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<ul><li><keyword id="6355975" type="COMPANY" weightage="20" keywordseo="axis-bank">Axis Bank</keyword> has launched its own line of <keyword id="10907008" type="UNKNOWN" weightage="20" keywordseo="wearable-payment-devices">wearable payment devices</keyword> called ‘Wear N’ Play’ for ₹750 (around $10) a piece.</li><li>India’s largest banking institution, the <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI), also launched its own wearable payments device in October last year called Titan Pay.</li><li>The launch of these devices comes on the heels of the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) increasing the limit for contactless transactions from ₹2,000 to ₹5,000.</li></ul>After the push on digital payments, Indian authorities now want <keyword id="2510649" type="PERSON" weightage="20" keywordseo="contactless-payments">contactless payments</keyword> to be the new norm for India. And, the country’s banks are following suit. After the State Bank of India (SBI) launched Titan Pay in October last year, Axis Bank has now launched its own line of wearable payment devices called ‘Wear N’ Play’. “The wearables are directly linked to the customers’ bank account and function like a regular debit card,” said Axis Bank. On March 10, India’s third largest private bank launched a band, a key chain and a watch loop, which cost just ₹750 (around $10) apiece. <div type="image" title="image003(1)" msid="81443349" hostid="261" caption="&amp;lt;p&amp;gt;Axis Bank&amp;#39;s new line of wearable contactless payments devices&amp;lt;/p&amp;gt;"></div> Just as SBI collaborated with Titan, Axis Bank developed its devices in collaboration with Thales and Tappy Technologies. The new system should allow Axis Bank customers to make a transaction at any merchant who accepts contactless payments. The move comes within two months of the Reserve Bank of India (<a href="https://www.businessinsider.in/finance/news/rbi-hikes-limit-for-contactless-card-payments-from-2000-to-5000/articleshow/79542969.cms">RBI</a>) announcing that it is raising the limit for contactless payments from ₹2,000 to ₹5,000. However, there are still concerns around the safety of contactless payments. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Type of fees for Axis Bank wearable payments device </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Charges </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Issuance fees </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 750 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Annual fees </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 500 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Replacement fee </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 750 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Daily purchase limit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fraud cover </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fraud cover up to 100% purchase limit </td></tr></tbody></table>Source: Axis Bank Direct transactions without OTPs According to a survey conducted by global research firm <a href="https://assets.kpmg/content/dam/kpmg/in/pdf/2020/08/impacting-digital-payments-in-india.pdf">KPMG</a>, 50% of people are happy about the increase in limits but still have concerns about security and fraud. “This denotes that consumers tend to value security over convenience,” the report said. Leigh-Anne Galloway and Tim Yunusov from Cyber R&amp;D Lab showed how it was possible to bypass multi-factor authentication controls for tap-and-go transactions at a <a href="https://www.blackhat.com/asia-20/briefings/schedule/index.html#first-contact---vulnerabilities-in-contactless-payments-19359">Black Hat Asia</a> event in October 2020. They were able to devise various ways to get around payment limits. The bigger threat is to data privacy. Contactless systems collect an immense amount of data from users and that data can be used to track a person’s movements. While the systems themselves may be secure, all it would take is one wrong download or malware to sneak on to a user’s smartphone to gain access to whatever part of that data is stored on the device. How do wearable payment devices work? Wearables typically use near-field communication (NFC) or radio frequency identification (RFID) technology in order to link the device to a customer’s credit or debit card. This eliminates the need for them to touch public surfaces or the physical point of sale (POS) terminals. The NFC technology only gets activated when there is a minimal distance between the payment terminal and the wearable. Using chip-enabled cards to make the same transaction takes around 45 seconds, but wearables can undercut that time and pull a transaction through in just 10 to 15 seconds. According to global research firm <a href="https://assets.kpmg/content/dam/kpmg/in/pdf/2020/08/impacting-digital-payments-in-india.pdf">KPMG</a>, contactless payments are a key growth factor for digital payments in India going forward. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/kerala-high-court-issues-notice-to-central-government-over-the-chilling-effects-of-indias-new-it-rules-for-digital-news/articleshow/81432730.cms">Kerala High Court issues notice to central government over the ‘chilling effects’ of India’s new IT Rules for digital news</a> <a href="https://www.businessinsider.in/science/space/news/this-new-super-earth-is-70-bigger-than-our-planet-but-its-also-more-than-50-times-hotter/articleshow/81429152.cms">This new super Earth is 70% bigger than our planet, but it's also more than 50 times hotter</a> <a href="https://www.businessinsider.in/tech/enterprise/news/gartner-forecasts-ai-will-replace-investor-gut-feel-in-stock-market/articleshow/81442285.cms">Gartner predicts 75% of VCs will be using AI instead of their ‘gut feel’ to make decisions by 2025 — a path that companies are already discovering</a>

