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India's retail inflation is projected to surge to 6.15% in October, exceeding the Reserve Bank of India's (RBI) tolerance threshold of 6%, according to a new report by Union Bank of India. The spike is attributed to persistent <keyword id="21013592" type="General" weightage="20" keywordseo="food-price-pressures" source="keywords">food price pressures</keyword> and the waning of favorable base effects from the previous year. Earlier this month, RBI governor Shaktikanta Das also echoed similar sentiments and noted that the inflation print for October 2024 could stay well above 5.5%. This is why, as Das highlighted, cutting interest rates as early as December would be very early and premature The <keyword id="19999655" type="General" weightage="20" keywordseo="Consumer-Price-Index" source="keywords">Consumer Price Index</keyword> (CPI) data for October, which will be released at 4 pm on Tuesday, as opposed to the previous practice of releasing this data at 5:30 pm on the 12th of every month, follows September's inflation reading of 5.49%, up from 3.65% in August 2024. The last time inflation breached the RBI's upper limit was in August 2023. Despite the RBI's anticipation of an October inflation "hump," the Union Bank report suggests that the magnitude of the increase might raise concerns, particularly as November's figures are also tracking at elevated levels. The bank maintains its forecast of unchanged interest rates in December's monetary policy meeting, with a modest 50 basis points rate cut cycle predicted to begin in February 2025. Food inflation remains a key driver of price pressures, with vegetables and edible oils leading the recent surge. In September 2024, India's YoY food inflation rate hit 9.24%, up from 5.66% in the month prior. However, the report projects some easing of food inflation in the January-March quarter, citing typical winter price moderation and improving prospects for rabi crops. Despite this, potential risks from food supply disruptions, imported edible oil prices, and the impact of potential trade tariff hikes will exist. The RBI, which aims to maintain retail inflation at 4%, has held the repo rate steady at 6.5% for the tenth consecutive time in its last meeting as part of its inflation containment strategy. A recent SBI report also noted that expecting rate cuts in this quarter would be immature, and easing was possible only during the first half of 2025. "Given the current estimates of FY25 real GDP growth at 7.2% and CPI at 4.50%, the RBI would quite possibly keep policy rates stable over the coming quarter at least. Emerging trends in the growth outlook would possibly determine the timing and extent of any policy easing. With near-term CPI numbers likely to stay elevated, it’s premature to consider expectations of any easing in the December review. "However, high-frequency data do validate a softness in growth data on an incremental basis. Given the anticipated aligning of CPI closer to the target over H2, a shallow easing, if any can be a reasonable possibility over H1 of CY 25", it added.

