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It takes an Oscar-worthy director to come up with the juicy drama that somehow seems to pervade India’s pre-general election seasons. Amid all the chaos, a political hot topic has just witnessed a major development: the electoral bonds row. <cmsannotation type="cmsannotation" annotationid="What are electoral bonds?" comment="subhead" text="What are electoral bonds?">What are electoral bonds?</cmsannotation> For those unversed in the whole episode, the government introduced the <keyword id="4697813" type="General" weightage="100" keywordseo="electoral-bond" source="Orion">Electoral Bond</keyword> Scheme via the Finance Act of 2016-2017, allowing anyone to anonymously make an indefinite number of non-capped donations to their preferred political parties. Before this scheme, all donations above Rs 20,000 had to be explicitly made public, and donations of more than a certain percentage of the company’s revenue were disallowed. Such restrictions were meant to ensure that no political party had an unfair monetary advantage over the others and that the policies would not be influenced by the rich. Therefore, many experts were concerned that this new lack of transparency in the donation process opened up a gaping avenue for big corporations to donate for favourable outcomes from the ruling regime in terms of acquiring licences, government contracts, leases, and even accelerating favourable policy changes. The government insists that the measure ensures transparency as the purchaser would be allowed to buy bonds only on due fulfilment of all the extant KYC norms and by making payment from a bank account. However, the opposition parties kept raising objections, with the <keyword id="19895371" type="General" weightage="20" keywordseo="congress" source="keywords">Congress</keyword> leader Rahul Gandhi terming the electoral bond scheme as a legalisation of the process of accepting bribes and commissions. <cmsannotation type="cmsannotation" annotationid="How did the Supreme Court step in?" comment="subhead" text="How did the Supreme Court step in?">How did the <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> step in?</cmsannotation> Recently, in a move that many celebrated as a major win for transparent and fair electoral practices, a Constitution Bench panel of five Supreme Court judges scrapped the Centre’s electoral bonds scheme on February 15, deeming that the whole ordeal was “unconstitutional” to begin with. Subsequently, the <keyword id="19934368" type="General" weightage="20" keywordseo="state-bank-of-india" source="keywords">State Bank of India</keyword> (<keyword id="19898108" type="General" weightage="20" keywordseo="sbi" source="keywords">SBI</keyword>) was ordered to disclose all details of the donors that had purchased electoral bonds, the amount purchased, and the recipients of these “support” donations. Nearly a month after the directive, SBI finally submitted the electoral data to the <keyword id="19895782" type="General" weightage="20" keywordseo="election-commission" source="keywords">Election Commission</keyword> on March 13, after the apex court denied its application for more time. The bank attributed the delay in compiling the information to the non-digital nature of the way electoral data was collected and stored, making it harder to collate and produce. <cmsannotation type="cmsannotation" annotationid="What does the data reveal?" comment="subhead" text="What does the data reveal?">What does the data reveal?</cmsannotation> The data published by the Election Commission based on SBI’s affidavit revealed information on over 22,217 electoral bonds purchased between April 1, 2019 and February 1, 2024. This also means there exists a year’s worth of data missing from the first year of the electoral bonds scheme, amounting to hundreds of crores of Rupees. Further, the very content of the data remains lacklustre, many experts maintain. The problem is that individual electoral bonds do not have their serial numbers attached. This makes it impossible to accurately ascertain who these bonds were directed to, meaning we still do not know which corporations donated how much to which parties. Condemning the SBI for not divulging the unique serial numbers as per its previous full-disclosure directive, the Supreme Court has now issued a notice for a prompt response by March 18. <cmsannotation type="cmsannotation" annotationid="Which political party benefited the most?" comment="subhead" text="Which political party benefited the most?">Which political party benefited the most?</cmsannotation> While many political parties benefited from this scheme, the Bharatiya Janata Party (<keyword id="19894848" type="General" weightage="20" keywordseo="bjp" source="keywords">BJP</keyword>) encashed about 1,300 crores worth of electoral bonds during the 2023 financial year, according to media reports. This amounted to about half of the total electoral bond donations, and more than seven times the amount Congress received during the same period. Out of a total of 12,155 crores worth of electoral bonds purchased between 2019 and 2024, BJP redeemed Rs 6061 crores, followed by Mamata Banerjee’s Trinamool Congress at Rs 1610 crores. A total of 213 donors purchased bonds worth over Rs 10 crores, with the top 20 donors accounting for nearly half of the total electoral bonds. <cmsannotation type="cmsannotation" annotationid="Are scams hiding behind the electoral bonds?" comment="subhead" text="Are scams hiding behind the electoral bonds?">Are scams hiding behind the electoral bonds?</cmsannotation> The ruling party receiving such a disproportionate share of the electoral bonds has raised many eyebrows. Rajya Sabha Minister Kapil Sibal expressed discontent with the SBI report, calling it a “scam” and explaining that it needs thorough investigation by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI). Jharkhand Congress President Rajesh Thakur emphasised that a comprehensive study is essential to ascertain the true extent to which companies might have their money to get favour from the central government. Many Congress leaders, such as Manickam Tagore and Jairam Ramesh, also held that it was suspicious that only companies that donated funds to the BJP were given projects and contracts. The other problem is the fact that several of the big purchasers have been consistently under the radar of central agencies, facing frequent raids. This includes the top donor, Lottery company Future Gaming and Hotel Services, led by “Lottery King” Santago Martin, who donated a whopping Rs 1,368 crores. Many others also concern that large corporations may have donated money through shell corporations, in order to hide their involvement in any political favouritism. Congress MP Manish Tewari asked for a Supreme Court order to “lift” this corporate veil of shell companies to reveal the true purchasers of the bonds. Further, as per a Mint analysis, several donor companies who contributed massive amounts were found to be ‘inactive’, and thus the true details of the donors were not transparent at all. According to their report, this included entities such as Rungta Sons, SN Mohanty, Sasmal Infrastructure Private Limited, Avees Trading Finance, and others, whose collective contributions amount to hundreds of crores of Rupees. The official electoral bond data can be accessed via the <a href="https://www.eci.gov.in/candidate-politicalparty" data-type="tilCustomLink">Election Commission of India website</a>.

