Search Results for: bank

Wiping Every Tear from Every Eye.. Forget Courts…Transform from Litigation to ODR

Posted on May 1, 2016 by Vijayashankar Na

During a recent meeting of Chief Justices of High Courts, the Chief Justice of India, Mr T.S.Thakur broke down emotionally with the burden of a perceived guilt of the Judiciary in not being able to reduce the pendency of cases. … Continue reading →

Posted in arbitration, Cyber Law | Leave a comment

SBI introduces a long awaited security measure to control Card frauds

Posted on April 27, 2016 by Vijayashankar Na

State Bank of India has been one of the Banks specially targetted by Card fraudsters for cloning and fraudulent withdrawal. A few years ago, Damodaran Committee of RBI recommended the most sensible control where by the customer should be given … Continue reading →

Posted in Cyber Law | Leave a comment

Unified Payment Interface makes Mobile a better tool for financial frauds

Posted on April 20, 2016 by Vijayashankar Na

Last week, Reserve Bank of India proudly announced the launch of a “Unified Payment Interface” (UPI) hailed as the next giant leap in “Digital Payment System Innovation”. UPI is expected to make our mobiles a universal instrument for all forms … Continue reading →

Posted in Cyber Law | Leave a comment

Virtual Address of UPI scheme.. A pandora’s box

Posted on April 13, 2016 by Vijayashankar Na

One of the suggestions under the Unified Payment Interface is that the participating bank would issue a “Virtual Address” to the customer. This will replace the account number. This virtual address would be used by remitters to send payment. This … Continue reading →

Posted in Cyber Law | Leave a comment

The Unification of Fraud possibilities through UPI

Posted on April 13, 2016 by Vijayashankar Na

The Unified Payment System launched by RBI on 12th April 2016 on a platform managed by National Payment Corporation of India (NPCI) poses a huge challenge to the security of public money held in Banks. As we go forward, the … Continue reading →

Posted in Cyber Law | Leave a comment

Unified Payment Interface introduced… New Threats unleashed…

Posted on April 12, 2016 by Vijayashankar Na

The RBI has introduced the Unified Payment Interface that is expected to change the way the current payment systems especially over mobile wallets change…hopefully for the better. NPCI (National Payment Corporation of India) has released the details of the architecture … Continue reading →

Posted in Cyber Law | Leave a comment