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Mumbai, The <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> on Monday released a 'draft framework for recognising <keyword id="20198317" type="General" weightage="20" keywordseo="self-regulatory-organisations" source="keywords">Self-Regulatory Organisations</keyword> (SRO) for <keyword id="19942953" type="General" weightage="20" keywordseo="fintech-sector" source="keywords">FinTech Sector</keyword>', laying down the characteristics of a <keyword id="19945816" type="General" weightage="20" keywordseo="fintech" source="keywords">FinTech</keyword> SRO, and includes the required functions and governance standards. FinTechs are significantly reshaping the landscape of financial services by streamlining processes, improving accessibility, and reducing costs. Achieving a healthy balance between facilitating innovation by the industry on the one hand, and meeting regulatory priorities in a manner that protects consumers and contains risk, on the other, is crucial to optimising the contribution of the FinTech sector, the RBI said. "Self-regulation within the FinTech sector is a preferred approach for achieving the desired balance," the central bank stated. According to the RBI draft framework, the SRO-FT would derive its strength from its membership, ensuring that it is truly representative of the FinTech sector. Through comprehensive membership agreements that encompass a broad spectrum of industry players, the SRO-FT should gain the legitimacy and credibility to not only frame baseline standards and rules of conduct codes, but also to effectively monitor and enforce them. The SRO-FT must be looked up to and accepted by the industry as the key body for setting market standards, defining rules of conduct and ensuring voluntary adoption of the common framework by its members, the RBI said. The framework also states that the SRO-FT should be development-oriented, actively contributing to the growth and evolution of the industry. This involves providing specialised knowledge and expertise, offering guidance, and contributing to capacity building through training programs, and prescribing minimum eligibility criteria for its members. Also, members should perceive the SRO-FT as a legitimate arbiter of disputes. This would require a transparent and fair resolution mechanism for disputes arising among members that instils confidence in the FinTech industry. By efficiently handling conflicts and grievances, the SRO-FT would contribute to a more stable and harmonious FinTech environment. A proactive <keyword id="20198316" type="General" weightage="20" keywordseo="sroft" source="keywords">SROFT</keyword> should be capable of motivating its members to align with regulatory priorities. This would involve facilitating communication between industry players and regulatory bodies, advocating for necessary changes, and promoting a culture of compliance. The SROFT, as its duty towards ensuring compliance, should be empowered to investigate and take disciplinary action against its members for non-adherence to codes/standards/rules. The RBI said comments from stakeholders and members of the public on the draft framework may be sent by end February 2024, through e-mail. The final framework will be issued taking into account stakeholder and public responses.

RBI releases draft framework for Fintech sector self-regulatory organisations

New Delhi, May 14 () The organised private sector in India is planning to have major job cuts/layoffs due to the coronavirus pandemic and lockdown that have significantly impacted the economic activities, says a report. According to the latest results of MyHiringClub.com and Sarkari-Naukri.info Layoff Survey 2020, 68 per cent of the employers surveyed have either started the layoff process or are planning to. The online survey covered 1,124 companies across 11 industry sectors in 25 major cities. The survey was conducted between May 1 to May 10, 2020. Among the surveyed organizations, 73 per cent said they have plans to decrease the salary of employees, 57 per cent said this layoff is temporary, while 21 per cent said they are doing permanent layoffs for at least 2 years. Interestingly, 32 per cent employers did not have any job cut/layoff plans. "All industries are suffering in the current pandemic situation and the pain is now translating into layoff in every industry at every level. Companies are even cutting salaries of those employees whom they are planning to retain. "This crisis is very much temporary and once companies come out of this, new job creation and hiring will surely start," said Rajesh Kumar, CEO, MyHiringClub.com &amp; Sarkari-Naukri.info. Kumar further said "industries like aviation, hospitality, travel, FMCG, retail, automobile &amp; manufacturing will suffer more and will take longer duration to recover due to a halt in spending. Job cuts, salary reduction and business downfall are major reasons for spending less in the current situation." The survey noted that the percentage of layoff is highest in Retail &amp; FMCG sector at 49 per cent, followed by Hospitality / Aviation / Travel (48 per cent), Automobile / Manufacturing &amp; Engineering (41 per cent), Real Estate (39 per cent), Power Sector (38 per cent). As per the survey, employees with experience between 6-10 years are likely to witness highest number of layoff at 31 per cent, followed by those with experience between 11-15 years (30 per cent). For employees with more than 15 years of experience, the likely layoff percentage stood at 21 per cent, while for junior level employees (experience between 1-5 years), it was 18 per cent. The country is currently under a nationwide lockdown which was imposed in March to combat the coronavirus pandemic. The lockdown, extended twice, is scheduled to end on May 17. DRR ANUANU