After SBI, Axis Bank launches its own line of wearable payment devices that only cost $10 a piece

<ul><li>Total exposure of Indian banks in the alleged fraud is approximately Rs 20,000 crore</li><li><keyword id="6355975" type="COMPANY" weightage="20" keywordseo="axis-bank">Axis Bank</keyword> has an exposure of Rs 20-30 billion, <keyword id="6358005" type="COMPANY" weightage="20" keywordseo="allahabad-bank">Allahabad Bank</keyword> has Rs 40 billion and SBI, Rs 13 billion. </li><li>As a result of the scam, the Reserve Bank of India (RBI) decided to ban LoU-based transactions on March 13.</li></ul> <keyword id="62034" type="CITY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> (PNB) has five days to honour its guarantees to the <keyword id="63524" type="CITY" weightage="20" keywordseo="Union-Bank-of-India">Union Bank of India</keyword> to the tune of Rs 10 billion. If it fails to do so, Union Bank, in an unprecedented move, will have no option but to consider PNB a defaulter in its books and may even have to classify the unpaid amount as a non-performing asset (NPA) based on the recommendations of its auditors. Both banks are state-owned and if this default happens, it could shake the foundation of the banking sector leading to both the people and international banking institutions losing faith in the banking system. The only way this can be avoided is if the government or the RBI swoop in and bail PNB out. All this stems from the <keyword id="571991" type="ORGANIZATION" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword> case which involves fraudulent letters of undertaking (<keyword id="368886" type="PERSON" weightage="20" keywordseo="Lou">LoU</keyword>). And though this matter is being investigated by government agencies, Union Bank contests that there is no fraud in its books. Rajkiran Rai, MD of Union Bank told the <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/pnb-may-become-1st-bank-to-be-labelled-as-defaulter/articleshow/63459075.cms">Economic Times</a>, “For us, it is a genuine claim on PNB backed by documents. It is not a fraud in our books... We will take the auditor’s view. However, we don’t want to list PNB as a defaulter. We are expecting some intervention from either the government or RBI so that there is a resolution by March 31.” LoUs are essentially a tool used between Indian banks as guarantees under which customers of one bank can raise money from the other Indian bank's foreign branch in the form of a short-term credit arrangement, typically 90 days long. In the case of Nirav Modi and Mehul Choksi scam, the total exposure of Indian banks in the alleged fraud is approximately Rs. 20, 000 crore--almost twice the initial estimate. According to <a href="http://www.business-standard.com/article/finance/in-5-days-pnb-may-be-first-bank-to-get-defaulter-tag-due-to-nirav-modi-118032600248_1.html" data-type="tilCustomLink">Business Standard</a>, apart for Union Bank of India, <a class="storyTags" href="http://www.business-standard.com/search?type=news&amp;q=axis+bank" target="_blank">Axis Bank </a>has an exposure of Rs 20-30 billion, <a class="storyTags" href="http://www.business-standard.com/search?type=news&amp;q=allahabad+bank" target="_blank">Allahabad Bank </a>has Rs 40 billion and SBI, Rs 13 billion. As a result of the scam, the Reserve Bank of India (RBI) decided to ban LoU-based transactions on March 13. However, this move has raised concerns with a bunch of bankers. Asked if the RBI decision is an overreach action by the <a href="https://economictimes.indiatimes.com/news/economy/policy/policymakers-need-to-be-careful-sanyal-on-lou-ban/articleshow/63302747.cms">Economic Times</a>, the Finance Ministry's Principal Economic Advisor Sanjeev Sanyal said, "I am not in a position to comment on RBI decision they have just introduced… But, the general point remains that you have to take a nuanced view of these things in particular because you are not dealing with a silo system. You are dealing with an inter-connected ecosystem and if you block off oxygen in one part it rapidly spreads to rest of the system.”

