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<ul><li>Shouting or screaming is common, especially by <keyword id="636696" type="General" weightage="20" keywordseo="team-leaders" source="Orion">team leaders</keyword> in the sales function, which is a high pressure job, says Varada Pendse, an independent HR consultant. </li><li>Startups and their founders who chase fast growth are also proponents of a fashionable hustle culture that’s often dangerously close to abuse and toxicity. </li><li><keyword id="530113" type="General" weightage="20" keywordseo="hr-experts" source="Orion">HR experts</keyword> point out that the current law is also weak on harassment. </li></ul>A recent video of an HDFC Bank employee abusing his juniors on video call, went viral on social media. Enraged reactions have been pouring in since then with concerns being raised about lack of decorum, crazy targets set for employees and the overall work culture of an organisation. In the above case, HDFC Bank has <a href="https://twitter.com/HDFCBank_Cares/status/1665702138532757515?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1665702138532757515%7Ctwgr%5Ec242fb2427aa9cd56556f5d073e69e60398b1a1b%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.hindustantimes.com%2Findia-news%2Fhdfc-suspends-employee-after-video-of-him-abusing-co-workers-goes-viral-101685975962799.html">suspended the employee</a>, and initiated an investigation. “We at HDFC Bank have a zero tolerance policy for any form of misconduct at the workplace and firmly believe in treating all our employees with dignity and respect,” the bank said in a statement. While the vile screaming in the video has shocked many, HR (human resource) experts are not surprised and in fact say that it’s common across companies. “Workplace toxicity is not a rarity,” says Kamal Karanth, co-founder, Xpheno, a specialist staffing company, adding that toxicity manifests itself in different forms across teams and individuals — across sectors, not just banks. Varada Pendse, an independent HR consultant agrees that screaming is common, especially by team leaders in the sales function, which is a high pressure job with specific deliverables. “Berating employees, abusing and shouting is very standard. The usage of a four-letter word is also very consistent,” she adds. Yet another employee of a private bank that Business Insider spoke to alleges impossible targets which result in work hours that extend to 18 hours sometimes. Whose toxicity is it, anyway? Sales function, especially in banks and insurance companies, is a job of extensive pressures — and team leaders are mostly transferring the stress they feel from their seniors, to others down below. Most salespeople are high achievers who are also used to the culture of a toxic environment — and it has a cascading effect on the behaviour of the entire team. “They believe that it can give them results,” Pendse explains. Also, sales which is the lifeline of any organisation — is also a function where effort need not necessarily match the result. “If there is a role based on activity and not outcome there is a problem. A person may be working 10-15 hours a day, but the outcome may not necessarily reflect the activity,” explains A Balasubramanian, VP and business head at TeamLease Services. Experts believe that there are better ways in which management can motivate employees without passing on the heat they receive to their juniors. “If they can break it down into actionables that the juniors can absorb and execute it is great, otherwise it leads to such situations,” says Balasubramanian on the HDFC Bank viral video. Karanth says that startups and their founders who chase extensive growth in a short period of time —- are also proponents of a fashionable hustle culture. “It also rides dangerously close to abuse and toxicity. Good instructions empower individuals and their work, while abuse is debilitating. The thin line between instructions and abuse is hence the individual's intent behind the action,” he adds. From complaints box to social media Most organisations, be it large banks or even small firms, have HR policy that addresses most issues employees face at work. In most cases, complaints are encouraged. HR experts however say that the current law is also weak on harassment as such. “While there are provisions under the IPC for sexual harassment, there are no direct provisions for workplace abuse and harassment of non-sexual nature,” said Karanth. He adds that employees do have the right to invoke provisions related to defamation, slander, intentional use of abusive language, criminal intimidation etc. “When internal enterprise systems fail to hear and act against abuse, employees do have their individual right to seek civil or criminal action,” says Karanth. Pratik Vaidya, MD &amp; CVO, Karma Global, a staffing &amp; compliance organisation says that it’s necessary to have a workplace redressal committee within the organisation. “Generally, big organisations do have such a committee. The employee can approach the HR and complain of misconduct of the colleague and that can be recorded,” he added. The best way to tackle this problem is that the top management should guide team leaders to be more empathetic, according to Pendse. “The palate is shifting and the pandemic has changed the extent of resilience in people,” she explains.