COVID-19 Effect: Organised pvt sector planning layoffs, salary cut

(Eds: Changing headline ) New Delhi, May 14 () The organised private sector in India is planning to have major job cuts/layoffs due to the coronavirus pandemic and lockdown that have significantly impacted the economic activities, says a report. According to the latest results of MyHiringClub.com and Sarkari-Naukri.info Layoff Survey 2020, 68 per cent of the employers surveyed have either started the layoff process or are planning to. The online survey covered 1,124 companies across 11 industry sectors in 25 major cities. The survey was conducted between May 1 to May 10, 2020. Among the surveyed organizations, 73 per cent said they have plans to decrease the salary of employees, 57 per cent said this layoff is temporary, while 21 per cent said they are doing permanent layoffs for at least 2 years. Interestingly, 32 per cent employers did not have any job cut/layoff plans. "All industries are suffering in the current pandemic situation and the pain is now translating into layoff in every industry at every level. Companies are even cutting salaries of those employees whom they are planning to retain. "This crisis is very much temporary and once companies come out of this, new job creation and hiring will surely start," said Rajesh Kumar, CEO, MyHiringClub.com &amp; Sarkari-Naukri.info. Kumar further said "industries like aviation, hospitality, travel, FMCG, retail, automobile &amp; manufacturing will suffer more and will take longer duration to recover due to a halt in spending. Job cuts, salary reduction and business downfall are major reasons for spending less in the current situation." The survey noted that the percentage of layoff is highest in Retail &amp; FMCG sector at 49 per cent, followed by Hospitality / Aviation / Travel (48 per cent), Automobile / Manufacturing &amp; Engineering (41 per cent), Real Estate (39 per cent), Power Sector (38 per cent). As per the survey, employees with experience between 6-10 years are likely to witness highest number of layoff at 31 per cent, followed by those with experience between 11-15 years (30 per cent). For employees with more than 15 years of experience, the likely layoff percentage stood at 21 per cent, while for junior level employees (experience between 1-5 years), it was 18 per cent. The country is currently under a nationwide lockdown which was imposed in March to combat the coronavirus pandemic. The lockdown, extended twice, is scheduled to end on May 17. DRR ANU

Organised pvt sector plans layoff, salary cut amid COVID-19 crisis: Report

New Delhi, Apr 12 () Apex body of exhibiting and trade show industry, Indian Exhibitions Industry Association (IEIA), on Sunday sought an economic package from the government, saying the sector has suffered a loss of Rs 3,570 crore due to cancelled events on account of coronavirus pandemic. The impact of COVID-19 outbreak on exhibiting and trade show industry has been unprecedented with multiple global and national events being postponed or cancelled in the country, IEIA said in a statement. "...in last few weeks more than 90 shows have been reported to be either postponed or cancelled due to COVID-19 during the time-period, summing up to approximately 15 per cent of the total events conducted annually in the organised sector, with a resultant estimated loss of Rs 3,570 crore for the entire sector and this may increase if COVID-19 crisis lingers on," IEIA President S Balasubramanian said. According to him, the size of Indian exhibition industry is Rs 23,800 crore, with more than 550 events conducted annually in the organised sector. "The exhibition industry sector enables trade/business transaction of over Rs 3,00,000 crore, boosting and supporting the growth of various spectrum of industries while also being a colossal employment provider with nearly 1,20,000 people employed in this industry," Balasubramanian said, adding that in the past few years the sector has been clocking a steady annual growth of about 10 per cent. Terming the current situation as "unprecedented times", he said, "We are requesting the Prime Minister's Office, Ministry of Tourism, Ministry of Commerce and the Ministry of Finance to take note of the challenges affecting the exhibition organisers, exhibition venues and numerous service providers who are completely dependent on this industry." "We request the government for intervention to support the sector, which has the potential to support the recovery of various other industries," he added. IEIA said it has asked the government to create an "Exhibitions in India" economic stimulus support package and offer a 10 per cent incentive to Indian exhibition management companies to organise shows in India and help recover the losses incurred in these critical times, reduction of GST rate for all exhibition services from existing 18 per cent to 12 per cent with immediate effect. Moreover, it has also asked for deferment of GST and Income Tax for six to nine months, subsidising venue rentals for government owned venues, 100 per cent subsidy on participation charges to be given to MSME/NSIC units. The other demands of the industry include collateral-free working capital loans facilities for exhibition organisers, service providers and venue owners (for payment of salaries, wages, fixed costs etc.) to be made available at zero rate of interest, among others, IEIA said. RKL RVK

Coronavirus: Rs 3,570 crore loss due to cancelled events, need govt support, says IEIA