PNB might become first bank to get 'defaulter' tag in 5 days

Officials from the top internal investigating agencies of India and the US, Central Bureau of Investigation (<keyword id="6354572" type="General" weightage="80" keywordseo="cbi" source="Orion">CBI</keyword>) and Federal Bureau of Investigation (<keyword id="6355946" type="General" weightage="100" keywordseo="fbi" source="Orion">FBI</keyword>), and those from the <keyword id="118911" type="General" weightage="50" keywordseo="us-department-of-justice" source="Orion">US Department of Justice</keyword> met to discuss continued cooperation in addressing dynamic and evolving technology-based crimes. The meeting between FBI and CBI officials were held in New Delhi last week, the <keyword id="67869" type="General" weightage="80" keywordseo="department-of-justice" source="Orion">Department of Justice</keyword> said on Monday. Deputy Assistant Attorney General Arun G Rao of the Department of Justice Civil Division's Consumer Protection Branch, along with colleagues from the Consumer Protection Branch and the FBI, met last week with CBI officials in New Delhi to discuss deepening and expanding efforts to combat cyber-enabled financial crimes and transnational call centre fraud, a shared law enforcement priority, it said. "In their meetings, the parties highlighted the continued strengthening of cooperation in combating these types of crimes that has occurred since their last meeting in October 2021, including successful efforts to secure the testimony of US victims of call centre fraud for use in enforcement proceedings against the alleged perpetrators in India, as well as the seizure of evidence and arrests of individuals in India allegedly involved in cyber-enabled financial crimes and global telemarketing frauds and identified, in part, through information provided with the assistance of U.S. law enforcement," it said. The parties reaffirmed their mutual commitment to continued cooperation in addressing dynamic and evolving technology-based crimes by building upon the experience gained through recent efforts and further refining processes for the exchange of information, in order to ensure the safety of citizens of both the United States and India, the Department of Justice said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/maruti-suzuki-axis-bank-zomato-among-stocks-in-focus/articleshow/97267506.cms">Sensex, Nifty50 likely to open in the green amid positive global cues: Maruti Suzuki, Axis Bank, Zomato among stocks in focus</a> <a href="https://www.businessinsider.in/stock-market/news/investment-in-capital-mkts-through-promissory-notes-drops-to-96292-crore-in-dec-2022-on-profit-booking/articleshow/97254713.cms">Investment in capital markets through promissory notes drops to ₹96,292 crore in Dec 2022 on profit booking</a> <a href="https://www.businessinsider.in/finance/banks/news/axis-bank-q3-net-profit-grows-62-yoy-to-5853-crore-beats-expectations-even-as-provisions-and-slippages-rise/articleshow/97254942.cms">Axis Bank Q3 net profit grows 62% YoY to ₹5,853 crore, beats expectations even as provisions and slippages rise</a>

FBI, CBI officials meet to discuss cooperation on technology-based crimes

People, these days, are all about likes on whatever they put online and looking at the trend, a 26-year-old BTech graduate tricked more than 6 lakh people into giving him their money through a <a href="http://www.businessinsider.in/searchresult.cms?query=Ponzi+scheme&amp;sortorder=effectivedate">Ponzi scheme</a> that promised big returns for hitting 'likes' online. 
 
In a year, Anubhav Mittal's Social Trade perpetrated a <a href="http://www.businessinsider.in/searchresult.cms?query=fraud&amp;sortorder=effectivedate">fraud</a> of Rs 3,700 crore. They use to operate through a maze of dubious URLs (online links) sent to phones of subscribers that they were asked to click. They would be links to Facebook or Twitter profiles of other subscribers. A fake server was set up where these links would terminate. 
 This <keyword id="38935" type="PERSON" weightage="100" keywordseo="Fraud">fraud</keyword> was exposed when Mittal and his two aides - 40-year-old Shridhar Prasad, an MBA, and 25-year-old Mahesh Dayal were arrested. They had floated a fake company called Ablaze Info Solutions Private Limited that operated from there. 
 
The STF team that raided the office found 250 passports, purportedly of some high performers and employees of the fraudsters, who were to be rewarded with a trip to Australia. 
 The <keyword id="49112" type="ORGANIZATION" weightage="100" keywordseo="Investigation">investigation</keyword> also led police to Rs 520 crore deposited in 12 accounts of the company registered in Canara Bank, Kotak Mahindra Bank, Yes Bank and Axis Bank. The officials are investigating the company's balance sheet, investors' information, and <keyword id="6371468" type="ORGANIZATION" weightage="100" keywordseo="bank-accounts">bank accounts</keyword> to which money was transferred.