Retail inflation expected to breach 6% mark in October, says UBI Report

New Delhi, A petition has been filed in the <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> seeking contempt action against the <keyword id="19934368" type="General" weightage="20" keywordseo="state-bank-of-india" source="keywords">State Bank of India</keyword> (SBI) alleging it "wilfully and deliberately" disobeyed the apex court's direction to submit details of contributions made to political parties through electoral bonds to the Election Commission by March 6. The plea, filed by two NGOs, claimed SBI's application seeking extension of time till June 30 to disclose the details of electoral bonds encashed by political parties has been deliberately filed at the last moment to ensure that details of donor and the amount of donations are not disclosed to the public before the upcoming <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> elections. A bench headed by Chief Justice <keyword id="19936357" type="General" weightage="20" keywordseo="d-y-chandrachud" source="keywords">D Y Chandrachud</keyword> on Thursday took note of the submissions by advocate <keyword id="20027334" type="General" weightage="20" keywordseo="prashant-bhushan" source="keywords">Prashant Bhushan</keyword>, who appeared on behalf of NGOs Association for Democratic Reforms and Common Cause, that he wanted initiation of contempt proceedings against the SBI. Bhushan said the SBI's application is likely to be listed on March 11 and the contempt application should also be heard together with it. "Please send an e-mail. I will pass the order," the CJI said. The SBI moved the top court on March 4 seeking extension of time till June 30 to disclose the details of the electoral bonds that were encashed. In a landmark verdict on February 15, a five-judge constitution bench of the apex court had scrapped the Centre's electoral bonds scheme of anonymous political funding, calling it "unconstitutional" and ordering disclosure by the Election Commission of the donors, the amount donated by them and the recipients by March 13. Ordering closure of the scheme forthwith, the top court had directed the SBI, the authorised financial institution under the scheme, to submit by March 6 the details of the electoral bonds purchased since April 12, 2019 till date to Election Commission (EC), which will publish the information on its official website by March 13. In the contempt plea, the NGOs have said that two days before the expiry of the stated deadline, the SBI has filed an application seeking time till June 30 to comply with the directions. "It is submitted that the said application is mala fide and demonstrates a wilful and deliberate disobedience &amp; defiance of the judgement passed by the constitution bench of this court. It is further a clear attempt to undermine the authority of this court," it said. "The petitioner herein is filing the instant petition seeking initiation of contempt proceedings against State Bank of India for wilfully and deliberately disobeying the order dated February 15 passed by this court... wherein this court directed SBI to submit details of contribution made to the political parties through electoral bonds to the Election Commission of India by March 6," it said. It said the affidavit supporting the SBI's application has neither been sworn by the chairman or the managing director of the bank. It said SBI has the record of the unique number allotted to each electoral bond and the know your customer (KYC) details of its purchaser. "The requirement of the KYC is mentioned in section 4 of the EB scheme itself, therefore, the SBI is well aware of the identity of purchasers of each electoral bond," the plea said. It said as per clause 7 of the electoral bond scheme, information furnished by the buyer can be disclosed when demanded by a competent court. "As per clause 12 (4) of the scheme, electoral bonds have to be encashed within fifteen days failing which the amount of bonds not encashed are to be deposited by the bank to the PM relief Fund. Thus, it is inconceivable that SBI does not have the recorded information readily available within its data base," it said. The plea said electoral bonds are "completely traceable" which is evident from the fact that SBI maintains a secret number-based record of donors who buy bonds, and the political parties they donate to. It said as per information received through RTI, in 30 phases of electoral bonds sale, only 19 out of 29 SBI authorised branches sold electoral bonds and 14 SBI branches encashed them. "The data available as on January 2024 further shows that only 25 political parties had opened their account and are eligible for encashing electoral bonds. Therefore, compiling of this information should not be difficult as the system is already in place," it said. "It is mandatory that SBI furnishes all information relating to electoral bonds within stipulated time frame given by this court as voters will not be able to exercise their informed opinion properly during Lok Sabha 2024 if complete information about EBs is not shared with them," it said. The plea said any form of anonymity in the finances of political parties goes against the essence of participatory democracy and people's right to know enshrined under Article 19(1)(a) of the Constitution. It said availability of information about electoral bonds will give voters a chance to truly inspect, express and decide their choices. "This defiant approach of the SBI towards citizen's 'right to know' about huge sums of money received by parties through electoral bonds and corporates in a non-transparent and unaccountable manner is reprehensible and betrays its clear motive to stifle citizen's voice and right to audit actions of the political class, and therefore it should be held as serious breach of contempt by this court," it alleged.

Electoral bonds: Plea seeks contempt action against SBI for disobeying SC's order

Cyber-security researchers on Wednesday said they have discovered a massive leak involving over nine million cardholders' financial data that includes customers of the State Bank of India (SBI). The threat intelligence team of AI-driven Singapore-headquartered CloudSEK discovered a threat actor advertising a database of 1.2 million cards for free on a Russian-speaking Dark Web cybercrime forum. This followed another incident of 7.9 million cardholder data advertised on the <keyword id="15237366" type="General" weightage="80" keywordseo="bidencash" source="Orion">BidenCash</keyword> website. Unlike previous records, this time, the hackers released sensitive Personal Identifiable Information (PII) information such as SSN, card details and CVV, the team revealed. "State Bank of India, Fiserv Solutions LLC, and American Express were some of the top banking institutions which were affected. There were approximately 508,000 debit cards breached with 414,000 records of <keyword id="6359421" type="General" weightage="50" keywordseo="visa" source="Orion">Visa</keyword> payment network followed by Mastercard," the security researchers said. The majority of personal emails associated with the card details were exposed. Other official email records were found to be exposed associated with SoftBank, Bank of Singapore, and <keyword id="6354424" type="General" weightage="50" keywordseo="world-bank" source="Orion">World Bank</keyword> from the previous data breach by BidenCash. "Marketplaces like BidenCash emerge frequently where the threat actors trade-sensitive card data for carding and cloning services. While the modern-day security mechanisms are able to minimise the impact, threat actors regularly check to deploy new methods to bypass them," said <keyword id="15237367" type="General" weightage="50" keywordseo="rishika-desai" source="Orion">Rishika Desai</keyword>, Cyber Threat Researcher- CloudSEK. Leaked PII could enable threat actors to orchestrate social engineering schemes, phishing attacks, and even identity theft. "Exposed card details might be used by them to carry out attacks such as card trafficking, card cloning, and unauthenticated transactions to facilitate illegal purchases," said researchers. The motivation behind these data leaks was to gain more traffic to their website and establish a reputation. The BidenCash forum became active in early February 2022. Post that the threat actor resorted to various ways to gain traffic to his website such as spamming comments on websites. "On a personal level, trying to track your card transactions, and being aware of malicious sites luring off a great deal can help prevent to a greater extent. With the BidenCash group trying to gain popularity through various measures, leaking card data motivate other groups to follow the same steps," <keyword id="6371426" type="General" weightage="80" keywordseo="desai" source="Orion">Desai</keyword> noted. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/one-year-old-fitness-startup-by-iit-graduates-raises-3-4-million-in-seed-funding/articleshow/94813897.cms">One-year-old fitness startup by IIT graduates raises $3.4 million in seed funding </a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/byjus-consolidates-india-business-5-workforce-to-be-rationalised-across-teams/articleshow/94814069.cms">BYJU's consolidates India business, 5% workforce to be 'rationalised' across teams</a>