Electoral bonds: What are they? What does the newly-released data reveal? Would it make an impact?

Cybercriminals are trying to lure Indian users into revealing important personal information with a new report on Monday warning that suspicious messages asking users to submit an application for the disbursement of income tax refund have been doing the rounds, with a link that directs users to a webpage looking like the income tax e-filing web page. The targeted banks in the campaign include the <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword>, ICICI, HDFC, <keyword id="6355975" type="COMPANY" weightage="20" keywordseo="axis-bank">Axis Bank</keyword> and <keyword id="62034" type="CITY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword>, revealed an investigation by New Delhi-based think tank CyberPeace Foundation along with cybersecurity services firmAutobot Infosec. The suspicious links originate from the US and France, said the report, adding that the campaign is collecting personal as well as banking information from the user and getting into this type of trap could cause a massive financial loss for the users. The shared link with the SMS has no domain name and is not linked with the Indian government. All IP addresses associated with the campaign belong to some third party dedicated cloud hosting providers, said the report. The whole campaign uses plain http protocol instead of the secure https. This means anyone on the network or internet can intercept the traffic and get the confidential information in plain text to misuse against the victim. It asks users to download an application from a third party source instead of Google Playstore. The application asks to provide administrator rights and unnecessary access permissions of the device. On opening the link http://204.44.124[.]160/ITR, users are redirected to a landing page that is mostly similar to the government income tax e-filing website. On clicking the green 'Proceed to the verification steps' button, users are asked to submit personal information such as full name, PAN, Aadhar number, address, pincode, date of birth, mobile number, email address, gender, marital status and banking information like account number, IFSC code, card number, expiry date, CVV/CVC and card PIN. Additionally, the bank name is automatically detected from the IFSC code entered in the form. After submission of data, users are redirected to a page where they are asked to confirm the entered data. Clicking on the green 'confirm' button directs users to a fake banking login page almost similar to the official one. It asks for the username and password for online banking. After these details are entered, for the next step, users are asked to enter a Hint question, Answer, Profile password and CIF number. Once submitted, a mobile verification section with instructions provided to download an android application (.apk file) appears, to complete the ITR verification. Here, users are deliberately instructed to grant all device permissions to the particular application, the investigation revealed. The application, called Certificate.apk, starts downloading upon clicking the green 'Download' link. The overall layout and functionalities of the web page used in the campaign are similar to the official e-filing site to lure laymen, said the report. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/bank-employees-in-india-on-strike-today-and-tomorrow-but-mobile-and-net-banking-services-are-working/articleshow/81505273.cms">Bank employees on strike today and tomorrow — ATMs, net and mobile banking likely to be the only relief</a> <a href="https://www.businessinsider.in/tech/news/indias-personal-data-protection-law-versus-europes-gdpr/articleshow/81504058.cms">Being GDPR compliant doesn't necessarily make companies ready for India's upcoming data protection laws</a> <a href="https://www.businessinsider.in/business/startups/news/stripe-the-most-valued-startup-in-the-us-to-offer-payment-services-to-indias-merchants-after-its-latest-fundraise/articleshow/81504106.cms">Stripe, the most valued startup in the US, to offer payment services to India’s merchants after its latest fundraise</a>

