Search Results for: bank fraud

Will RBI disclose “Sanction Mechanism” to enforce sanctity of Banking license conditions?

Posted on July 6, 2013 by Vijayashankar Na

The opening up of a licensing window for Private Banks in India which has attracted 26 applications has also raised a debate on whether the new licenses are beneficial to the economy. RBI intends to impose “Financial Inclusion” and “Priority … Continue reading →

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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 →

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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 →

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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 →

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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 →

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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