Workplace toxicity is common but not enough gets recorded, say HR veterans

Reserve Bank of India has given its nod for the reverse <keyword id="42411" type="General" weightage="20" keywordseo="merger" source="Orion">merger</keyword> of <keyword id="6361420" type="General" weightage="20" keywordseo="idfc" source="Orion">IDFC</keyword> Ltd with its banking subsidiary <keyword id="7145428" type="General" weightage="20" keywordseo="idfc-first" source="Orion">IDFC First</keyword> Bank. The boards of IDFC First Bank and IDFC have approved the reverse merger in July. "....IDFC Limited and IDFC Financial Holding Company (IDFC FHCL) have received letters dated December 26, 2023 from <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> whereby RBI has conveyed its 'No Objection' to the composite scheme of amalgamation, subject to compliance with the terms specified therein," IDFC Ltd said in a regulatory filing. As part of the composite scheme of amalgamation, IDFC FHCL would first merge with IDFC and then IDFC into IDFC First Bank Ltd. The scheme remains subject to other statutory and regulatory approvals, including from the National Company Law Tribunal and the respective shareholders and creditors of the companies involved under the applicable laws, it said. Under the proposed reverse merger scheme, an IDFC <keyword id="6388677" type="General" weightage="20" keywordseo="shareholder" source="Orion">shareholder</keyword> will get 155 shares for every 100 shares she/he holds in the bank. Both stocks have a face value of Rs 10 each. Post the merger, the standalone book value per share of the bank will increase by 4.9 per cent, as calculated on the audited financials as of March 2023, it said, adding that as of June 2023, IDFC through its non-financial holding company, owned 39.93 per cent in IDFC First Bank. IDFC was an infra lender in the private sector space, and following its bigger peers like ICICI and IDBI, it also launched a banking subsidiary in 2015 -- IDFC Bank -- but could not make a mark as the other two could do. Like HDFC Bank, the merged IDFC First Bank will also have no promoter entity, but fully owned by institutional and public shareholders. IDFC began as an infra lender in 1997. It got in-principle approval from the RBI to set up a bank in April 2014, and in October 2015, it launched IDFC Bank when on-tap licensing began, following which loans and liabilities of IDFC were transferred to the bank. In December 2018, it took over Capital First, a consumer and MSME-focused non-bank since 2012, and was renamed as IDFC First Bank and became a full-service universal bank.