<ul><li>The Union government is likely to double or even triple the minimum monthly <keyword id="6354432" type="UNKNOWN" weightage="20" keywordseo="Pension">pension</keyword> of retired organised sector employees. </li><li>The recommendation for the same was made by a three-member committee constituted by the labour ministry. </li><li>The central board of EPFO, and the committee are expected to deliberate upon the way to go about the committee’s recommendation on Monday and Tuesday.</li></ul>Pensioners now have one more thing to be happy about besides not having to work through this terrible summer. The Union government is <a href="https://www.livemint.com/Politics/gQ2c7DqE4FL6hiJtE4wCBK/Govt-to-double-minimum-pension-for-organized-sector-employee.html">likely </a>to double or even triple the minimum monthly pension of retired organised sector employees. The recommendation for the same was made by a three-member committee constituted by the labour ministry, three months ago. As per the committee, the existing minimum pension of ₹1,000 per month should be immediately raised to ₹2,000 and further deliberations should be made on the possibility of increasing it upto ₹5,000. A ₹1,000 pension per month means as little as ₹33 per day which, considering the high cost of living, is insufficient even for a rural pensioner. The Union Cabinet had approved ₹1,000 as the minimum pension in 2014 and had later extended it upto 2015. From then onwards, it has never been revised. The issues of pension are undertaken by Employees' Provident Fund Organisation (EPFO) that is the institution that manages social security funds of workers in the (semi) organised sector in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>. All establishments across the country that are ‘organised’ or have 20 or more employees whose basic wages are up to ₹15,000 are covered under the social security schemes run by this institution. Each month, an organised sector employee contributes 12% of his basic salary to EPFO as provident deduction, and the same amount is contributed by the employer. From the employer’s contribution,<a href="https://economictimes.indiatimes.com/news/economy/policy/epfo-nod-likely-soon-for-minimum-rs-2k-eps-pension/articleshow/64724411.cms"> 8.33%</a> goes to employees’ pension scheme and the rest to the provident fund. The central board of EPFO and the committee are expected to deliberate on the way to go about with the committee’s recommendation over Monday and Tuesday. Though the decision is not final yet, the committee is strongly in favour of it. Ravi Wig, who is also a central board member of the EPFO, is hopeful that the labour ministry will stand in their favour since the previous additional secretary heading the committee has been promoted as the position of a secretary in the labour and employment ministry. Of the six million pensioners that fall under the <a href="https://epfindia.gov.in/site_docs/PDFs/Downloads_PDFs/EPS95_update102008.pdf">Employee’s Pension Scheme (1995)</a>, about four million get less than ₹1,500 per month while the government boasts of three trillion in its pension funds. Considering these figures, if the minimum pension is even doubled, it would help lakhs of pensioners, but it will also add <a href="https://www.businesstoday.in/current/economy-politics/minimum-pension-under-employees-pension-scheme-likely-to-be-doubled/story/279522.html">₹30 billion </a>to the government budget, annually.

Perks of the trade: India may double or triple minimum monthly pension

Revenues of organised <keyword id="21758362" type="General" weightage="100" keywordseo="gold-jewellery-retailers" source="keywords">gold jewellery retailers</keyword> are expected to surge by 22-25% this fiscal year, driven by the sharp reduction in import duties on <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> in the July Budget, according to a <keyword id="20874793" type="General" weightage="20" keywordseo="CRISIL-report" source="keywords">CRISIL report</keyword>. A recent analysis by CRISIL Ratings, which examined 58 gold jewellery retailers representing a third of the <keyword id="21165181" type="General" weightage="20" keywordseo="organised-sector" source="keywords">organised sector</keyword>'s revenues, indicates that the sector will benefit from improved <keyword id="19900859" type="General" weightage="20" keywordseo="working-capital" source="keywords">working capital</keyword> management. Although many retailers plan significant store expansions--estimated at 12-14% of existing stores--lower gold prices will reduce inventory costs, providing working capital relief. The organised jewellery sector, which accounts for just over a third of the overall market, is poised for a stronger financial performance compared to its unorganised counterpart. The steep reduction in <keyword id="20069572" type="General" weightage="20" keywordseo="import-duty" source="keywords">import duty</keyword> has come at a crucial time for the industry, as retailers prepare for the festive and marriage seasons. Following the price decline, volumes are expected to grow by 3-5% this fiscal year, reversing earlier projections of stagnant demand. Gold prices had been steadily rising since February 2024, which had subdued consumer demand and led to revenue growth driven solely by higher realisations rather than increased sales volumes. Himank Sharma, Director at CRISIL Ratings, highlighted the timely impact of the duty cut and said, "The duty cuts to their decadal lows have come at an opportune time for the gold jewellery retailers as they start stocking for the festive and marriage seasons from the latter half of August." He added, "However, the inventory losses on the existing stock due to the price cuts will be partially mitigated by the reduced spends on marketing and discounts, as demand revives. All said <keyword id="19957745" type="General" weightage="20" keywordseo="profitability" source="keywords">profitability</keyword> will see a marginal dip on-year to 7.1-7.2%." Despite the pressure on profitability, retailers' cash flows will improve due to higher revenues, enabling them to pursue expansion plans. Store expansions, expected to increase by 12-14%, will require higher inventory levels. However, the lower input costs resulting from reduced gold prices will balance out the additional working capital requirements. Gaurav Arora, Associate Director at CRISIL Ratings, added, "Gold jewellery retailers will maintain comfortable financial metrics this fiscal, with total outside liabilities to tangible net worth (TOL/TNW) and interest coverage ratios remaining around 1.0 and 9 times, respectively. These will be moderately better than our earlier expectations, keeping credit profiles stable." As the festive season approaches, gold prices remain around 17% higher than last year's average, which is expected to sustain demand and further drive revenues in the second half of the fiscal year. However, potential volatility in gold prices, changes in government regulations, and shifts in consumer sentiment will need to be closely monitored. The combination of reduced prices, increased demand, and improved working capital management is expected to keep the financial outlook for gold jewellery retailers positive, despite the slight dip in profitability. The reduced duty has caused retail gold prices to fall by Rs 4,500-5,000 per 10 grams, leading to increased demand for gold jewellery. The growth projection, 500-600 basis points higher than earlier estimates of 17-19%, is fuelled by higher volumes as more consumers are enticed by the lower prices.

