Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

(Eds: Recasting intro)New Delhi, Mar 6 () State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan, with Finance Minister Nirmala Sitharaman assuring that depositors' money is safe. A day after imposing moratorium on Yes Bank and restricting withdrawals, the RBI on Friday evening issued a draft reconstruction scheme for the private sector lender and said SBI has "expressed its willingness" to make an investment. Earlier in the day, SBI Chairman Rajnish Kumar met the finance minister. A former SBI CFO has already been appointed administrator of the Yes Bank, whose board has been superseded. "The investor bank shall agree to invest in the equity of the reconstructed bank to the extent that post infusion it holds 49 per cent shareholding in the reconstructed bank at a price not less than Rs 10 (Face value of Rs 2) and premium of Rs 8," as per the RBI proposa. SBI has already obtained an 'in-principle' approval of the board to explore investment opportunity in Yes Bank. From the appointed date, the authorised capital of the private sector bank would stand altered to Rs 5,000 crore and the number of equity shares at 2,400 crore having face value of Rs 2 each. While talking to reporters, the finance minister said she was in continuous interaction with the RBI, which is fully seized of the matter. Sitharaman further said no depositor will lose his or her money and insisted that the immediate priority is to ensure Yes Bank customers are able to withdraw money within the stipulated cap. "I want to assure every depositor that their money shall be safe. Their monies are safe," she said. "I am constantly in contact with the RBI and the steps that are taken are taken in the interest of depositors, banks and economy. We are fully seized of the development." Earlier in the day, RBI Governor Shaktikanta Das said Yes Bank resolution efforts are aimed at maintaining "stability and resilience" in the Indian financial sector and the difficulties will be overcome "very swiftly". The 30-day moratorium deadline is an "outer limit", he said at a banking event in Mumbai, reiterating that the interest of depositors will be "fully protected". He also defended the timing of the move as "appropriate", saying Yes Bank was unable to come up with a solution despite being given time for internal resolution. Yes Bank has been struggling to raise capital. It sought to raise USD 2 billion initially during this fiscal, which was then pruned to USD 1.2 billion as it could not rope in any investor. Also, the bank had deferred announcement of its financial results for the third quarter ended December. The bank had told stock exchanges that it will publish the same on or before March 14, 2020. Stock of Yes Bank plunged by over 80 per cent during intra-day trade on BSE and closed 56.04 per cent down at Rs 16.20 apiece. NKD CS RAM

SBI to pick up 49 pc stake in Yes Bank

New Delhi, Jun 15 () <keyword id="6534999" type="UNKNOWN" weightage="20" keywordseo="sbi-card">SBI Card</keyword> on Monday announced the launch of Video Know Your Customer (VKYC) feature to ensure zero contact, hassle-free customer onboarding process. This launch is in line with <keyword id="13222" type="CITY" weightage="20" keywordseo="SBI">SBI</keyword> Card's endeavour to establish an end-to-end paperless, digital sourcing and onboarding process, India's largest pure-play credit card issuer said in a release. "VKYC launch will not only have a substantial impact on fraud reduction, but it will also reduce cost of the KYC process by nearly half," it said. With social distancing being the new normal, VKYC enables a customer to undergo a completely presence-less journey, without the need to physically interact with anyone. As per the release, VKYC process uses techniques such as facial recognition, dynamic verification code, live photo capture facial recognition, and geotagging among others, as mandated by RBI guidelines, making it more safe and secure than physical KYC process. "We are a technology driven company and have made strategic investments to create state-of-the art infrastructure, both at the back end and front end, to improve our user experience. Technology has been meticulously deployed to digitise the customer journey at every step and make the entire process seamless," said Hardayal Prasad, MD and CEO, SBI Card said. He further said that in a scenario, where social distancing has become the norm, this feature holds immense relevance for the customers. "We expect it to gain significant traction." SBI Card has launched VKYC following recent RBI guidelines permitting Video based Customer Identification Process (V-CIP) as a method of establishing customer identity together with e-sign process.