Financial data of over 9 mn cardholders leaked, including from SBI: Researchers

Normally, access to the internet is considered a boon. But it’s not without its costs. Data is becoming more valuable by the day and for someone looking to make money in nefarious ways. Hacking is the new trend in town. Information theft is the most expensive and fastest-rising consequence of cybercrime. Personal and sensitive data of millions of people is compromised and in exchange for a quick buck. Cybercriminals are constantly adapting and finding new ways to compromise online security, quicker than security firms can build solutions to defend against them. But not every data breach is a result of hackers. More often than not, ‘loopholes’ and unprotected servers give bad actors access without even having to break-in. And, it’s only becoming more common. Here are some of the biggest data breaches of 2019 that affected users in India:

Biggest data leaks of 2019 that hit Indians

Biggest data breaches of 2019

<ul><li>The State Bank of India’s (SBI) server was left without any password protection exposing the contact details, balances and partial account number details of its users. </li><li>The server has since been secured, but while left vulnerable, it had archived messages going back to December. </li><li>While no sensitive data was disclosed, the data breach leaves customers susceptible to social engineering hacks and extortion.</li></ul>Hacking is where someone has to bypass security in order to get information, but India’s largest bank, the State Bank of India (SBI), left the data of millions of users exposed all because it <a href="https://techcrunch.com/2019/01/30/state-bank-india-data-leak/">did not set a password</a> on its server. The ‘SBI Quick’ server — a service that allows the bank’s customers to text the bank for information on their accounts — has reportedly been secured since the report. But while it was open, it had archives of messages dating back to December according to TechCrunch’s investigation. That’s millions and millions of messages about balance information, loan inquiries, financial transactions and other data — although there were no passwords disclosed. The data breach was spotted by a security researcher (unnamed) and verified by Karan Saini, the researcher who previously found a leak in India’s Aadhaar database, the largest biometric authentication system in the world. Business Insider has reached out to SBI but they are yet to issue a response on the data breach. . Your data is secure… so far While there was no sensitive data on the server, simple details like partial account numbers and contact information can render the SBI customers vulnerable to ransom demands. Social engineering attacks, one of the most common ways commit financial fraud, could also be a possibility. Drawing a correlation between a phone number and a high account balance, a social engineering attack would involve human interaction and manipulating their targets in to breaking normal security guidelines. 
 
 <div type="ExtQuote" text="“The data available could potentially be used to profile and target individuals that are known to have high account balances.&quot;" auname="Karan Saini, security researcher told TechCrunch"></div>