Meet the Delhi fraudster who tricked over 6 lakh people and duped them of 3,700 cr

New Delhi, Nov 28 () A Noida-based multi-level marketing firm's assets worth over Rs 8 crore have been attached in connection with an alleged online ponzi fraud case, the federal agency said on Thursday.
A provisional order under the Prevention of Money Laundering Act (PMLA) has been issued by the Enforcement Directorate against the company-- Webwork Trade Link Pvt Ltd. 
The case dates back to 2017 when Noida Police had filed an FIR against the firm and its directors Anurag Garg, Sandesh Verma and others for allegedly perpetrating an online fraud and cheating gullible depositors.
The ED subsequently took cognisance of this police criminal compliant to file a case under the PMLA.
"The attachment consists of fixed deposits, mutual funds, balances in savings and current accounts of entities who had received money on account of selling the immovable properties and ornaments or providing services but due to the business shutting down and consequent fraud cases against the company, these funds remained with the beneficiaries," the agency said in a statement.
 The total value of the attached assets as part of the latest order is Rs 8.82 crore.
"Webwork Trade Links Pvt Ltd, through its online portal, in the name of addsbook.com and web-work.in had been defrauding the public by inducing them to invest in very lucrative investment schemes.
"Investigation revealed that the bank accounts were being opened and closed in succession by the company in many banks like Citi Bank, ICICI Bank, Vijaya Bank, Lakshmi Vilas Bank and Axis Bank," the ED alleged. 
In this very short span of time, the agency claimed, the multi-level marketing company diverted large amounts to the accounts of different persons and companies associated with them. 
This is the second attachment of assets action by the ED in this case as it has earlier frozen properties worth Rs 27.66 crore. 
The ED had also filed a chargesheet in this case last year before a special PMLA court in Lucknow and the case is under trial at present, it said. NES NES DPB
DPB

Online ponzi: ED attaches Rs 8.82-cr assets of Noida-based firm

The number of online transactions is growing every day and banks need to have stringent <keyword id="137092" type="UNKNOWN" weightage="100" keywordseo="cyber-security">cyber security</keyword> measures. 
 The need for broader security system increased after salary accounts of at least two dozen <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> employees were hacked last month in May. 
 
Experts and company executives said told Economic Times that the hacking highlighted broader cyber security challenges for domestic banks. 
 
At least Rs 2 lakh were siphoned off from half a dozen salary accounts of Infosys employees hacked by a still unidentified person, two people familiar with the development told the financial daily. 
 <keyword id="6653" type="CITY" weightage="100" keywordseo="ICICI-bank">ICICI Bank</keyword> refunded salaries to affected employees immediately, given its longstanding relationship with Infosys, executives told ET. 
 
An ICICI spokesperson told ET that the impacted customers got their debit cards prior to December 2013 and as per the rules at the time the cards were activated for international transactions. "However, the customers had the choice of blocking international transactions on their debit cards," the spokesperson said. 
 
Since December 2013, the spokesperson informed, the bank has been issuing EMV chip debit cards to customers who make international transactions, besides giving all customers the choice to opt for cards with this global security standard. 
 
"The bank did not issue EMV chip cards to these customers as they neither transacted internationally nor did they opt for the EMV chip cards," the spokesperson told the financial daily. 
 
"This was a case of card skimming, wherein debit card information was used by the fraudsters for conducting unauthorised transactions. Debit card information may have leaked at point of sale machine or through some other channel and this led to the incident," a top executive at ICICI Bank told ET on the condition of anonymity. 
 
Meanwhile, this episode has highlighted how current online security measures in most of the public and private sector banks are inadequate to counter new-age threats. 
 
"Incidents of skimming happen because banks continue to ask simplistic questions on customer's date of birth, address, mother's maiden name, name of spouse, etc. Such information is freely and publicly available on Facebook, LinkedIn and job search portals. So fraudsters have easy access to such information. In essence, that is leading to a number of frauds; some get reported while the others don't," Sivarama Krishnan, a partner at PricewaterhouseCoopers, told ET. 
 
Meanwhile, few banks like HSBC often issue fast tokens to customers where the personal identification number changes every 30 seconds depending on the frequency that the bank sets up. 
 
Customers are then required to use a one-time password sent to their phones. A number of banks have still not enabled such a system, which drastically reduces the vulnerability of security systems, experts told ET. 
 
But Infosys was not the first case. In 2013, the Axis Bank salary accounts of 15 police officers in Mumbai were hacked and money was withdrawn from those accounts through ATMs in Greece. Axis Bank later refunded the amount to the affected officers. 
 
"Customers often give the debit card/ card details to petrol pump attendant, hotel waiter or to salesperson. Such negligent behaviour causes risks," said the chief information security officer of a leading private sector bank. 
 
Experts told ET most banks need to implement Adaptive Access systems, a new-age security solution that uses tools like analytics to thwart cyber attacks. A number of banks such as HDFC, Axis Bank and Punjab National Bank have already deployed such systems. 
 