SBI Card launches VKYC feature to ensure zero contact with customer

The country's largest lender <keyword id="6354731" type="General" weightage="20" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> (<keyword id="13222" type="General" weightage="100" keywordseo="sbi" source="Orion">SBI</keyword>) on Wednesday reported a 69 per cent jump in its consolidated <keyword id="6431508" type="General" weightage="20" keywordseo="net-profit" source="Orion">net profit</keyword> at ₹8.889.84 crore for the second quarter ended September 30 on account of decline in bad loans. The bank's net profit was ₹5,245.88 crore in the July-September quarter of <keyword id="1547700" type="General" weightage="20" keywordseo="previous-fiscal" source="Orion">previous fiscal</keyword>, SBI said in a regulatory filing. The total income of the SBI group rose to Rs 1,01,143.26 crore in the quarter under review, compared to ₹95,373.50 crore in the year-ago period. On a standalone basis, the bank's net profit rose 67 per cent to ₹6504 crore as against ₹4,574.16 crore. The lender's total income increased to ₹77,689.09 crore from ₹75,341.80 crore in the July-September quarter of last fiscal. The asset quality of the bank improved with the gross non-performing assets (<keyword id="127693" type="General" weightage="20" keywordseo="npas" source="Orion">NPAs</keyword>) declining to 4.90 per cent of the gross advances as on September 30, 2020, from 5.28 per cent a year ago. Net NPAs or bad loans too declined to 1.52 per cent of the advances from 1.59 per cent in the year-ago period. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/hubble-telescope-once-again-enters-safe-mode-science-operations-shut/articleshow/87506599.cms">Hubble telescope once again enters safe mode, science operations shut</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/google-announces-scholarship-for-female-computer-science-students-residing-in-asia-pacific-countries/articleshow/87505399.cms">Google announces scholarship for female computer science students residing in Asia-Pacific countries</a>

SBI reports strong net profit as bad loan eases down

UTI Asset Management Company (AMC) has received markets regulator Sebi's go ahead to raise a little over Rs 3,000 crore through its initial public offering (IPO). The IPO of the country's largest asset management company in terms of total assets under management (AUM) comprises sale of 3,89,87,081 equity shares by existing shareholders, according to the <keyword id="9447718" type="UNKNOWN" weightage="20" keywordseo="draft-red">draft red</keyword> herring prospectus (DRHP). State Bank of India (SBI), <keyword id="6365973" type="COMPANY" weightage="20" keywordseo="life-insurance-corporation">Life Insurance Corporation</keyword> (LIC) and Bank of Baroda are offering to sell 1,04,59,949 shares each, while Punjab National Bank (PNB) and T Rowe Price International are planning to offload 38,03,617 shares each. The public offer is expected to raise a little over Rs 3,000 crore, market sources said. UTI AMC, which had filed draft papers with Sebi in December 2019, obtained its observations on June 16, latest update with the markets watchdog showed. Sebi's observations are necessary for any company to launch <keyword id="122704" type="PERSON" weightage="20" keywordseo="public-issues">public issues</keyword> including initial share-sale, follow-on public offer and rights issue. SBI, LIC, Punjab National Bank and Bank of Baroda hold 18.5 per cent stake each in UTI AMC. The US-based T Rowe Price holds 26 per cent stake in the company. <keyword id="39409" type="COMPANY" weightage="20" keywordseo="Kotak">Kotak</keyword> Mahindra Capital, Axis Capital, CitiBank, DSP Merrill Lynch, ICICI Securities, JM Financial and SBI Capital Markets are the book running lead managers to the offer. The shares of the company are proposed to be listed on BSE and NSE. As of September 30, 2019, the company had the largest share of monthly average AUM. In December 2019, Sebi had asked SBI, LIC and PNB to dilute their stakes to below 10 per cent in UTI AMC by December next year. Under Sebi's mutual fund regulations, a shareholder or a sponsor owning at least 10 per cent stake in an AMC is not allowed to have 10 per cent or more stake in another mutual fund house operating in the country. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/markets/news/hcl-tech-infoedge-biocon-and-peers-safe-stocks-for-2020/articleshow/76523192.cms" data-type="tilCustomLink"> HCL Tech, InfoEdge, Biocon and their peers may be safe stocks to hide for the rest of 2020</a> <a href="https://www.businessinsider.in/tech/news/googles-sundar-pichai-facebook-and-amazon-heres-how-american-companies-reacted-to-donald-trumps-h1-b-visa-freeze/articleshow/76522530.cms" data-type="tilCustomLink">Google’s Sundar Pichai, Facebook and Amazon — here’s how American companies reacted to Donald Trump’s H1-B visa freeze</a>

The IPO from India's largest asset management company UTI AMC is ready to hit the street

