadside assistance, accessories, payments, insurance, and so on.
