The measure follows reports of use of stolen card data mainly in the US and ChinaIndian banks have asked customers to change the PINs, and in some cases blocked access, to 3.2 million debit cards after concerns about a security breach.The issue surfaced in September when some banks complained that their customers' cards were used fraudulently mainly in China and the U.S. while the account holders were in India, the National Payments Corporation of India said late Thursday.India's top government-controlled bank, the State Bank of India, said earlier this week that after card network companies like Visa and MasterCard had informed various banks of a potential risk to some cards because of a data breach, it had taken the precautionary measure of blocking the cards identified by the networks.The bank said it was in the process of issuing new cards and assured its customers that its own systems were not compromised.A spokeswoman for India s central bank, the Reserve Bank of India, did not deny the issue but said the RBI has not yet decided to discuss it publicly.
A man counts money after withdrawing it from a State Bank of India automated teller machine ATM in Mumbai - Representational imageDetails of more than 3.2 million cash cards of customers of top Indian banks have reportedly been stolen in what could be one of the biggest financial data breaches in the country.While it is unclear who was behind the alleged operation, reports suggest that unauthorised transactions can be traced to various locations in China.The alleged breach was first reported by Indian daily Economic Times, following which banks have started blocking cards of certain customers.Major financial institutions such as State Bank of India, ICICI Bank, HDFC, YES Bank and Axis Bank are believed to be the worst affected by the breach.According to reports, some customers' cards have been blocked, while some customers have been asked to change the pin number of their ATM cards.
A suspected security breach has led banks in India to warn 3.25 million customers to replace their debit cards or change the PINs.National Payments Corporation of India NCPI , the umbrella organization for the nation's retail IT systems, said customers at 19 banks were affected.We're told 641 people have been defrauded – approximately $200,000 has been taken, largely from cloned cards used in Chinese and US ATMs."Necessary corrective actions already have been taken and hence there is no reason for bank customers to panic," said NPCI CEO Mr Abhaya Hota."Advisory issued by NPCI to banks for re-cardification is more as a preventive exercise."The recall of RuPay, Visa and MasterCard debit cards has hit a slew of banks: State Bank of India, HDFC Bank, ICICI Bank, Yes Bank and Axis Bank.
After further investigation it became apparent that the issues like flickering and poor memory overclocking results on the memory sub-system are graphics memory related.Guru3D Evga BIOS update, Gainward: Pick your card BIOS, Palit: Pick your card BIOS The big debit card breach: Three things card holders need to understand A total of 32 lakh debit cards across 19 banks could have been compromised on account of a purported fraud, the National Payment Corporation of India said in a statement.The issue was brought to light when State Bank of India blocked the debit cards of 6 lakh customers on October 14.Memo to the DOJ: Facial recognition's threat to privacy is worse than anyone thought If we don't speak up now, the days when we can walk around with our heads held high without fear of surveillance are numbered.But a brand new report from the Georgetown Law Center for Privacy and Technology indicates the problem is far worse than we could've imagined.
HDFC is named as the most valuable Indian brand as an increase in demand for local products continues to benefit the local brands, according to Brandz top 50 most valuable Indian brands.Followed by HDFC is Airtel, State Bank of India, Asian Paints, ICICI bank, Kotak Mahindra bank, Maruti Suzuki, Bajaj Auto, Hero and Axis Bank.HDFC current value stands at $17,965m value after a 24% increase year-on-year in the annual report by WPP and Kantar Millward Brown.It falls in line a report from The Drum last year about how Indian FMCG brand Patanjali is beating global giants by empowering local confidence.It doesn't spell doom and gloom for global business, however, particularly those that are keeping abreast of local trends.Colgate, ranked 28, saw an increase of 2% and launched a toothpaste with ayurvedic properties to meet the local demand.
After several weeks of speculation and leaked details, today Google officially unveiled its first big foray into mobile payments in Asia.The Android and search giant has launched Tez, a new mobile wallet in India that will let users link up their phones to their bank accounts to pay for goods securely in physical stores and online, and for person-to-person money transfers.“Send money home to your family, split a dinner bill with friends, or pay the neighbourhood chaiwala.Make all payments big or small, directly from your bank account with Tez, Google’s new digital payment app for India,” Google notes in its information portal.The app is launching today on iOS and Android in the country and will see Google linking up with several major banks in the country by way of UPI (Unified Payments Interface) — a payment standard and system backed by the government in its push to bring more integrated banking services into a very fragmented market.Supported banks include Axis, HDFC Bank, ICICI and State Bank of India and others that support UPI.