<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

<keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword> in collaboration with Visa and banking partners on Monday rolled out tokenisation across its platform, enabling users to safely transact with their cards and use Tap-to-pay feature on near-field communication (NFC)-enabled point of sale (POS) terminals and online merchants. The feature is now available to users of Axis and SBI Card, with Kotak and more banks expected to follow suit very soon. With tokenisation, Google Pay <keyword id="6355645" type="UNKNOWN" weightage="20" keywordseo="Android">Android</keyword> users can use their debit or credit card to make payments through a secure digital token attached to their phone without having to physically share their credit or debit card details. "We are hopeful that the tokenisation feature will further encourage users to transact securely and safely in the current times, and expand merchant transactions both online and offline," said Sajith Sivanandan, Business Head: Google Pay and NBU-India. The feature also works with online merchants, delivering more native and seamless OTP experiences without any redirects to 3D Secure sites. With tokenisation, Google Pay will enable NFC-capable Android devices to make contactless payments at over 2.5 million Visa merchant locations. It will allow users to scan and pay at more than 1.5 million Bharat QR enabled merchants and the customers can pay bills and recharges from within their Google Pay app using their card. "Visa recently crossed over 1 billion token credentials globally and with Google Pay live in India, we expect these numbers to rise significantly. We are excited to partner with Google to further accelerate digital payment innovations in times to come for the Indian market and beyond," said TR Ramachandran, Group Country Manager, Visa, India &amp; South Asia. To enable the tap and pay feature using the smartphone phone, users will have to do a one-time set up by entering their card details and follow it by entering the OTP they get from the bank to add their card to the Google Pay app. After the registration, the feature can be used to make payments at NFC-enabled terminals, the company said. "We are already live for Axis and SBI Card holders with Visa payments network and are working closely with Kotak and other banking partners to further expand the adoption of card-based payments with tokenisation in India," Sivanandan added. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/top-ten-phishing-examples-and-tricks-used-by-companies-to-test-their-employees-cybersecurity-smarts/slidelist/78228072.cms">Top ten phishing tricks that companies are using to test their employees’ cybersecurity smarts</a> <a href="https://www.businessinsider.in/stock-market/markets/news/indian-tech-companies-hcl-tech-wipro-infosys-tcs-share-price-are-green-today/articleshow/78228700.cms">It’s not just the DWS deal, Morgan Stanley's outlook has painted HCL Tech green⁠ — along with TCS, Infosys and Wipro</a> <a href="https://www.businessinsider.in/tech/apps/news/google-hits-back-at-paytm-reiterates-that-repeated-policy-violations-will-lead-to-stricter-actions/articleshow/78229677.cms">Google hits back at Paytm ⁠— reiterates that ‘repeated policy violations’ will lead to stricter actions</a>

Google Pay partners with Visa bringing tap-to-pay for Indian users

New Delhi, Mar 19 () To tide over liquidity issue, the Reserve Bank of India (RBI) has extended Rs 60,000-crore credit line to Yes Bank so that it meets obligation of depositors, sources said. This is in line with assurance given by RBI Governor Shaktikanta Das on Monday saying the regulator was ready to offer liquidity if required after lifting of moratorium. "I would like to mention that Yes Bank has enough liquidity to meet any requirement. If there is a requirement, the RBI will provide necessary liquidity support," he had said. "Never in the history of banks (in India) have depositors lost money. The point is, depositors' money is absolutely safe," Das also said. As per Section 17 of RBI Act 1934, the central bank can provide liquidity support to any lender in the form of loans and advances against collateral such as stocks, funds and securities (other than immovable property) in which a trustee is authorised to invest trust money by an Act of Parliament. According to the sources, the RBI's assessment found Yes Bank had liquidity issues but no solvency problem or any other issue. The line of credit, however, comes with a caveat -- the first such exercise by the central bank, the sources said. Since the RBI is the 'lender of the last resort', as per terms of arrangement, Yes Bank would have to exhaust immediate liquid assets before accessing this fund, the sources added. On March 5, the RBI had imposed a moratorium as well as superseded the board of the then struggling Yes Bank. Deposit withdrawals were capped at Rs 50,000 per account apart from other restrictions. Subsequently, the government on March 13 notified a rescue plan for Yes Bank, led by State Bank of India (SBI) and joined by other lenders, as it looked to shield the banking sector from a widespread crisis. The private sector lender has got support from its largest investor State Bank of India (SBI), which holds 48.21 per cent stake in the bank. SBI alone has invested Rs 6,050 crore into the bank. ICICI Bank and HDFC (Rs 1,000 crore each), Axis Bank (Rs 600 crore), Kotak Mahindra Bank (Rs 500 crore), Bandhan Bank and Federal Bank (Rs 300 crore each) and IDFC First (Rs 250 crore) have invested in Yes Bank. Yes Bank's deposit base eroded by Rs 72,000 crore to Rs 1.37 lakh crore as of March 5, 2020. The same was at Rs 2.09 lakh crore as of December 31, 2019, as per data shared by the bank last Friday. DP HRS