SBI, ICICI, HDFC, Axis Bank, PNB and the Indian IT department targeted in phishing scam

Several users of the <keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (<keyword id="13222" type="DOMAIN" weightage="20" keywordseo="SBI">SBI</keyword>) have been targeted with a phishing scam where hackers have flooded them with <keyword id="10848567" type="UNKNOWN" weightage="20" keywordseo="suspicious-text-messages">suspicious text messages</keyword>, requesting them to redeem their SBI credit points worth Rs 9,870. The link associated with the text messages redirects the <keyword id="6370973" type="UNKNOWN" weightage="20" keywordseo="User">user</keyword> to a <keyword id="101322" type="PERSON" weightage="20" keywordseo="fake-website">fake website</keyword> and on the <keyword id="1592405" type="PERSON" weightage="20" keywordseo="landing-page">landing page</keyword>, the user is asked to submit personal information along with sensitive financial details like card number, expiry date, CVV and Mpin in a 'State Bank of India Fill Your Details' form. According to the investigation by New Delhi-based think tank CyberPeace Foundation along with Autobot Infosec Private Ltd, the website collects data directly without any verification and is registered by a third party instead of having the registrant organisation name of State Bank of India, making it all the more suspicious. "Moreover, according to SBI, they never communicate with their customers via SMS or emails containing links with regard to the user's account. Any reputed banking entity also does not use Wordpress like CMS technologies on their official website for security reasons," the foundation said. The personal information sought on the malicious website is name, registered mobile number, email, email password and date of birth. After the form is submitted, the user is directed to a "thank you" page. "The domain name of the website can be traced to India, and the registrant state was found to be Tamil Nadu," the report mentioned. According to the report, it was observed that the form takes user inputs without performing basic validation of data type. For example, the registered mobile number field, which should only accept numerical values also accepts text input. This can also be confirmed from the source code, where the input type for the field is mentioned as 'text' instead of 'number' or 'tel'. "The email password field shows the entered password in clear text instead of keeping the characters hidden. A similar source code observation is noted," it added. "The card number field accepts an infinite number of digits instead of only 16 digits, which SBI cards usually have. All these instances of negligence clearly indicate bad coding practice," the foundation said. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/ratan-tata-is-reportedly-exiting-lenskart-with-returns-of-28-times-the-investment/articleshow/81268916.cms">Ratan Tata is exiting Lenskart with returns of almost five times the investment</a> <a href="https://www.businessinsider.in/finance/news/explained-the-nue-licence-for-payments-that-tata-ambani-and-bezos-have-applied-for/articleshow/81268434.cms">EXPLAINED: The NUE licence for payments that Tata, Ambani and Bezos have applied for</a> <a href="https://www.businessinsider.in/tech/news/elon-musks-starlink-satellite-internet-is-coming-to-india-heres-how-you-can-pre-book-your-connection/articleshow/81268052.cms">Elon Musk's Starlink satellite internet is coming to India – here's how you can pre-book your connection</a> <a href="https://www.businessinsider.in/business/news/elon-musk-and-reliance-industries-mukesh-ambani-compete-in-energy-storage-skytran-and-hyperloop/articleshow/81266903.cms">Elon Musk is facing a challenge from Asia’s richest man Mukesh Ambani in India⁠— both in energy and transportation</a>

Hackers are going after SBI users with a scam that offers credit points worth ₹9,870