 The scope of the problem As India’s largest bank, SBI claims to have more than 500 million customers worldwide with 740 million accounts. And since the bank hasn’t issued any response there isn’t any data available to determine exactly which customers’ data was exposed and how many customers are vulnerable overall. But, in a single data, the server shoots out nearly three million messages which doesn’t paint a very encouraging picture. India’s problem with data Protecting data is a much larger program and goes beyond SBI. It’s not companies aren’t spending on security, but it’s getting harder to stay ahead of the challenges. To be fair, in SBI’s case, it was a simple case of negligence. When the Cosmos Bank — a 112 year old bank in India — was <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/north-korean-connection-to-cosmos-hacking-signs-point-to-bangladesh-heist-masterminds/articleshow/65411640.cms">hacked</a> in August last year, it was the victim of an attack carried out by the Lazarus Group of North Korea. A report by the Boston Consulting Group (BCG) <a href="https://www.bcg.com/en-in/capabilities/technology-digital/mastering-cybersecurity.aspx">found</a> that among 50 of the recent major data breaches, only 28% were caused by inadequate security tech. In all the other cases — that’s 72% or nearly three-quarters — the breaches were caused due to organizational failure, process failure or, simply, employee negligence. While improving the technology behind cybersecurity is important, it’s also key to drive resilience measures in order to improve efficacy. See also: <a href="https://www.businessinsider.in/nearly-773-million-email-accounts-have-been-exposed-in-a-massive-data-breach-heres-how-to-check-if-you-were-affected/articleshow/67576032.cms">Nearly 773 million email accounts have been exposed in a massive data breach. Here's how to check if you were affected</a> <a href="https://www.businessinsider.in/state-bank-of-india-halves-withdrawal-limit-at-atms-to-20000-per-day-to-prevent-fraud/articleshow/66442390.cms">State Bank of India halves withdrawal limit at ATMs to ₹20,000 per day to prevent fraud</a> <a href="https://www.businessinsider.in/the-21-biggest-data-breaches-of-2018/articleshow/67045497.cms">The 21 biggest data breaches of 2018</a>