RBI approves IDFC-IDFC First Bank merger

<ul><li>Shares of <keyword id="6357149" type="General" weightage="20" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword>, gained close to 2% on Monday’s trade to ₹1,625 apiece on rural banking expansion plans.</li><li>As part of the plan, the lender also plans to hire 2,500 people over the next six months.</li><li>The bank’s management, in its July earnings call, had also indicated that the lender is looking at “solid growth” in the ongoing financial year. </li></ul>Shares of private sector lender, HDFC Bank, gained close to 2% on Monday’s trade to ₹1,625 apiece as its management looked to double the bank’s rural reach to over two lakh villages over the next two years. "India's rural and semi-urban markets are under-served in credit extension. They present sustainable long-term growth opportunities for the Indian banking system,” said Rahul Shukla, group head – commercial and rural banking at HDFC Bank in a press <a href="https://www.hdfcbank.com/personal/about-us/news-room/press-release/2021/q3/hdfc-bank-to-double-its-rural-reach-to-2-lakh-villages-in-2-years">statement</a> on Sunday. The statement was issued by the bank on the same day when Finance minister Nirmala Sitharaman prodded banks to expand their rural presence at an Indian Banks' Association event. "Even today many panchayats don't have a bank branch. I am not saying that you need to have a physical presence everywhere, digitisation has saved a lot of costs without compromising the service banks provide," she said on Sunday. As part of the plan, the lender also plans to hire 2,500 people over the next six months. The move, it said, will help the lender to expand its reach to one-third of rural India, while extending its leadership in lending to micro, small and medium enterprises. Currently, HDFC Bank offers its products and services to micro, small and medium enterprises (MSMEs) in over 550 districts. As of June 30, the bank had close to half of its 5,653 branches in semi-urban and rural India, along with 15,912 banking correspondents. Of its total retail advances worth ₹5.23 lakh crore, Kisan Gold card formed close to 9% at ₹46,868 crore. The bank’s commercial and rural banking loan book, as of June 30, rose 25% year-on-year to ₹3.86 lakh crore. HDFC Bank: Rural Banking Portfolio On A Steady Rise <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></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;">In Rs Lakh Crore </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;">30-Jun-20 </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;">31-Mar-21 </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;">30-Jun-21 </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;">Retail Loans </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;">4.19 </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;">4.61 </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;">4.58 </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;">Commercial &amp; Rural Banking Loans </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;"> 3.08 </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;">3.71 </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;">3.86 </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;">Other Wholesale Banking Loans </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;">2.86 </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;">3.09 </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;">3.15 </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;">Total </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;">10.14 </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;"> 11.43 </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;">11.59 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Public disclosures The rise in HDFC Bank stock prices in today’s trade, said Siji Philip, senior research analyst at Axis Securities, is a function of its management’s positive commentary on future growth, as well as its announcement to expand rural banking in the country. <div type="image" title="snapshot-1632724722101" msid="86549824" hostid="261"></div> “HDFC Bank management has been indicating positive growth in the current financial year with a strong comeback on the operating performance front. The growth in HDFC Bank’s stock price is also partly led by a strong market sentiment that has prevailed as the fear of an impending third COVID wave has weakened,” she said. The bank’s management, in its July earnings call, had also indicated that the lender is looking at “solid growth” in the ongoing financial year. “If I were to take any insights and share with you for the first 15 days trends for the month of July '21, HDFC Bank is echoing the projection of almost 100% of pre-COVID levels on the disbursement. And that gives me the optimism that in quarter two, which is July, August and September, we should be in a position to scale up rapidly on our growth rates,” said Arvind Kapil, the bank's country head for retail assets at HDFC Bank’s earning call in July. “...our assessment and our belief is that we should be back on course to achieve the original financial year plans and should close the year on a solid growth for the financial year,” he said. Last week, the bank said it would launch co-branded credit cards in partnership with Paytm. The launch, planned in October, it said will coincide with the festive season as the lender looks to tap into potentially higher consumer demand for credit card offers, EMIs and Buy Now Pay Later options, with the full suite of products to be on offer by the end of December. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/scientists-say-this-new-smartphone-sensor-can-detect-when-someone-consumes-marijuana/articleshow/86547421.cms">Scientists say this new smartphone sensor can detect when someone consumes marijuana</a> <a href="https://www.businessinsider.in/stock-market/news/reliance-industries-shares-hit-record-high-trading-at-over-2500/articleshow/86547883.cms">Reliance Industries’ shares hit record high, trading at over ₹2500 in early morning trade</a>

HDFC Bank is looking to hire 2,500 people in the next six months across India to double its rural cover

New York, Aug 17 (IANS) US-based investor rights law firm Rosen Law Firm has announced an investigation of potential securities claims on behalf of shareholders of HDFC Bank following allegations that the bank may have issued materially misleading business information to investors. The development follows after reports in July said that HDFC Bank had conducted an investigation into the "improper lending practices and conflicts of interests" in its vehicle-financing arm. The law firm's statement said that post the media reports, HDFC Bank's American depositary receipt price fell $1.37 per share, or 2.83 per cent, to close at $47.02 per share on July 13, 2020. On July 19, 2020, the NYSE-listed HDFC Bank reported its financial results for the first quarter of the Bank's 2021 fiscal year, missing analyst estimates with respect to net profit and reporting a deterioration in its asset quality, the statement noted. "Rosen Law Firm is preparing a securities lawsuit on behalf of HDFC Bank shareholders. If you purchased securities of HDFC Bank please visit the firm's website at http://www.rosenlegal.com/cases-register-1922.html to join the securities action," it said. The firm said that it represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Last year the law firm had filed a class action lawsuit against Infosys after an anonymous whistleblower group accused the software giant's management of "unethical" steps to boost short-term revenue and profits. --IANS rrb/sn/kr