<ul><li>The State Bank of India overstated its profits by as much as ₹9,500 crore for three years in between 2012-13 to 2014-15, according<a href="https://www.moneylife.in/article/exclusive-rbi-inspection-reports-on-sbi-reveal-evergreening-window-dressing-cover-ups-and-worse/57631.html"> </a>an expose by Moneylife.</li><li>The revelations came out of a Right To Information (RTI) application.</li><li>The country’s largest bank has suppressed employee fraud, covered bad loans, flouted anti-money laundering rules, covered up bad loans by a mechanism referred to as ‘window dressing’.</li><li>In many cases, the bank has not enforced securities provided on a loan, and loans were disbursed even before a charge was created on the collateral.</li></ul> A fourth of the country’s bank deposits are making their way to State Bank of India (SBI). But, how safe is it there? According<a href="https://www.moneylife.in/article/exclusive-rbi-inspection-reports-on-sbi-reveal-evergreening-window-dressing-cover-ups-and-worse/57631.html"> to an expose by Moneylife</a>, the bank has overstated its profits by as much as ₹9,500 crore for three years in between 2012-13 to 2014-15. What makes it worse is that all this information is available with the banking regulator, Reserve Bank of India (RBI), and the dated details came out after a petition was filed under the Right to Information (RTI) Act, by an activist Girish Mittal. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Year </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Overstated profit </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">2012-13 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹1,220 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">2013-14 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹5,038 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">2014-15 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹3,252 crore </td></tr></tbody></table> Source: Money Life There were two chairpersons running the bank during the period-- Pratip Chaudhuri was the chairman from 2011 to 2013 as Arundhati Bhattacharya too charge to stay on till 2017. SBI’s box of troubles The annual inspection of banks’ accounts by RBI has opened a Pandora’s Box where many evils came out—where the country’s largest bank has suppressed employee fraud, covered bad loans, flouted anti-money laundering rules, covered up bad loans by a mechanism referred to as ‘window dressing’, according to the report. An e-mail sent to SBI seeking answers on the revelations, did not elicit any response. Most Indian banks were found guilty of trying to hide the rising problem of bad loans. They would either give fresh loans to pay old ones or book the losses in a different year to soften the blow on the company’s financials. In SBI’s case, the RTI response reportedly revealed that these factors were seen in the loans given out to diamond trading and power sector. Loans to diamond traders have brought down banks, especially Punjab National Bank scam where diamantaire Nirav Modi made away with unpaid loans of ₹2 billion and is now in the UK. Yet, SBI is not in as much trouble, not from RBI who is aware of the situation, not from its 435 million customers --- that’s over 30% of India’s population! Like Goldman Sachs, it is everywhere and, probably, too big to fail. Flouting Norms The report says that the bank also flouted norms laid down by the Reserve Bank of India (RBI) itself with regards to Know Your Customer (KYC), lending limits set on sectors and individuals. The bank, as per the report, was also lax with its loans. In many cases, the bank has not enforced securities provided on a loan, wherein assets of defaulters are taken over. In some cases loans were disbursed even before a charge was created on the collateral. And, the suppression of data has happened at every level since most of the credit problems were never taken to the board as well. Scrubbing it clean In all, the bank performed a clean-up exercise every time a new chairman took over. The first year a new chairman comes in, huge amounts are written off the books, and has become a common practice with the bank. This leaves the chairman of the bank concentrating on ‘managing profits’. The owner of the bank however is the government. And it seems to be doing its part too. As non-performing assets as a result of bad loans increased and credit growth slowed down, the government is looking to recharge public sector banks (PSBs) with fresh funds. In the latest Budget 2019, the Finance Minister Nirmala Sitharaman said that they would be giving out as much as ₹75,000 crore to re-capitalise government banks, so that they can kickoff growth in the country, with renewed interest. The mistakes of the past have been conveniently forgotten. SEE ALSO 
 <div type="NEWSINCONTEXT" target="false" refhostid="261" refmsid="69557477" refmstype="2" refmssubtype="0"><cdata><![CDATA[An Indian bank is still making the same mistake of hiding the worst and hoping for the best]]></cdata></div>


<h1 style="line-height:1.44;margin-top:0pt;margin-bottom:8pt;border-bottom:solid #eeeeee 0.75pt;background-color:#ffffff;padding:0pt 0pt 15pt 0pt;"> </h1>

India’s largest bank was caught lying about its profits for 3 years but no one got punished, according to an expose