India’s largest bank leaves the data of millions of users exposed

<ul><li>The top <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> apps in terms of volume were <keyword id="6357886" type="General" weightage="20" keywordseo="phonepe" source="Orion">PhonePe</keyword>, <keyword id="2750705" type="General" weightage="20" keywordseo="google-pay" source="Orion">Google Pay</keyword> and <keyword id="6357120" type="General" weightage="50" keywordseo="paytm" source="Orion">Paytm</keyword>. </li><li>The number of transactions through mobile wallets was 1.52 billion in Q2 2022. </li><li>The total number of credit and debit cards in circulation reach one billion. </li><li>Maharashtra, Tamil Nadu, Karnataka, Andhra Pradesh and Kerala recorded the highest transactions at physical merchant stores. </li></ul>UPI is India’s most preferred online payment platform clocking over 17.4 billion transactions in volume and ₹30.4 trillion in terms of value in April-June 2022, according to the ‘India Digital Payments Report’ for Q2 2022 by <keyword id="2195010" type="General" weightage="80" keywordseo="worldline" source="Orion">Worldline</keyword> India, a global digital payments solution company. In Q2, 20.57 billion transactions in volume and ₹36.08 trillion in terms of value was processed through debit and credit cards, prepaid payment instruments like mobile wallets and prepaid cards, and UPI which includes P2M (person to merchant) and P2P (person to person) transactions, the report said. Payments through credit and debit cards accounted for 8% in volume and 14% in value, the report added. “2022 is another momentous year for the payments space in India. We are successfully sailing through the aftermath of Covid-19, the total cards in circulation has breached 1 billion mark, UPI is tracking over 6 billion transactions per month, about 53 million FASTags have been issued, and over 20,000 billers are live on Bharat BillPay ecosystem,” Ramesh Narasimhan, chief executive officer-India, Worldline, said. The top five states that recorded the highest transactions at physical merchant stores were Maharashtra, Tamil Nadu, Karnataka, Andhra Pradesh and Kerala. The top five cities were Hyderabad, Bengaluru, Chennai, Mumbai and <keyword id="2094" type="General" weightage="50" keywordseo="pune" source="Orion">Pune</keyword>. How does India pay? UPI (Unified Payments Interface) transactions volume and value have seen an increase of about 118% and over 98% respectively in Q2 2022 as compared to the same quarter last year. The top UPI apps in terms of volume were PhonePe, Google Pay and Paytm. “What could be a game-changer for UPI transactions will be linking credit cards onto the platform – it is currently only Rupay but could increase going forward – and this could further supercharge UPI transactions, especially in terms of P2M average ticket sizes,” Worldline said. The average ticket size (ATS) for UPI P2P transactions was ₹2,425 and for UPI P2M transactions it was ₹820 as of June 2022, the report said. The top remitter banks during the quarter were <keyword id="13222" type="General" weightage="50" keywordseo="sbi" source="Orion">SBI</keyword>, HDFC Bank, Bank of Baroda, Union Bank and ICICI Bank. The top beneficiary banks were Paytm Payments Bank, Yes Bank, SBI, Axis Bank and ICICI Bank. The transaction volume passing through Bharat Bill Payment Central Unit (BBPCU) during the quarter stood at 238.31 million while the transaction value was ₹403.02 billion. It registered a growth rate of 99% and 108% in volume and value respectively as compared with Q2 2021. The total number of credit and debit cards in circulation reach 1 billion Alongside UPI, adoption of credit cards is growing at a healthy pace, revealed Worldline. The total number of credit and debit cards in circulation has reached 1 billion in Q2 2022 especially with festivities around the corner. “While the number of credit cards increased by 25% from ₹62.81 million in June 2021 to 78.7 million in June 2022, debit cards increased by 2% from ₹906 million to ₹921.75 million during the same period,” Worldline said. As of June 2022, the top credit-card issuing banks were HDFC Bank, SBI, ICICI Bank, Axis Bank and RBL Bank while the top debit-card issuing banks were SBI, BOB, Union Bank, <keyword id="62034" type="General" weightage="50" keywordseo="punjab-national-bank" source="Orion">Punjab National Bank</keyword> and Canara Bank. Credit cards volume and value stood at 688.65 million and ₹3.28 trillion respectively. “Even though credit card volume at POS and e-commerce are nearly equal, the value of e-commerce transactions is higher as compared with the value of transactions at POS. This is in line with the general trend of transactions of high-ticket items moving from the physical to the digital space,” Worldline said. In terms of value, consumers transacted ₹1,226.29 billion at POS terminals and ₹2,053.66 billion at e-commerce through credit cards in the second quarter. In Q2 2022, debit card transactions volume and value stood at 973.12 million and ₹1.91 trillion respectively. Prepaid cards transaction volume and value was 412.29 million and ₹206.36 billion respectively. When it comes to mobile payments, the number of transactions through mobile wallets was 1.52 billion and the value was ₹574.64 billion. Transactions through wallets are growing steadily recording a 38% increase in volume and 27% in value when compared to Q2 2021, revealed Worldline data. National Electronic Toll Collection (NETC) processed about 829 million transactions worth ₹129 billion. As of March 2022, about 52.9 million NETC FASTags have been issued since the inception of the NETC program. Aadhaar-Enabled Payment Service transactions recorded a substantial volume of over 679 million transactions, registering about 38% growth over Q2 2021. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/railways-increased-the-speed-of-500-mail-express-trains-by-10-70-minutes/articleshow/94641676.cms">Railways increased the speed of 500 mail express trains by 10-70 minutes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/15-ott-releases-to-watch-this-festive-season-starring-madhuri-dixit-hasan-minhaj-and-more/articleshow/94640843.cms">15 OTT releases to watch this festive season starring Madhuri Dixit, Hasan Minhaj and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-5g-prices-may-be-affordable-for-now-but-expected-to-increase-after-wider-rollout/articleshow/94636173.cms">Reliance Jio and Airtel 5G prices may be affordable for now but expected to increase after wider rollout</a>

UPI is India’s favourite payment mode with transactions worth ₹30.4 trillion in April-June, says report

India is facing its biggest ever breaches of financial data. The breach is said to have originated in malware introduced in systems of Hitachi Payment Services, enabling fraudsters to steal information allowing them to steal funds. 
 Following this, banks are going to replace or ask their customers to change security codes. As many as 3.2 million debit cards have been hit and if you are a customer of State Bank of India, <keyword id="45123" type="CITY" weightage="20" keywordseo="HDFC">HDFC</keyword> Bank, ICICI Bank, YES Bank and <keyword id="6355975" type="CITY" weightage="20" keywordseo="Axis-Bank">Axis Bank</keyword>, you should probably speak with the bank representatives. 
 
As per various reports, Several victims have reported unauthorised usage from locations in China. Out of 3.2 million debit cards, 2.6 million are said to be on the Visa and Master-Card platform and 600,000 on the RuPay platform. 
 
Now, Payments Council of India has ordered a forensic audit on Indian bank servers and systems to detect the origin of frauds that might have hit customer accounts. 
 NPCI Managing Director AP Hota told ET, “We have received complaints from banks about debit cards being used in China which aroused suspicion. Though most of the suspected fraudulent transactions happened in the Visa and <keyword id="6368201" type="CITY" weightage="20" keywordseo="MasterCard">MasterCard</keyword> network, we thought a whole a forensic audit of the entire network will help us find out where the compromise happened.” 
 