Rosen Law to initiate class action lawsuit against HDFC Bank

Equity benchmark <keyword id="6484188" type="General" weightage="100" keywordseo="sensex" source="Orion">Sensex</keyword> rose over 100 points in opening trade on Monday, tracking gains in index heavyweights <keyword id="6357149" type="General" weightage="20" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword>, <keyword id="6355199" type="General" weightage="20" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> and <keyword id="6407278" type="General" weightage="20" keywordseo="kotak-bank" source="Orion">Kotak Bank</keyword> amid a positive trend in global markets. After opening over 100 points lower, the 30-share Sensex recovered the losses and gained 100.22 points or 0.17 per cent to trade higher at 60,159.28. Similarly, the <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword> rose 52.05 points or 0.29 per cent to 17,947.25. Later, NSE Nifty hit the 18,000-mark. This is the first time the index has hit the milestone. Maruti was the top gainer in the Sensex pack, rallying over 3 per cent, followed by <keyword id="45179" type="General" weightage="20" keywordseo="ntpc" source="Orion">NTPC</keyword>, <keyword id="66427" type="General" weightage="20" keywordseo="powergrid" source="Orion">PowerGrid</keyword>, Kotak Bank, Bajaj Finserv and Bajaj Auto. On the other hand, TCS was the top loser in the Sensex pack, shedding over 6 per cent, after the company's Q2 earnings missed street expectations. According to an Emkay Global note, TCS Q2 operating performance missed expectations, reporting lower-than-expected revenue and earnings before interest, taxes and corporate overhead or management (EBITM). The company on Friday reported a 14.1 per cent rise in consolidated net profit to Rs 9,624 crore in the September 2021 quarter. Following suit, all IT stocks in the index were trading in the red. In the previous session, the 30-share index jumped 381.23 points or 0.64 per cent to close at 60,059.06, and Nifty rose 104.85 points or 0.59 per cent to its fresh closing peak of 17,895.20. Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 64.01 crore on Friday, as per exchange data. Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo were trading with gains in mid-session deals, while Seoul was closed for a holiday. Meanwhile, international oil benchmark <keyword id="144508" type="General" weightage="20" keywordseo="brent" source="Orion">Brent</keyword> crude rose 1.43 per cent to USD 83.57 per barrel. (With inputs from PTI) SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/aditya-birla-sun-life-amc-ipo-list-at-2-premium-only/articleshow/86929156.cms">Shares of Aditya Birla Sun Life AMC sees a tepid listing, opens at 2% premium</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/tcs-shares-price-down-despite-a-stronger-dollar-thats-good-for-future-profits/articleshow/86929360.cms">TCS shares plunge more than 6% despite a stronger dollar that’s good for future profits</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/defense/news/india-china-border-issue-india-china-border-issue-in-ladakh-india-china-border-india-military-power-china-military-power/articleshow/86929899.cms">India and China militaries fail to agree on a border line at Depsang and Hot Springs</a>

Sensex rises over 100 points in early trade, Nifty hits 18,000 for the first time — Maruti, NTPC, PowerGrid top gainers