<ul><li>Creditors of DHFL, which include about 20 Indian banks and many other financial institutions, would recover an aggregate of ₹38,000 crore ($5 billion) from the resolution process of the firm and acquisition by Piramal Enterprises.</li><li>Many Indian banks had exposure to the crisis hit housing finance firm Dewan Housing Finance Corporation including most of the public sector banks.</li><li>Analysts say this is one of the biggest resolutions till date and the move will bring recovery into the banking sector.</li></ul><keyword id="6400918" type="General" weightage="20" keywordseo="piramal-group" source="Orion">Piramal Group</keyword> has completed the acquisition of crisis-hit Dewan Housing Finance Corporation (DHFL) for ₹34,250 crore. DHFL’s creditors will recover 46% of their pending dues via the resolution process, the company said in a statement. The amount of ₹34,250 crore ($4.61 billion) paid by Piramal will be through a combination of cash and non-convertible debentures and an amount of around ₹3,800 crore will be paid to the creditors from the cash balance available with DHFL. Analysts say this is one of the biggest resolutions till date to financial institutions after the <a href="https://www.business-standard.com/about/what-is-il-fs-crisis">IL&amp;FS crisis</a>. About 19 Indian banks have exposure to the crisis-hit housing finance firm including most of the public sector banks. Shares of the top five lenders moved up on Wednesday after the company said it will pay ₹38,000 crore in total to all creditors. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Banks </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% change in stock price </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.33% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of India </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.68% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Canara Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.87% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Union Bank of India </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.71% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.27% </td></tr></tbody><tbody></tbody><tbody></tbody></table> “DHFL’s resolution has finally happened and the recovery upgradation and reversal provision will be visible in banks (books) in the coming quarters which is positive for the sector and the banks having exposure to the firm,” Siddharth Purohit, research analyst at SMC Securities told Business Insider. There are about 20 Indian banks and many other financial institutions that have lent to DHFL over a period of time. Here is a list of top five lenders to the firm: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Banks </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Claims (in Rs billions) </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Admitted (in Rs billions) </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Rejected (in Rs billions) </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SBI (including SBI Singapore) </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">100.83 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">71.71 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">29.12 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of India </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">41.26 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">41.26 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Canara Bank (Syndicate Bank) </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">26.82 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">21.52 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5.31 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Union Bank of India </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">24.13 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">23.86 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">0.27 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">20.75 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">20.21 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">0.54 </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: ICICI Securities research report, January 19, 2021 How did one of the country’s biggest crises take place? DHFL, a non-banking financial company, primarily gives loans to home buyers in India’s tier 2 and tier 3 cities. After the IL&amp;FS crisis emerged, in September 2018, DHFL’s stock got hammered, by as much as 60%. Then, in January 2019, <a href="https://economictimes.indiatimes.com/markets/stocks/news/dhfl-plunges-after-cobrapost-expose-on-dubious-loans/articleshow/67749239.cms">Cobrapost </a>claimed that the company’s promoters were involved in a ₹31,000 crore scam siphoning off money. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div> On June 4, 2019, the company failed to pay about ₹900 crore worth of interest, prompting ratings agencies to downgrade all of its commercial papers. Adding to the woes, allegations of dubious financial transactions continued to emerge against Kapil Wadhawan (the then chairman and managing director) and Dheeraj Wadhawan (then a non-executive director). In October last year, the enforcement directorate (ED) even conducted raids at several DHFL offices and promoter residences. Putting an end to the fiasco, on November 29, 2019, the Reserve Bank of India (RBI) initiated insolvency proceedings against DHFL. To the company’s rescue, in January, 2021, billionaire Ajay Piramal's Piramal Group emerged as the preferred bidder for debt-laden mortgage lender DHFL. After two years of the crisis, many banks who had lent money to the housing firm will receive part of their loans along with a lesson learnt. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/airtel-supplier-tejas-networks-up-six-fold-before-pli-approval/articleshow/86607753.cms">This telecom equipment maker is up six fold in one year while waiting for production linked incentives</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/aditya-birla-sun-life-amcs-ceo-says-mutual-fund-industry-to-see-many-mergers-in-next-couple-of-years/articleshow/86606968.cms">Mutual fund industry to see many mergers in next couple of years, says Aditya Birla Sun Life AMC’s CEO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/elon-musk-leads-the-pack-mukesh-ambani-in-top-10-here-are-the-richest-people-on-the-planet/slidelist/86609457.cms">Elon Musk leads the pack, Mukesh Ambani in top 10 — Here are the richest people on the planet</a>