"Besides advising those customers who we know have used a non-HDFC Bank ATM in the recent past to change (their) ATM PIN, we are advising our customers to use only HDFC Bank ATMs as we believe security controls at some of the other bank ATMs may not be at par with HDFC Bank ATMs," a HDFC spokesperson told ET. 
 
On Wednesday, 600,000 SBI debit cards were hit and the bank has now asked customers to change their PIN numbers as well. 
 
"Based on the complaints we have received, we are suspecting a compromise on the non-SBI ATM network which could include various white-label ATM service providers. Therefore, as a precautionary measure, we have blocked six lakh debit cards. We have assured our customers that there has not been any breach on the ATM network of SBI," SBI Chief Information Officer Mrutyunjay Mahapatra told ET. 
 
Banks had been receiving multiple complaints from customers about cards being used in China at various ATMs and point of sale terminals. They in turn alerted Visa and MasterCard. A forensic audit is being conducted by Bengaluru-based payment security specialist SISA.

This may be one of India’s biggest financial data breaches; 3.2 million debit cards of SBI, HDFC, ICICI, YES Bank and Axis hit

After being hit by what can be termed as one of India’s biggest ever financial security breaches, Indian banks are rebooting security systems and refunding money to the customers. 
 Around 3.2 million debit card owners of banks such as State Bank of India (SBI), <keyword id="45123" type="CITY" weightage="20" keywordseo="HDFC">HDFC</keyword>, <keyword id="42456" type="CITY" weightage="20" keywordseo="ICICI">ICICI</keyword>, YES Bank and <keyword id="6355975" type="CITY" weightage="20" keywordseo="Axis-Bank">Axis Bank</keyword> were hit after a breach was reported which is said to have originated in malware introduced in systems of Hitachi Payment Services, enabling fraudsters to steal information allowing them to steal funds. 
 
After the breach was reported, SBI had asked their customers to change the PIN numbers of their debit cards as over 6 lakh debit cards were hit. 
 
Axis Bank said some cards have been replaced and many customers have been asked to change their PIN codes. Even ICICI and HDFC Bank have followed suit and informed their customers about the same. 
 
"Banks are currently conducting detailed investigations or assessment of all the transactions where money was lost due to the financial breach," a person with direct knowledge of the matter told ET. 
 
ATMs of certain banks disbursed money on the fraudulent cards and some of these banks which are abroad, mainly in China, have reached out to the Indian banks to reimburse them the money . 
 
"Like someone has used bank A 's debit card to withdraw money from ATM machine of bank B. We will be reimbursing all the customers who have lost their money within a week, and we are talking to other banks to sort out how to reimburse or collect money from them," a banker with one of the banks hit by the breach told ET. 
 
Quite a number of customers do not have their bank accounts linked with their mobile numbers, so it is difficult to alert them of such a possible breach," AP Hota, MD &amp; CEO, NPCI told ET. 
 
Meanwhile, the finance ministry and the Reserve Bank of India (RBI) have sought for a report on how many cards were compromised and the quantum of funds siphoned off. 
 
“There has to be some clarity from the RBI on when and to what extent is the customer liable if he fails to mitigate the damage done. Right now, it is not clear who will eventually take the fall in this case," Nishit Dhruva, Managing Partner, MDP &amp; Partners told ET. 
As per various reports, the breach has mainly affected the magnetic strip ATM cards.

Banks are rebooting security system on a war-footing
as hundreds of crores of rupees got exposed in debit card data theft