<ul><li><keyword id="11148714" type="UNKNOWN" weightage="20" keywordseo="Crypto-Regulations">Crypto regulations</keyword> in India have been unclear, to say the least, but a concrete direction is expected later this year.</li><li>An RBI circular from 2018 was struck down by the country’s Supreme Court in March last year.</li><li>India has been working on a “calibrated” approach towards crypto, its finance minister had said.</li></ul>India’s <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> retracted an email sent to customers late last week, which warned them about dealing in <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrency</a> transactions. The company had sent an email over the last weekend, which cited a 2018 order from the Reserve Bank of India (RBI) — the country’s central bank — to essentially say that cryptocurrency transactions are illegal in India. However, the central bank later clarified, on May 31, that the 2018 circular had been struck down by the Supreme Court of India (SC) and can’t be cited. “As such, in view of the order of the Hon’ble Supreme Court, the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from,” the RBI had said in its <a href="https://rbidocs.rbi.org.in/rdocs/notification/PDFs/45VIRTUALCURRENCIES37FE644EF97F4A36AAB951C73A411E96.PDF">circular</a>. Post this clarification coming in from the RBI, HDFC Bank has sent fresh emails to its customers asking them to ignore the earlier cautionary note. “We wish to update you that in the light of the advisory issued by RBI…dated May 31, 2021, on ‘Customer Due Diligence for transactions in Virtual Currencies’, we request you to ignore our earlier communication dated May 28, 2021,” according to the email. “Inconvenience caused is regretted,” the new email from HDFC Bank <a href="https://twitter.com/DocumentingBTC/status/1400426099633528836/photo/1">said</a>. <div type="twitter" handle="DocumentingBTC" handlename="Documenting Bitcoin 📄" image="http://pbs.twimg.com/profile_images/1369025687743500288/-4tdBSu5_normal.jpg" favoritecount="2244" retweetcount="446" status="HDFC Bank, India’s largest private sector bank, just told its clients to “ignore” their previous warning about ‘Vir… https://t.co/yO0t7Y9DVN" createdat="1622722575000" id="1400426099633528836"></div> The State Bank of India had also sent letters to customers, meant to deter them from dealing in crypto. However, it didn’t cite the 2018 RBI ruling. “The Reserve Bank of India has repeatedly through its public notices cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies,” the SBI letter <a href="https://www.businessinsider.in/cryptocurrency/news/indias-banks-started-withdrawing-services-from-crypto-exchanges-earlier-this-month/articleshow/83109454.cms">said</a>. “RBI has not given any license/authorization to entities regulated by them to operate in cryptocurrency schemes or any form of virtual currencies such as Bitcoins,” the letter added. Where do India’s regulations on crypto stand? India’s cryptocurrency regulations have been unclear, to say the least. The issues began in 2018, when the RBI issued a circular that asked all financial entities regulated by it to stop dealing with crypto companies. This order was struck down by India’s Supreme Court in March last year, which cited proportionality concerns with the order. This led to a period of sustained growth for crypto exchanges in India, especially on the back of bull runs by various cryptocurrencies last year. Exchanges like WazirX have <a href="https://www.livemint.com/market/cryptocurrency/indias-largest-crypto-exchange-crossed-2-billion-in-trading-volumes-in-feb-11614759147828.html">recorded</a> up to $2 billion in total trading value in February this year, but that’s when issues began again. Just ahead of the budget session of India’s Parliament, a listing on the <a href="https://www.livemint.com/market/cryptocurrency/whats-in-store-for-the-country-s-crypto-industry-11616432928274.html">Parliament’s agenda</a> said that a new bill would be proposed during the session. This bill would aim to ban all cryptocurrencies in India, and lay the framework for an RBI-regulated central bank digital currency (CBDC). This led to confusion amongst traders, investors and the overall crypto community, about whether the industry would become illegal in India. The bill wasn’t brought up during the session, but that could have been because the second wave of COVID-19 infections in the country cut the Budget session short this year. But the concerns mounted late last month, when an <a href="https://www.businessinsider.in/cryptocurrency/news/users-not-able-to-deposit-money-on-indian-crypto-exchanges-right-now/articleshow/82831355.cms">informal guidance from the RBI</a> to banks, led lenders to stop dealing with <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto exchanges</a> and companies again. Exchanges had to stop taking rupee deposits from users, almost overnight, and haven’t been able to restore services since. However, regulations still remain unclear. There is no order, law or notice in India that makes dealing in cryptocurrency illegal. Finance Minister Nirmala Sitharaman has <a href="https://www.livemint.com/market/cryptocurrency/fms-push-for-calibrated-approach-on-crypto-trading-calms-frayed-nerves-11615112421872.html">said</a> that the government is considering a “calibrated” approach to cryptocurrencies in India, and a clearer direction is expected later this year. The crypto industry has also been working on <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-zebpay-crypto-and-others-are-setting-up-their-own-self-regulation-board-in-india/articleshow/83203195.cms">self regulating</a> under industry body IAMAI (Internet and Mobile Association of India). The Blockchain and Crypto Assets Council (BACC), which has been set up under the IAMAI, had welcome the RBI’s clarification earlier this week, and said it has set up a self-regulatory code of conduct for its members, which includes top exchanges like WazirX and CoinDCX. “It is well known that with 15 million users and upwards of 10,000 crores held by small investors, India is among the top players globally in the crypto market and for the welfare of the users it is very important that crypto assets are regulated,” the council said on June 1. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/gdp-growth-projection-revised-by-rbi-to-9-5-leaves-rates-unchanged/articleshow/83226348.cms">RBI leaves rates unchanged as it lowers GDP growth projection to 9.5%, targets 5.1% inflation</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-app-is-adding-a-new-feature-to-help-you-replace-snapchat-completely/articleshow/83226216.cms">WhatsApp rips off another Snapchat feature — this time Disappearing Mode</a> <a href="https://www.businessinsider.in/tech/apps/news/google-camera-app-is-expected-to-receive-an-update-that-lets-you-capture-the-night-sky-in-motion/articleshow/83228479.cms">Google Camera update might add the ability to capture the night sky in time-lapse</a>

HDFC Bank withdraws letter on crypto transactions after RBI clarifies that its 2018 circular is no longer valid

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>

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HDFC Bank withdraws letter on crypto transactions after RBI clarifies that its 2018 circular is no longer valid

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

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