India’s 20 state owned banks get about $5 billion back from a loan written off and they are thrilled

<ul><li>SBI has issued a warning to its customers to beware of an impending phishing attack. </li><li>CERT-In, India’s nodal cybersecurity agency, issued an advisory after cybercriminals threatened to unleash an attack on major cities like Delhi, Mumbai, Hyderabad, Chennai and Ahmedabad. </li><li>The hackers claim to have over 2 million email IDs in their possession. </li></ul>The <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI) has issued a warning for its users to beware of an imminent phishing attack. Be on the lookout for any emails from ‘ncov2019@gov.in’ with the subject like ‘Free COVID-19 Testing’. <div type="twitter" handle="TheOfficialSBI" handlename="State Bank of India" image="http://pbs.twimg.com/profile_images/874974596931371008/R5OJdnqW_normal.jpg" favoritecount="529" retweetcount="255" status="Attention! It has come to our notice that a cyber attack is going to take place in major cities of India. Kindly re… https://t.co/0AlzEw8QwF" createdat="1592745315000" id="1274692359469428737"></div> According to the warning issued by the Computer Emergency Response Team - India (CERT-In) — India’s nodal cybersecurity agency — the attack will target users in major cities across the country primarily in Delhi, Mumbai, Hyderabad, Chennai and Ahmedabad. The attackers reportedly have over 2 million email IDs in their kitty. <div type="twitter" handle="IndianCERT" handlename="CERT-In" image="http://pbs.twimg.com/profile_images/737278813126545408/gRf5_7yO_normal.jpg" favoritecount="496" retweetcount="437" status="CERT-In issued advisory on COVID 19-related Phishing Attack Campaign by Malicious Actors. https://t.co/x8WO3TseCM" createdat="1592674717000" id="1274396249517522945"></div> The advisory warned that cybercriminals are expected to send phishing emails to these IDs in the guise of local authorities who are in charge of dispensing government-funded COVID-19 support initiatives. This could be anything from donations to the PM-CARES Fund to EPF contributions. “Such emails are designed to drive recipients towards fake websites where they are deceived into downloading malicious files or entering personal and financial information,” said CERT-In in its notice. Exploitation in the name of the coronavirus Last month, Microsoft also warned its users to beware of another coronavirus themed malware distribution campaign claiming to be from Johns Hopkins University. Emails were being sent out with booby-trapped spreadsheets with headlines like ‘horrible charts’. Opening the file will show you a legitimate chart, but it also installs a Remote Access Trojan (RAT) that allows hackers to control your computer remotely. <div type="image" title="microsoftphishing_edited" msid="76505484" hostid="261" caption="&amp;lt;p&amp;gt;Horrible charts attachment in phishing emails &amp;lt;/p&amp;gt;"></div> In May, Seqrite — a cybersecurity company — discovered another RAT attacking cooperative banks in India. Under the guise of being from the Reserve Bank of India or a nationalised bank, attackers were sending out emails that looked innocent enough, referring to COVID-19 guidelines or a financial transaction with a .zip attachment. The attachment included a JAR-based malware that would allow bad actors to take your device from a remote location. How to protect yourself from phishing scams In the wake of the coronavirus pandemic, more people working from home — and hackers are more active than ever preying on unsecured networks. “Cybercriminals are exploiting the coronavirus outbreak to send fake emails with dangerous links to employees,” said Norton, a cybersecurity company. As risk escalates, it’s important to maintain a healthy suspicion for emails from email IDs you haven’t seen before, especially if its with respect to any coronavirus news. “Even if they promise news you are interested in, any information in the attachment will almost certainly be available from a more direct source, via a link of your own choosing,” said Paul Ducklin the principal research scientist at Sophos. As a precautionary measure, one should have a malware detection tool or anti-virus installed to alert them in case something slips through the crack. At the minimum, all devices should be fully updated with the latest security patches. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/cognizants-ransomware-attack-is-making-peers-like-tcs-and-infosys-nervous-and-they-are-beefing-up-security/articleshow/75271532.cms">Cognizant's ransomware attack is making peers like TCS and Infosys nervous — and they are beefing up security</a> <a href="https://www.businessinsider.in/top-cryptocurrency-scams-of-2019-and-how-most-hackers-got-away-with-it/articleshow/70670383.cms">Top cryptocurrency scams of 2019 — and how most hackers got away with it</a> <a href="https://www.businessinsider.in/tech/enterprise/news/dont-buy-new-laptops-invest-in-virtual-machines-to-protect-against-cyberattacks-suggests-cybersecurity-expert/articleshow/76274816.cms">Don’t buy new laptops, invest in virtual machines to protect against cyberattacks — suggests cybersecurity expert</a>

