Author Archives: Vijayashankar Na

About Vijayashankar Na

Naavi is a veteran Cyber Law specialist in India and is presently working from Bangalore as an Information Assurance Consultant. Pioneered concepts such as ITA 2008 compliance, Naavi is also the founder of Cyber Law College, a virtual Cyber Law Education institution. He now has been focusing on the projects such as Secure Digital India and Cyber Insurance

22 Banks Fined for KYC Failure

Posted on July 15, 2013 by Vijayashankar Na

22 Banks have been fined by RBI for KYC failures. The fines range from Rs 0.50 lakhs in the case of Ratnakar Bank to rs 3.002 crores in the case of IOB. Most other Banks have been fined between 2.50 … Continue reading →

Posted in Bank, RBI | Leave a comment

One More Export Fraud Reported from Delhi

Posted on July 15, 2013 by Vijayashankar Na

As discussed in this column earlier, one more fraud on an Exporter has been reported from Delhi involving diversion of export proceeds. Report in TOI The loss reported in the Delhi fraud is US$31000 (Rs 18 lakhs). The two other … Continue reading →

Posted in Bank, ITA 2008, RBI | Leave a comment

RBI and ECGC should consider trade remittances to Hong Kong as Highly Risky

Posted on July 14, 2013 by Vijayashankar Na

  OPEN LETTER TO RBI AND ECGC To Reserve Bank of India Exchange Control Department Mumbai and ECGC of India Mumbai Sub: Increasing Hong Kong Risk for Importers and Exporters from India Dear Sir I have recently come across two … Continue reading →

Posted in Bank, Cyber Crime, ITA 2008, RBI | Tagged , , , , | Leave a comment

Corporate Executives arrested for Cyber Crime

Posted on July 11, 2013 by Vijayashankar Na

The owner and an IT official of Vast India Pvt Ltd (VIPL), a company in Mumbai were arrested by Mumbai police for alleged violation of ITA 2008. The dispute arose with the data of 3.22 lakh candidates appearing for the … Continue reading →

Posted in Cyber Crime, ITA 2008 | Leave a comment

RBI Faces first challenge in Bank licensing on Aditya Birla Group and Conflict of interest

Posted on July 10, 2013 by Vijayashankar Na

When the Chairman of a Group which applies for Banking license happens to be a Director of RBI for the last 6 years and continues to be so while the license application is being processed, do we need a second … Continue reading →

Posted in Bank, RBI | Leave a comment

Naavi’s proposition on Sanctions on Banks is reflected also in the EU guidelines

Posted on July 9, 2013 by Vijayashankar Na

“Mandatory Sanctions” as a part of the Information Security policy has been advocated by HIPAA way back in 1996 and is being increasingly accepted as a necessary part of a good Information Security policy. The theory of Information Security Motivation advocated … Continue reading →

Posted in Bank, RBI | Leave a comment