(Image: Thinkstock)

Next time you swipe your debit card, make sure bank has strict cyber security measures

<ul><li>At 7:40 am, the SGX Nifty was up 0.12%, indicating a positive start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to start on a stronger note on Wednesday, led by positive cues from the global markets. At 7:40 am, the SGX Nifty was up 0.12%, indicating a positive start for Nifty50. The <a href="https://www.businessinsider.in/stock-market/news/dow-jumps-338-points-as-mitch-mcconnell-pledges-to-get-stimulus-deal-done/articleshow/79749308.cms">US stocks extended earlier gains</a> on Tuesday after Senate Majority Leader Mitch McConnell pledged to get a fiscal stimulus deal done before Congress takes a break for the holidays. The Dow Jones Industrial Average closed 337 points higher, and the S&amp;P 500 was up 1.29%. These are the stocks to watch out for during the trading session today: IDBI Bank IDBI Bank has set the floor price at ₹40.63 per share for its proposed qualified institutional placement (QIP) and downsized the fundraise by two-thirds to ₹2,000 crore. The bank’s board at its meeting on October 29 had proposed to raise ₹6,000 crore by issuing shares through QIP. Punjab National Bank Punjab National Bank (PNB) has set the floor price for its proposed QIP of ₹7,000 crore at ₹37.35 per share. PNB committee would meet on Friday to consider and determine the issue price for the equity shares, including a discount, if any, to be allotted to Qualified Institutional Buyers, pursuant to the QIP (qualified institutional placement). Indian Bank The state-owned Indian Bank declared the account of IL&amp;FS Financial Services (IFIN) as fraud with outstanding dues of ₹408 crore, and reported it to the Reserve Bank of India (RBI). Axis Bank Axis Bank has clarified that it has complied with its underwriting practices and approval processes for any exposure taken in relation to SREI Equipment Finance and SREI Infra Finance. SREI Group’s outstanding dues to the bank stand at ₹800 crore. Embassy Office Parks REIT Embassy Office Parks REIT plans to raise $500 million (around ₹3,700 crore) through the sale of units to institutional investors through QIP to fund its acquisition of commercial asset Embassy TechVillage in Bengaluru. Mahindra &amp; Mahindra (M&amp;M) Mahindra &amp; Mahindra (M&amp;M) said it would increase the price of its passenger and commercial vehicles, across models from January 1. PVR PVR to consider fundraising via various methods at its board meeting on December 18. Mrs Bectors Food Specialities Mrs Bectors Food Specialities IPO sees an overall subscription of 3.72 times on the first day of bidding. JSPL Jindal Steel and Power Ltd (JSPL) has appointed Hemant Kumar as the Chief Financial Officer (CFO) and key managerial personnel from Tuesday. SEE ALSO:<a href="https://www.businessinsider.in/business/corporates/news/interview-home-recipes-that-are-set-for-a-7-million-ipo-mrs-bectors-food-is-no-cookie-cutter/articleshow/79721783.cms" data-type="tilCustomLink"> INTERVIEW: Home recipes that are set for a $73 million IPO⁠— Mrs Bector’s Food is no cookie cutter</a> <a href="https://www.businessinsider.in/thelife/personalities/news/facebook-ceo-mark-zuckerberg-and-reliance-industries-mukesh-ambani-spoke-but-had-no-chemistry/articleshow/79739547.cms" data-type="tilCustomLink">Zuckerberg spoke to Ambani but there was no chemistry — even with a multi-million dollar partnership between them</a>

Top stocks to watch — IDBI Bank, PNB, Axis Bank, M&M, Embassy REIT, PVR, and others