Google has jumped into the crowded and fiercely competitive digital payments space in India, and launched a new digital payments app – Tez.Tez, which means ‘fast’ in Hindi, is a UPI-based app that can be used for online transactions, as well as paying offline at stores.UPI (Unified Payments Interface) was launched by National Payments Corporation of India, an umbrella organization for all retail payment systems in India.While NPCI is a private entity, it is regulated by the country’s central bank – Reserve Bank of India.According to the company, all transactions on Tez are secured by ‘Tez Shield’ that detects fraud, prevents hacking, and verifies identity.The company has partnered with HDFC Bank, ICICI Bank, Axis Bank, and State Bank of India for the backend.
The sale event will go live on September 20 midnight (IST), and will continue till September 24.While the store would offer discounts across the breadth of products in diverse categories, here’s a compilation of deals offered for smartphones and gadgets.A lot of promotions are valid only till stocks last or on specific days, mind you, so make sure you buy that product you’re interested in as soon as you discover a deal.If you’re using debit or credit cards from State Bank of India for payment, you will get 10% instant discount.The minimum purchase and maximum discount criteria will change through the period, including the categories it will be applicable for.Starting 00:00 hours on September 21, Flipkart will sell Redmi 4A (3 GB + 32 GB) for 6,999 and the new Android One-powered Mi A1 for 14,999.
WhatsApp has begun testing a new payments feature in India that will allow people to send money to other WhatsApp users, excluding merchant accounts.The feature is currently in beta, according to sources familiar with the company’s plans, but hasn’t been publicly announced because it’s not widely available at this time.The company has been working on support for a payments feature for some time, which would take advantage of UPI (Unified Payments Interface) and include support by a number of Indian banks, including State Bank of India, ICICI Bank, HDFC Bank, and Axis Bank.Beta testers have now found that this functionality is live, with a large list of supported banks displayed in the WhatsApp user interface.According to screenshots posted to Twitter and elsewhere, including this post from the blog iPhoneHacks, those who have gained access to the new functionality will see a payments feature appear in their WhatsApp Settings menu.Users must then configure the feature by first verifying their phone number via SMS and choosing a bank.
Chinese smartphone maker OnePlus is all set to launch its flagship device, the OnePlus 6 at an event in London on Wednesday and the Indian launch of the device is scheduled for tomorrow.Ahead of the launch, the company has announced several launch offers on the device, including a discount, cashback and more.Earlier, OnePlus had announced the Fast AF sale under which, users who pre-book the OnePlus 6 will get a cashback of Rs 1,000 in the form of Amazon Pay balance and an extended warranty of three months on the device.The Fast AF sale will end on 16 May.The OnePlus 6 will go on sale on 21 May at 12PM for Amazon Prime subscribers as part of the Early Access sale and non-Prime users will be able to purchase the device starting from 22 May.The OnePlus 6 launch offers include a discount of Rs 2,000 on State Bank of India Debit and Credit cards.
The WhatsApp online payments trial received rave reviews in February, however the team is being forced to launch the market-ready version ahead of schedule for fear of being left behind by competitors.WhatsApp first announced its intentions in the mobile money space back in February, trialling the feature with one million Indian users, though with more than 200 million users of the messenger app in the country there is certainly room to grow.According to Bloomberg, WhatsApp is readying the launch ahead of schedule, with only three partners instead of four, due to fears competitors are streaming too far ahead.Aside from the rapid digital revolution which has been thrust on users following the democratization of data by Reliance Jio, the Indian Government is keen to take the country away from a cash-society.This focus on the digital world has certainly benefited certainly companies, some of which are less keen about sharing the profits around.Vijay Shekhar Sharma, founder of Paytm Payments Bank, one of the two dominant players in the Indian online payments space as it stands, has been highly critical.
The roots of the State Bank of India lie in the first decade of the 19th century, when the Bank of Calcutta, later renamed the Bank of Bengal, was established on 2 june 1806. pursuant to the provisions of the State Bank of India act of 1955, the Reserve Bank of India, which is India's Central Bank, acquired a controlling interest in the imperial bank of 2008, the Government of India acquired the reserve bank of india's stake in sbi so as to remove any conflict of interest because the rbi is the country's banking regulatory authority.This made SBI subsidiaries of eight that had belonged to princely states prior to their nationalization and operatonal take-over between September 1959 and October 1960, which made eight state banks associates of SBI.Steps to login to SBI OnlineHow to change SBI online PasswordHow to apply Cheque book through SBI Online
Helios and Matheson Analytics (HMNY), the owner of the popular movie-theater subscription service MoviePass, was created by HMIT over a decade ago, after HMIT bought and renamed a New York consulting firm.Still, in November, HMIT managed to cash out 170,000 shares of HMNY worth about $2.2 million at the time.HMNY stock crashed to below $3 on Friday after the company disclosed that a Thursday service outage had been caused by cash-flow problems.But documents filed with the Securities and Exchange Commission say Muralikrishna Gadiyaram, HMIT's CEO who's also known as GK Muralikrishna, sits on HMNY's board of directors and is paid more than $18,000 a month in consulting fees by the MoviePass owner.HMIT's former CTO, Parthasarathy "Pat" Krishnan, is listed as one of four leaders in the "management" section of HMNY's corporate website, with the title of chief innovation officer.The corporate-ratings firm Crisil described HMIT in a 2014 report as a "mid-sized global provider of IT services."