SBI warns 2 million users may be at risk of phishing attacks in Delhi, Mumbai and other major cities

<keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>) has offered to have a one-time settlement of the Kingfisher Airlines loan issue with India’s former liquor baron Vijay Mallya. However, the bank would like him to agree that he would repay the outstanding principal amount along with some interest and legal fees. 
 
To this, Mallya has put some conditions which are said to unacceptable to the bank, as said by SBI chairman Arundhati Bhattacharya. 
 
Bhattacharya told a parliamentary panel, set up for scrutinizing amendments to debt recovery laws, that in the past, SBI has aggressively tackled the matter and is now open to reaching one-time settlements, only if he offers to repay the principal along with a reasonable amount of interest. 
 
However, she said that while Mallya had expressed his willingness to have a settlement, he had laid down some of his conditions which were not acceptable to the country’s largest bank, which led the consortium of PSBs that had approached the court for an order against Mallya. 
 
However, when contacted by <a href="http://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-willing-to-settle-kingfisher-loan-issue-with-vijay-mallya/articleshow/53041063.cms">TNN</a>, Bhattacharya said, "Parliamentary committee proceedings are privileged communications and I cannot comment or communicate on the same." 
 
<a href="http://i.huffpost.com/gen/4161714/images/o-VIJAY-MALLYA-facebook.jpg">Image source</a>

SBI offers one-time settlement of Kingfisher loans but Mallya has some conditions

<ul class="summary-list"><li><keyword id="11897866" type="UNKNOWN" weightage="60" keywordseo="starlink" source="Orion">Starlink</keyword> customers told Insider they're frustrated with the price hikes announced in March.</li><li>Two said they'd had trouble getting their $100 deposits returned for uplink kits they haven't received.</li></ul>Alan Sbi was fed up with his satellite <keyword id="11954667" type="UNKNOWN" weightage="60" keywordseo="broadband" source="Orion">broadband</keyword> provider because Zoom meetings, live-streaming, and other basic <keyword id="11897865" type="UNKNOWN" weightage="60" keywordseo="internet" source="Orion">internet</keyword> services just wouldn't work. So in February 2021, Sbi, who lives in the mountains of North Carolina, paid a $100 deposit for a <a href="https://www.businessinsider.com/spacex-starlink-customer-service-non-existent-satellite-internet-deposit-contact-2022-1">SpaceX Starlink</a> uplink kit.Sbi told Insider that since then, he'd heard nothing from <keyword id="11897862" type="UNKNOWN" weightage="60" keywordseo="elon-musk" source="Orion">Elon Musk</keyword>'s satellite internet company, and hadn't received his uplink kit. And to make matters worse, <a href="https://www.businessinsider.com/spacex-starlink-customers-angry-service-contact-order-update-internet-2021-9">Starlink</a> has just raised its prices across the board – even for customers still waiting to receive their hardware.In March, <keyword id="11908743" type="UNKNOWN" weightage="60" keywordseo="spacex" source="Orion">SpaceX</keyword> told its customers it was <a href="https://www.businessinsider.com/elon-musk-spacex-starlink-internet-hike-prices-customers-rising-inflation-2022-3#:~:text=Elon%20Musk's%20SpaceX%20said%20it's,to%20%24600%20for%20new%20customers.">raising prices</a> because of inflation, among other things. The price of a Starlink uplink kit rose from $500 to $550 for customers that had already paid a deposit, and from $500 to $600 for new customers. The monthly Starlink subscription cost climbed from $99 to $110 for all users.At the end of March 2022, Sbi <a href="https://www.businessinsider.com/spacex-starlink-customer-service-cancel-deposit-wait-months-satellite-internet-2021-9">requested a refund</a> of his Starlink deposit because of the price hikes – but has had trouble getting his money back because he can't get hold of the company."I feel I was scammed by Starlink," Sbi said. "This is not fair business practices. The company had my money for over a year, I need that money back, there shouldn't be any conditions on how to receive my money back."Sbi isn't the only customer frustrated with Starlink's delays, price hikes, and apparent lack of customer service.Rich Kecher, in south Virginia, said he'd had trouble getting his Starlink deposit refunded after about a year. He told Insider of an "outrageous lack of communication" from Starlink, which had pushed back its expected start-date for service in his area from November 2021 to late-2022."The price increase was the final straw," Kecher said.After ordering Starlink in April 2021, Denise Elise said she received two emails from Starlink — one a payment confirmation, the other about the price hike.She told Insider: "I don't want to cancel my order because I live in a rural area and need some kind of internet. I really want to try this." However, she said she was unhappy Starlink had increased prices before she'd received her uplink kit, adding that Musk was "making money on our money."Elise said Starlink hadn't responded to any of her emails.Tim Nash, in the Blue Ridge Mountains of Virginia, received his Starlink kit in February 2022. One month later, he was hit by the Starlink service price hike.Despite paying more than he initially expected, Nash said Starlink was "well worth it" – but complained of customer service that was "nearly non-existent.""If your internet isn't working, how do you get help?" Nash said. "Weird model."Lluc Palerm, an analyst at Northern Sky Research, said Starlink customers hit by price rises for products they hadn't yet received "obviously" had "something to get angry about." He said Starlink was "not putting resources into customer services so it's natural that you get those kind of complaints."Palerm said: "They are a startup, and their main focus now is on the constellation and development, so it's not surprising that their customers have recieved very little support."He suggested Starlink terminals were in fact worth <a href="https://www.businessinsider.com/spacex-starlink-satellite-dish-internet-user-terminal-cost-phased-array-2020-11">much more</a> than even their inflated cost, with the industry putting each terminal's value at around $2,000.Insider verified the four Starlink customers' complaints about the company through proof of purchase emails and correspondence they sent to SpaceX.SpaceX didn't respond to Insider's request for comment.