<ul><li>The Telecom Regulatory Authority of India (TRAI) has suspended its blockchain technology aimed at filtering out <keyword id="731341" type="PERSON" weightage="20" keywordseo="Spam-messages">spam messages</keyword> for the next seven days.</li><li>This comes after users across the country saw long delays in receiving their one-time-passwords (OTPs) for online transactions.</li><li>Since the upgrade was implemented yesterday, users report not receiving OTPs from legitimate sources like their banks, digital payments apps and even government entities like Aadhaar authentication.</li></ul>One-time-passwords (OTPs) aren’t just for financial transactions. They are central for logging into email accounts, authenticating new memberships, or just signing into Amazon on a new device. Understandably, when smartphone users in India saw that OTPs weren’t coming in anymore, they were upset. However, in a splash of good news — albeit temporary — the Telecom Regulatory Authority (TRAI) is calling off its blockchain experiment under the unsolicited commercial communication (UCC) framework. “We are concerned about any customer inconvenience cases and have ordered a seven-day temporary suspension of the SMS scrubbing that was activated on Monday,” a senior TRAI official told the <a href="https://telecom.economictimes.indiatimes.com/news/trai-suspends-ucc-norms-for-7-days/81410348">Economic Times</a>. <div type="twitter" handle="vinaykesari" handlename="Vinay Kesari" image="http://pbs.twimg.com/profile_images/1198945057870495745/us1PoTlZ_normal.jpg" favoritecount="30" retweetcount="9" status="No OTPs coming through for either Axis or Kotak netbanking - guess the DLT SMS issue is real.Weirdly, Axis on-cal… https://t.co/CWOfcYOHeL" createdat="1615213947000" id="1368932630217945089"></div> The technical glitch was just a pain for private players — like <a href="https://twitter.com/Karma_Paljor/status/1368918851174297604">Axis Bank</a>, <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword>, <keyword id="984795" type="COMPANY" weightage="20" keywordseo="goibibo">Goibibo</keyword> and others — but also for government entities like the Indian Railway Catering and Tourism Corporation (IRCTC), the State Bank of India (<a href="https://twitter.com/TheOfficialSBI/status/1368982286239141889">SBI</a>) and Aadhar Authentication, who saw their messages getting blocked out. <div type="twitter" handle="anikethjain" handlename="Aniketh Jain" image="http://pbs.twimg.com/profile_images/1236891487410876417/kfDBQJIy_normal.jpg" favoritecount="12" retweetcount="4" status="DLT Phase2 went live this morning. Huge failure rates in the submission of OTP &amp; Transactional SMS across India. We… https://t.co/adzUIjJcZf" createdat="1615209973000" id="1368915962464858114"></div> “We are unable to reach the authentication service to serve you <keyword id="510437" type="COMPANY" weightage="20" keywordseo="OTP">OTP</keyword>. Please try again,” it said on the Aadhar service’s official website. Why aren’t OTPs coming through? This whole drama is unfolding because the Telecom Regulatory Authority of India (TRAI) started to implement the second phase of the SMS regulations on March 8. The transition has been less than smooth to say the least, with companies may not have registered in time getting locked out. The government’s new process is designed to curb spam and fraud messages. Using a blockchain-based solution, telecom operators can now verify commercial messages and their source using a template for such communication. Unregistered messages, which do not follow the template, will be blocked as potential fraud. And, that’s what’s happening to your OTPs. <div type="twitter" handle="NakulShenoy" handlename="Nakul Shenoy" image="http://pbs.twimg.com/profile_images/1334384232345395200/zQrBzBVj_normal.jpg" favoritecount="0" retweetcount="0" status="Why the heck would you stop sending OTPs via email, @ICICIBank_Care? Look at the mess this has landed into, with no… https://t.co/13D1dd2pM5" createdat="1615255479000" id="1369106828399833091"></div> Telecom operators are <a href="https://telecom.economictimes.indiatimes.com/news/telemarketers-telcos-spar-over-chaos-as-2nd-phase-of-sms-regulation-kicks-in/81388371">defending</a> the digital ledger system and pointing the finger at companies who failed to register in time. According to them, the onus lies on telemarketers and individual businesses to comply with the standards. Safer or temporarily more at risk than usual Content scrubbing is a good move to keep spam at bay. But, what’s not good is when a pesky filter keeps useful messages from coming through as well. In fact, such a move could put users more at risk. “Close to 50% traffic is getting dropped because of content scrubbing. Officials from India’s top banks including HDFC and SBI are extremely furious and dialling TRAI to address the mess at the earliest,” a top executive at a leading telemarketing firm told <a href="https://telecom.economictimes.indiatimes.com/news/telemarketers-telcos-spar-over-chaos-as-2nd-phase-of-sms-regulation-kicks-in/81388371">The Economic Times</a>. <div type="twitter" handle="RedCarpetUp" handlename="RedCarpet" image="http://pbs.twimg.com/profile_images/1267104195833806850/H6FF_OZW_normal.jpg" favoritecount="9" retweetcount="0" status="We hereby like to inform that due to the new implementation of TRAI effective from 08th March 2021 for the SMS temp… https://t.co/IObmBYv4gM" createdat="1615210557000" id="1368918412261433344"></div> Without messages coming through from your bank, not only do your own transactions hit a wall but there’s no alert if someone else is trying to make a transaction from your account. This increases the chances of cyber fraud.