Major investment players like SoftBank and SBI Group are betting big on Vietnam’s burgeoning ecommerce market with their latest investment.Ho Chi Minh City-based Sendo has just landed US$51 million in a series B funding round led by Japanese financial services giant SBI Group.SoftBank Ventures Korea, Beenos, and its sister firm Beenext were among the other investors to take part.Sendo said it will use the funding to improve its eponymous consumer-to-consumer (C2C) portal, and launch its new business-to-consumer (B2C) marketplace SenMall.The capital will also be dedicated to expanding the reach of its mobile wallet and digital payments platform SenPay.Sendo aims to help individual vendors, micro-entrepreneurs, and small businesses to sell their goods online, and deliver them cheaply throughout Vietnam.
Latest Report Available at Analytical Research Cognizance, “Blockchain in Retail Banking Market" provides pin-point analysis for changing competitive dynamics and a forward looking perspective on different factors driving or restraining industry growth.Blockchain technology, often referred to as distributed ledger technology (DLT), is a means by which the participants in a distributed network can each maintain a copy of an immutable ledger of transactions and where transactions can be executed without the need for a single, central, coordinating authority.This ability to execute transactions effectively without the presence of a central authority is regarded by many as the chief benefit of blockchain technology, as it creates the promise that organizations will be able to transact business with one another without being subject to third-party control.In banking, this disintermediation has serious ramifications for billions of dollars of global business.DLT could enable two parties to transact without requiring a third party for oversight or intermediation, reducing counterparty risk and arbitrage, as well as the role of ‘parasitic’ supporting entities that act as bottlenecks and profit from opacity in the system.This promises to reduce overheads and greatly reduce transaction fees, decrease the number of stages and the number of organizations involved in a transaction (thereby reducing the chance of errors), while enabling faster transactions, 24 hours a day, seven days a week (in contrast to current interbank transactions that can take days for final clearing and settlement).Scope - This report analyses the impact of blockchain in retail banking.- It provides an industry analysis, explaining the fundamental challenges DLT faces and the adoption of the technology.- It provides a technology briefing to explain the evolution of the blockchain technology and how it works.Companies Mentioned: Accenture Cognizant Credit China FinTech Goldman Sachs IBM Microsoft Ping An Santander Axoni BitFury Digital Asset Holdings Filament LO3 Energy R3 Ripple Royal Bank of Canada (RBC) Emirates Islamic Bank State Bank of India (SBI) Mizuho JPMorgan BBVAPurchase copy of this Report @ Some Points from TOC:PLAYERS 4TRENDS 5 Blockchain industry trends 5Blockchain use case trends 6Blockchain trends in retail banking 7VALUE CHAIN 9Asset registries 10Financial services platforms 11Industrial platforms 12INDUSTRY ANALYSIS 13Permissioned DLT networks insert a degree of trust into the equation 14 Commercial blockchains are at least five years away 14DLT faces several fundamental technical challenges 15 What are the primary use cases for blockchain technology?
SBI Holdings is not quite done with its foray into blockchain.The Japanese financial giant has announced plans to launch a mobile payment app for iOS and Android that will use Ripple’s distributed ledger tech.So far, all we know is that the app is expected to arrive this Fall and that it will be called Money Tap.This collaboration is part of SBI Ripple XRP Asia, which the two companies founded in 2016 in efforts to develop various blockchain-based fintech solutions.The announcement comes directly from Takashi Okita, CEO of SBI Ripple Asia, who took to Twitter to share the news.Translating its website, Money Tap claims to offer easy bank transfers without any extra fees the user.
SBI Ripple XRP Asia (a collaboration between Japanese tech giant SBI and popular blockchain tech developer Ripple) is getting closer to rolling out its mobile payment app, Money Tap.SBI Holdings announced today that it has received certification from Japan’s Ministry of Finance to process electronic payments.This approval from the ministry means that SBI Ripple Asia can go ahead and launch Money Tap.While Money Tap doesn’t appear to process cryptocurrency-based payments, it does utilize Ripple’s distributed ledger technology (DLT) to manage payments between banks.From June this year, the Japanese government requires businesses, seeking to handle electronic payments, be registered with local finance bureaus.made it a legal requirement that businesses wanting to handle electronic payments, to be registered with local finance bureaus.
