Search Results for: bank fraud

New Bank Licences-Make Cyber Crime Insurance Mandatory

Posted on July 4, 2013 by Vijayashankar Na

The applications received by RBI for new Bank licenses and the possible political push for issue of licenses before the next elections have raised a serious concern in the market that undeserving companies with political connections may some how make … Continue reading →

Posted in Bank, Cyber Crime, RBI | Leave a comment

New Banking License-Let’s Remember Gandhian Principles of Banking

Posted on July 2, 2013 by Vijayashankar Na

Reserve Bank of India has released the list of 26 Banking license applicants who have sought licences under the new licenses to be released. The list of aspirants is as follows. 1. Aditya Birla Nuvo Ltd., Mumbai. 2. Bajaj Finserv … Continue reading →

Posted in Bank, RBI, Uncategorized | Leave a comment

A Mule arrested in Mumbai for Phishing Fraud

Posted on June 20, 2013 by Vijayashankar Na

Mumbai Police have arrested a person in Delhi and charged him for the phishing fraud in Bank of Maharashtra, Mumbai where a Cooperative Bank (Deccan Merchant Co operative bank)had lost Rs 1.5 crores. The arrested person is one of the … Continue reading →

Posted in Bank, Cyber Law | Leave a comment

Outsourcing security of Banking transactions

Posted on June 15, 2013 by Vijayashankar Na

The recent ATM frauds in Mumbai and elsewhere has re-opened the discussion on the risks arising out of “Outsourcing” in the Indian Banking scenario. The commercial Banks in India have grown so greedy that they are looking at every opportunity … Continue reading →

Posted in Bank, Cyber Law, ITA 2008 | Leave a comment

Axis Bank ATM license should be cancelled by RBI

Posted on June 15, 2013 by Vijayashankar Na

Axis Bank has been in the news for the wrong reasons in recent days involving one kind of Cyber Fraud or the other. There have been many Phishing frauds and KYC failure reports as well as organized money laundering in … Continue reading →

Posted in Bank, Cyber Crime, Cyber Law | 2 Comments

Karnataka High Court delivers a favourable verdict for Axis Bank

Posted on June 11, 2013 by Vijayashankar Na

P.S: Karnataka High Court has given a decision on 27th May 2013 in a writ petition filed by Axis Bank which has a huge implication on Cyber Crime victims in Karnataka and elsewhere in India. Hence in the general public … Continue reading →