Search Results for: bank

Banking Licenses and Public Sector aspirants

The list of 26 new Banking license aspirants provide an interesting contrast and a challenge to RBI to ensure that the long term Banking policies set by RBI will be adequately served by the right choice of licensees. Initially, it … Continue reading

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

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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AXIS Bank admits liability for ATM Fraud in Mumbai

It is reported that Axis Bank has agreed to refund the losses suffered by its customers in Mumbai who had lost about Rs 37 lakhs through the ATM card cloning fraud. It is good that Axis Bank has decided to … Continue reading

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Axis Bank will now has to eat its own words..

In the Adjudicator’s forum in Bangalore, Axis Bank has advanced a mischievous argument that Section 43 of ITA 2008 cannot be invoked by a Company. If this argument is given credence, no company can invoke any offences under Section 66 … Continue reading

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

Outsourcing security of Banking transactions

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

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