Research report titled “India Credit Cards Market ”: 2018-2022, as per the research presented in a recently published report by Orbis Research the market will also continue to be driven by impactful presence of key players worldwide.Credit Cards in India industry profile provides top-line qualitative and quantitative summary information including: market size (value 2012-16, and forecast to 2021).The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.SynopsisEssential resource for top-line data and analysis covering the India credit cards market.Includes market size data, textual and graphical analysis of market growth trends, leading companies and macroeconomic information.Key Highlights- The credit cards profile covers the consumer credit market.- The Indian credit cards market had total balances outstanding of $7.0bn in 2016, representing a compound annual growth rate (CAGR) of 17.5% between 2012 and 2016.- According to the World Bank figures, around 67% of Indian residents reside in rural regions, there is a vast reserve of untapped potential for the Indian credit card market.The Indian government has sanctioned the opening of 11 institutions called payment banks, which can hold money but don’t do lending.- The Indian economy is experiencing a slowdown, similar to many other emerging markets.Download a PDF Sample of this Report @ Save time carrying out entry-level research by identifying the size, growth, and leading players in the credit cards market in India- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the credit cards market in India- Leading company profiles reveal details of key credit cards market players’ global operations and financial performance- Add weight to presentations and pitches by understanding the future growth prospects of the India credit cards market with five year forecastsReasons to buy- What was the size of the India credit cards market by value in 2016?- What will be the size of the India credit cards market in 2021?- What factors are affecting the strength of competition in the India credit cards market?- How has the market performed over the last five years?- How large is India’s credit cards market in relation to its regional counterparts?Companies Mentioned:Axis Bank LimitedHDFC Bank LimitedICICI Bank LimitedState Bank of IndiaExecutive Summary Market value Market value forecast Geography segmentation Market rivalry Market Overview Market definition Market analysis Market Data Market value Market Segmentation Geography segmentation Market Outlook Market value forecast Five Forces Analysis Summary Buyer power Supplier power New entrants Threat of substitutes Degree of rivalry Leading Companies Axis Bank Limited HDFC Bank Limited ICICI Bank Limited State Bank of India Macroeconomic Indicators Country data Methodology Industry associations Related MarketLine research Appendix About MarketLine List Of Tables: List of TablesTable 1: India credit cards market value: $ billion, 2012–16Table 2: India credit cards market geography segmentation: $ billion, 2016Table 3: India credit cards market value forecast: $ billion, 2016–21Table 4: Axis Bank Limited: key factsTable 5: Axis Bank Limited: key financials ($)Table 6: Axis Bank Limited: key financials (Rs.)Table 7: Axis Bank Limited: key financial ratiosTable 8: HDFC Bank Limited: key factsTable 9: HDFC Bank Limited: key financials ($)Table 10: HDFC Bank Limited: key financials (Rs.)Table 11: HDFC Bank Limited: key financial ratiosTable 12: ICICI Bank Limited: key factsTable 13: ICICI Bank Limited: key financials ($)Table 14: ICICI Bank Limited: key financials (Rs.
India’s largest bank has secured an unprotected server that allowed anyone to access financial information on millions of its customers, like bank balances and recent transactions.The server, hosted in a regional Mumbai-based datacenter, stored two months of data from SBI Quick, a text message and call-based system used to request basic information about their bank accounts by customers of of the government-owned State Bank of India (SBI), the largest bank in the country and a highly ranked company in the Fortune 500.It’s not known for how long the server was open, but long enough for it to be discovered by a security researcher, who told TechCrunch of the leak, but did not want to be named for the story.It’s ideal for millions of the banking giant’s customers who don’t use smartphones or have limited data service.By using predefined keywords, like “BAL” for a customer’s current balance, the service recognizes the customer’s registered phone number and will send back current amount in that customer’s bank account.The system can also be used to send back the last five transactions, block an ATM card, and make inquiries about home or car loans.
Seeing that different options to revive the grounded Jet Airways as the fast running out, a group of airline employees has now written to the State Bank of India seeking the permission to allow the employees and external investors a bid for the company management control.The employee representatives have also revealed that they will secure an investment of around Rs 3000 crore from a clutch of external investors.The associations which have also sent the proposal are the Society for Welfare of Indian Pilots and Jet Aircraft Maintenance Engineers Welfare Association.