OTP delays should end as TRAI suspends its blockchain experiment for seven days

Rising for the third straight session, the Sensex rallied 355 points on Wednesday following gains in <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>, Infosys and Kotak Bank amid a <keyword id="8087914" type="UNKNOWN" weightage="20" keywordseo="POSITIVE-TREND">positive trend</keyword> in global markets ahead of the outcome of the <keyword id="6422463" type="UNKNOWN" weightage="20" keywordseo="US-presidential-elections">US presidential elections</keyword>. After a volatile session, the 30-share BSE index ended 355.01 points or 0.88 per cent higher at 40,616.14. Similarly, the broader NSE Nifty climbed 95 points or 0.80 per cent to 11,908.50. IndusInd Bank was the top gainer in the Sensex pack, surging around 5 per cent, followed by Sun Pharma, Reliance Industries, Infosys, Kotak Bank and <keyword id="43217" type="COMPANY" weightage="20" keywordseo="Tech-Mahindra">Tech Mahindra</keyword>. On the other hand, HDFC, PowerGrid, Axis Bank, ICICI Bank, NTPC and L&amp;T were among the laggards. According to traders, domestic equities followed <keyword id="149354" type="PERSON" weightage="20" keywordseo="global-stocks">global stocks</keyword> that were upbeat ahead of the outcome of the US presidential election. The poll is headed for a nail-biter, with Joe Biden having won 225 electoral college votes and US President Donald Trump following with 213 till last reports came in. The winner should have at least 270 electoral college votes out of the 538. Earlier in the day, Trump claimed that a "major fraud" was being perpetrated on the American people and said he will take the matter to the Supreme Court, even as the counting of votes was in progress in the battleground states. Elsewhere in Asia, bourses in Shanghai, Seoul and <keyword id="4741" type="LOCATION" weightage="20" keywordseo="Tokyo">Tokyo</keyword> ended with gains, while Hong Kong settled in the red. Stock exchanges in Europe were also trading on a positive note in early deals. Meanwhile, international oil benchmark Brent crude was trading 2.72 per cent higher at USD 40.79 per barrel. In the forex market, the rupee depreciated 35 paise to close at 74.76 against the US dollar. ANS ABM ABM

Sensex rises for the third day amid tight US presidential race, IT and banking stocks rally

New Delhi, Mar 6 () <keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> was the biggest lender to <keyword id="6360217" type="UNKNOWN" weightage="20" keywordseo="loan">loan</keyword> defaulter travel firm <keyword id="44449" type="COMPANY" weightage="20" keywordseo="Cox-Kings">Cox &amp; Kings</keyword> with total claims of over Rs 2,285 crore, according to a list of financial creditors prepared by the resolution professional of the debt-ridden firm. Financial creditors have submitted a claim of over Rs 5,911 crore for debt they provided to Cox &amp; Kings, according to a regulatory filing by the company. Cox &amp; Kings is currently going through the corporate insolvency resolution process. The Mumbai bench of the National Company Law Tribunal in Mumbai has directed to initiate insolvency proceedings against Cox &amp; Kings in October last year over the plea filed by Rattan India Finance, claiming default on a loan of Rs 30 crore by the travel company. Axis Bank has submitted a claim of Rs 1,065 crore, State Bank of India Rs 635 crore, Indus Ind Bank Rs 270 crore, Abu Dhabi Commercial Bank Rs 218 crore, Bank of Baroda Rs 188 crore, Central Bank of India 157 crore, Kotak Mahindra Bank Rs 148 crore, UTI Trustee Company 128 crore, Andhra Bank Rs 103 crore, SBI cards and payment services Rs 102 crore to the RP of Cox &amp; Kings. Other banks have exposure below Rs 100 crore which includes SBI (UK). HDFC Bank, Indian Bank, and IDFC Bank, among others. Around 2,500 operational creditors have submitted claims of over Rs 631 crore, 2,440 employees and workman have claimed dues of over Rs 94 crore and other creditors have submitted claims of over Rs 3 crore. The company's auditors have noticed the use of "allegedly forged financial statements" in the accounts of its UK-based subsidiary Prometheon Enterprise. The auditors of Cox &amp; Kings have found that the audited consolidated financial statements of Prometheon Enterprise were not signed by Raffingers, the auditor of its UK-based arm. The company in an earlier filing had said that "the newly appointed statutory auditors, in the course of the performance of his duties as auditor, have a reason to believe that an offence of fraud involving Rs 1 crore or above (individual amount), is being or has been committed in the company by its officers or employees and accordingly correspondences to the Ministry of Corporate Affairs is in process.". PRS HRS