New Delhi, May 7 () Facebook-funded education technology firm Unacademy's data comprising over 20 million accounts has been hacked by cybercriminals and put up for sale in the dark web, according to cybersecurity firm Cyble. The hackers have claimed that they have access to the complete database of Unacademy and decided to leak only users' accounts at this point of time, Cyble said. The cyber intelligence firm added that further leaks are expected in the near future. "On May 3, 2020, Cyble Inc discovered that a threat actor had begun to sell an Unacademy user database containing 20 million accounts for USD 2,000. Unacademy is India's largest online learning platform. This data breach apparently took place in January 2020," Cyble claimed. When contacted, Unacademy co-founder and Chief Technology Officer Hemesh Singh said the company has been closely monitoring the situation and claimed that no sensitive information such as financial data or location has been breached. "As per our internal investigations, e-mail data of around 11 million users has been compromised as against 22 million stated in reports. This is on account of only around 11 million e-mail data of users available on the Unacademy platform," Singh said. He said the company is following stringent encryption methods and making it highly implausible for anyone to decrypt passwords. "We also follow an OTP-based login system that provides an additional layer of security to our users. We are doing a complete background check and will be addressing any potential security loophole to further bolster our efforts of ensuring a far more robust security mechanism. We are in communication with our users to keep them updated on the progress," Singh said. Facebook, General Atlantic, Sequoia India, Flipkart CEO Kalyan Krishnamurthy, and Nexus Venture Partners have invested in the company. According to Cyble, this breach can have an impact on security of other companies as well. "Cybercriminals are always on the lookout for such breaches and utilise them for credential stuffing attacks. We have seen accounts/records with domain names from Infosys, TCS, Cognizant, Reliance Industries, HDFC, Accenture, ICICI, SBI, Canara Bank, Bank of Baroda, Punjab National Bank and several other large organisations," Cyble said. PRS HRS

Facebook-funded Unacademy data hacked, claims cybersecurity firm

The <keyword id="6355302" type="General" weightage="100" keywordseo="rupee" source="Orion">rupee</keyword> has come substantially off its all-time low. Currently, it is trading around 81.64-81.70 against the US dollar as against its record low of 83 it breached in mid-October, primarily due to the strength in the US Dollar Index. Where is the Rupee headed now? ICICI Direct, which is part of ICICI Securities, expects the Rupee to appreciate towards 80 levels by the end of this fiscal year 2022-23 ending March. "We won't be surprised even if it breaks the major support level of 80 and appreciates further till 79.00 as well. We believe, the rupee may face a strong resistance near 83.50," Raj Deepak Singh, Analyst - F&amp;O, Currency and Commodity at ICICI Direct told in response to an email questionnaire. Further, on being asked whether the worst is over for the rupee, Singh said it looks like the circumstances were getting milder and may "turn the tables" soon for the Indian currency. "Softening of crude oil prices may be supportive for the domestic currency as it will reduce the import bills. Oil prices may remain in the range of USD 65-USD 90 per barrel even if OPEC+ continues with its production cut as demand concerns have taken the front seat," Singh said, adding that he believes India is in a much better place compared to its peers in terms of Inflation dynamics. Recent consumer price index data showed that inflation eased to 6.77 per cent from the five-month high of 7.41 per cent in September. Taking cues from declining inflation print, the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>, Singh said, may consider moderating the pace of its monetary policy tightening. "In addition to this pressure on other major central banks to keep raising interest rates took off after US Fed signalled a slowdown in the pace of rate hikes. Moderation in the pace of monetary tightening is the need of the hour," Singh added. The <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> had already hiked the key policy rate by 190 basis points in four tranches since May to 5.9 per cent to cool off domestic retail inflation that has stayed above the RBI's upper tolerance limit of 6 per cent. Also, the return of foreign portfolio investors into Indian stock markets has been quite positive for the Rupee. Foreign portfolio investors infused funds worth around Rs 35,000 crore in Indian stock markets in the month of November and became net buyers again, data from National Securities Depository showed. The latest inflow of funds supported Indian stock indices -- <keyword id="6484188" type="General" weightage="50" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="6354813" type="General" weightage="50" keywordseo="nifty" source="Orion">Nifty</keyword> - too, which are trading at their lifetime highs. Further, on the argument that the rupee is not depreciating but it is the US dollar, which is strengthening, he said: " If we see the current scenario, then the dollar has started losing its steam." "(US Fed) Meeting minutes also revealed that some of the officials were more anxious about the possibility of overdoing the increases. Dollar Index will face a strong resistance near 113 levels and may slip further till 102/100 levels in the coming months," Singh said. Currently, the US Dollar Index is hovering at around 106-107. The US Dollar Index is an index of the value of the dollar relative to a basket of other foreign currencies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-markets-open-tad-higher-ahead-of-gdp-data-zomato-sbi-ndtv-britannia-industries-among-stocks-to-watch/articleshow/95872706.cms">Indian markets open tad higher ahead of GDP data -- Zomato, SBI, NDTV, Britannia Industries among stocks to watch</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-17-paise-to-81-55-against-us-dollar/articleshow/95874184.cms">Rupee gains 17 paise to 81.55 against US dollar</a>

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