RBI extends Rs 60,000-cr credit line to Yes Bank

New Delhi, Mar 6 () Yes Bank's RBI-appointed administrator Prashant Kumar on Friday said a solution is being worked upon the revive the lender well before the moratorium period of 30 days ends. Kumar, an ex-chief financial officer of SBI, also assured depositors that their money is safe and there is no reason to panic. "The current moratorium has been brought into effect keeping the depositors' interest in mind and towards restoring their confidence. A solution is being worked upon to revive the Bank well before the moratorium period of thirty days ends," Kumar said in a statement issued by Yes Bank. Yes Bank was late on Thursday placed under a moratorium, with the RBI capping deposit withdrawals at Rs 50,000 per account. The bank will also not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. The moratorium period will be in place till April 3, 2020. "The Bank is also taking necessary steps to ensure seamless transactions for the customers. We assure the depositors that their money is safe and there is absolutely no reason to panic," Kumar said. He also sought support from customers, adding, "Look forward to continued support from the depositors as an advisory to customers." The Mumbai-headquartered private sector lender said it remains available to address all queries and clarifications. "Depositors are requested to get in touch with the nearest branch for any assistance," it added. KPM AA ABM

Yes Bank administrator Kumar says working to revive bank 'well before' moratorium period ends

Mumbai, In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement (<keyword id="6356014" type="ORGANIZATION" weightage="20" keywordseo="rtgs">RTGS</keyword>) system, used for large value transactions, will be made available round-the-clock in the next few days. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month. <keyword id="7268643" type="UNKNOWN" weightage="20" keywordseo="rbi-governor-shaktikanta-das">RBI Governor Shaktikanta Das</keyword> said RTGS system will soon be made available 24x7 in the next few days... with this enablement, it is proposed to reduce settlement and default risk in the system by facilitating settlement of AePS, IMPS, NETC, NFS, RuPay, UPI transactions on all days of the week instead of five days earlier." This will make the payment ecosystem more efficient, he added. In order to expand adoption of digital payment in a safe and secure manner, he said, it has been decided to enhance the limits for contactless card transactions and e-mandates for recurring transactions through cards and UPI from ₹2,000 to ₹5,000 from January 1, 2021. This will depend on mandate and discretion of customers, he said. Contactless card transactions and e-mandates on cards (and UPI) for recurring transactions have enhanced customer convenience in general while benefitting from increased use of technology, the statement on <keyword id="10377821" type="COMPANY" weightage="20" keywordseo="developmental-and-regulatory-policies">Developmental and Regulatory Policies</keyword> by the Reserve Bank of India (RBI) said. These are also well-suited to make payments in a safe and secure manner, especially during the current pandemic, it said, adding, the recent instructions on disablement of contactless feature on cards and empowering customers to control the limits on their cards have also brought in added safety for users. Operational instructions will be issued separately. It is to be noted that RBI stopped levying charges on transactions through NEFT and RTGS from July 2019, with an aim to promote digital transactions in the country. RTGS is meant for large-value instantaneous fund transfers, while NEFT is used for fund transfers of up to ₹2 lakh. In order to deepen financial inclusion and protect customers by promoting financial literacy, a community led participatory approach through Centres for Financial Literacy (CFL) was implemented by the RBI through select banks and non-governmental organisations as a pilot project in 2017. It is now proposed to expand the reach of the CFLs from 100 blocks currently to every block in the country in a phased manner by March 2024, he said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-ril-airtel-indigo-spicejet-sbi-bank-of-baroda-vodafone-idea-granules-india-and-others/articleshow/79557810.cms">Top stocks to watch — RIL, Airtel, IndiGo, SpiceJet, SBI, Bank of Baroda, Vodafone-Idea, Granules India, and others</a> <a href="https://www.businessinsider.in/business/corporates/news/ultratech-cements-5477-crore-expansion-plan-is-a-sign-that-birla-is-betting-on-a-faster-economic-recovery/articleshow/79549626.cms">UltraTech Cement's ₹5,477 crore expansion plan is a sign that Birla is betting on a faster economic recovery</a> <a href="https://www.businessinsider.in/tech/news/sbis-mobile-banking-app-is-down-for-the-third-time-in-last-30-days/articleshow/79548953.cms">SBI’s mobile banking app is down for the third time in 30 days — digital services take a hit for the 25th time this year</a>

You Searched For "is sbi safe" and got 9 results

SBI to pick up 49 pc stake in Yes Bank

PTI

SBI Card launches VKYC feature to ensure zero contact with customer

PTI

SBI reports strong net profit as bad loan eases down

PTI

The IPO from India's largest asset management company UTI AMC is ready to hit the street

PTI

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

Prabhjote Gill

Google Pay partners with Visa bringing tap-to-pay for Indian users

IANS

RBI extends Rs 60,000-cr credit line to Yes Bank

PTI

Yes Bank administrator Kumar says working to revive bank 'well before' moratorium period ends

PTI

RTGS fund transfer system will be available 24x7 in the next few days, says RBI

PTI

Popular Keywords

Buying Guides