Yes Bank was the biggest lender to loan defaulter Cox & Kings

In what is being seen as a tough competition to Paytm, tech giant <keyword id="6355629" type="UNKNOWN" weightage="100" keywordseo="Google">Google</keyword> today announced Tez - a mobile app for digital payments and commerce. Built on the Indian government-supported Unified Payments Interface, the app allows users to do financial transactions like sending money, receiving payments directly into their bank accounts and paying bills. The users can link the app to their bank accounts. The app was built for India, working on the vast majority of the country’s smartphones and available in English and seven Indian languages (Hindi, Bengali, Gujrati, Kannada, Marathi, Tamil, and Telugu). The app is available now for download on Google Play (Android) and the App Store (iOS). Tez works in partnership with four Banks — <keyword id="6355975" type="UNKNOWN" weightage="20" keywordseo="Axis-Bank">Axis Bank</keyword>, HDFC Bank, ICICI Bank, and <keyword id="6354731" type="ORGANIZATION" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI) — to facilitate the processing of payments across over 50 <keyword id="6358921" type="ORGANIZATION" weightage="20" keywordseo="upi">UPI</keyword> enabled banks. Introducing the new payments and commerce app, Caesar Sengupta, Vice President of the Next Billion Users team at Google, said, “We are deeply committed to bringing the best of Google's technologies to Indian users, and Tez takes that to the next level. Tez was built for India first — and starts us on a journey to make digital payments simpler and more accessible to everyone. We want to combine the best of Google with the best from our partners — Axis Bank, HDFC Bank, ICICI Bank, and State Bank of India — to supercharge digital payments and commerce for as many Indians as possible and help them get the most from every rupee.” Current app features include: ● Simple transactions on the spot: Tez’s Cash Mode securely sends money from person to person with just a few taps. By pressing and holding the Cash Mode buttons at the same time, two people using Tez are able to make a secure transaction in seconds without needing to share private details like phone numbers or account numbers. This happens through Google’s proprietary Audio QR (AQR) ultrasound technology . Best of all, recipients get the amount deposited to their bank account instantly. ● Pay anyone: Tez syncs with the contact list in users’ phones, in accordance with their privacy settings. This way users can start a transaction just by searching for a friend’s name or phone number. Once a contact is on Tez, users do not have to add beneficiaries or enter bank account number and IFSC codes. If the other person is not on Tez or in the phone contact list, then users can still pay them with their bank account number or UPI ID. Transaction history with each person is grouped together like a conversation — just like how <keyword id="51500" type="UNKNOWN" weightage="20" keywordseo="Gmail">Gmail</keyword> groups emails together. This makes it easier to find a particular transaction, instead of going through long statements. ● Pay at offline and online businesses and get offers: Tez is accepted anywhere that UPI is accepted - even shopping at the corner store or buying online. When users shop at a Tez for Business merchant (see more details below) they get access to tailored offers and smart reminders for upcoming payments. An integration with Chrome makes mobile web payments just like paying in an app, and users can quickly get to a business’s website or contact customer support, right from Tez so they don’t need install an app for every business they engage with. ● Integrated with bank accounts: Tez is not a digital wallet requiring constant top up. It works with all 50+ UPI-enabled banks, so that money stays in users’ bank accounts until they need to use it. Tez users continue to earn interest from their banks and have their deposits backed by bank security guarantees. There is no need to reload a digital wallet. ● Multiple security layers: Tez is backed by multiple security levels, including dedicated security systems offered by Indian banks, the NPCI, and the Tez Shield — Google’s suite of security features, including a machine-learning-based fraud detection engine, device level protection, including a Google PIN, and no sharing of phone numbers or bank account numbers via Cash Mode. Customer service is available 24/7. ● Built for India first: Tez works on the vast majority of smartphones on both Android and iOS, in English and Hindi. The Android version is available in additional Indian languages: Bengali, Tamil, Marathi, Telugu, Kannada, and Gujarati. ● Tez Scratch Cards™ and Tez Lucky Sundays™: With each eligible transaction, Tez users have the opportunity to win Tez Scratch Cards™ worth up to ₹1,000 and get enrolled for the weekly Lucky Sundays draw of ₹1 lakh. No need to hunt for coupon codes: When a Tez user wins, as per applicable terms and conditions, rewards go straight into the user’s bank account. Diana Layfield, Vice President, Head of Finance &amp; Commerce Products, Next Billion Users, said, “With Tez, we are not just building an app but working towards a digital ecosystem that brings together millions of smartphone users, small merchants, large businesses, and financial institutions — all built on the UPI infrastructure that NPCI and the Indian government have taken great initiative in developing. Today is the start of a new journey for us. We look forward to bringing more features and innovations to meet people’s needs, and providing businesses with more ways to interact with their customers.”

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