'Scammed by Starlink': Customers are frustrated with price hikes for uplink kits they still haven't received months after paying $100 deposits

Former Assam director general of police (DGP) <keyword id="645453" type="PERSON" weightage="100" keywordseo="Shankar-Baruah">Shankar Baruah</keyword>, who was interrogated by the Central Bureau of Investigation (CBI) last month in connection with the multi-crore <keyword id="1648812" type="UNKNOWN" weightage="100" keywordseo="Saradha-scam">Saradha scam</keyword>, was found dead today (Wednesday). He allegedly shot himself to death. 
 CBI officials had taken the him to an <keyword id="13222" type="CITY" weightage="60" keywordseo="SBI">SBI</keyword> branch near his house and inspected his account in that branch. Further details are awaited. 
 
Recently, we have reported that the Serious Fraud Investigation Office (SFIO) has founded group companies guilty in the multi-crore chit fund scam. The SFIO concluded that the schemes run by Saradha Group's 14 companies ran Ponzi Schemes, which were in violation of several provisions of the Companies Act, 1956. CBI is now investigating cases under the IPC under orders of the Supreme Court. You can read the complete report <a href="http://www.businessinsider.in/Group-Companies-Found-Guilty-In-Saradha-Scam/articleshow/42543901.cms">here</a>.

You Searched For "SBI scam" and got 9 results

Electoral bonds: What are they? What does the newly-released data reveal? Would it make an impact?

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SBI, ICICI, HDFC, Axis Bank, PNB and the Indian IT department targeted in phishing scam

IANS

Hackers are going after SBI users with a scam that offers credit points worth ₹9,870

IANS

India’s largest bank was caught lying about its profits for 3 years but no one got punished, according to an expose

Katya Naidu

India’s 20 state owned banks get about $5 billion back from a loan written off and they are thrilled

Bhakti Makwana

SBI warns 2 million users may be at risk of phishing attacks in Delhi, Mumbai and other major cities

Prabhjote Gill

SBI offers one-time settlement of Kingfisher loans but Mallya has some conditions

BI India Bureau

'Scammed by Starlink': Customers are frustrated with price hikes for uplink kits they still haven't received months after paying $100 deposits

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New Twist In Saradha Scam: Former Assam DGP Commits Suicide

BI India Bureau

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