Budget import duty cut will boost gold jewellery retailers' revenues by 22-25% this fiscal, notes CRISIL report

<ul><li>The <keyword id="8194701" type="General" weightage="20" keywordseo="refurbished-smartphone" source="Orion">refurbished smartphone</keyword> market has recorded rapid growth in India.</li><li>While the unorganised sellers dominate the market, the organised sellers are also growing.</li><li>Affordability and shorter upgrade cycles are among the factors fueling the refurbished smartphone market.</li></ul> India's refurbished smartphone market is experiencing significant growth, outpacing the new smartphone sector. This reflects a maturing market which is increasingly catering to consumers looking for affordable yet reliable options. According to a report by Counterpoint Research, unorganised sellers dominate the refurbished smartphone market, accounting for 77% of transactions. The Indian refurbished smartphone sector has traditionally been dominated by unorganised players, offering devices at a fraction of the cost of the new models. However, the introduction of value-added services like warranties, quality assurance, and after-sales support by emerging e-commerce platforms is beginning to formalise this market, enhancing consumer trust and driving further growth. <h2>What’s fueling the refurbished smartphone market</h2><h3>Affordability</h3><keyword id="2698558" type="General" weightage="20" keywordseo="refurbished-smartphones" source="Orion">Refurbished smartphones</keyword> offer consumers access to higher-end hardware at lower costs, making premium technology more accessible to a broader audience. This aspect is particularly appealing in a price-sensitive market like India. <h3>Shorter upgrade cycles</h3>With technology evolving rapidly, many users prefer to upgrade their phones more frequently. Refurbished devices provide an avenue for this without the high cost associated with new purchases. <h3>Environmental impact</h3>There's a growing awareness of the environmental benefits of using refurbished products, which reduces electronic waste and the demand for new manufacturing, which is resource-intensive. <h3>Consumer confidence</h3>The entry of organised players who provide guarantees and quality checks on refurbished devices has significantly boosted consumer confidence. These services add a layer of reliability to what was once a market fraught with uncertainty about product condition and longevity. Despite the growth in the unorganised sector, there's a noticeable trend towards formalisation. E-commerce platforms specialising in refurbished goods are expanding, providing consumers with the convenience of online shopping backed by credible service commitments. The report also notes that this growth is not just contained within India. Globally, the refurbished smartphone market is on an upward trajectory, with similar trends observed in markets like Latin America, suggesting a broader international shift towards sustainable consumption in electronics. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/moto-g35-5g-with-120hz-5000mah-battery-launched-at-9999/articleshow/116172283.cms">Moto G35 5G with 120Hz display, 5,000mAh battery launched at ₹9,999</a> <a href="https://www.businessinsider.in/tech/mobile/news/redmi-note-14-pro-and-redmi-note-14-pro-launched-in-india-starting-at-24999/articleshow/116134415.cms">Redmi Note 14 Pro and Redmi Note 14 Pro+ launched in India starting at ₹24,999</a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-x200-and-x200-pro-camera-centric-to-launch-in-india-on-december-12/articleshow/115930004.cms">Vivo X200 and X200 Pro camera-centric smartphones to launch in India on December 12</a>

India's refurbished smartphone market witnesses accelerated growth

The Centre on Tuesday said it will facilitate doubling of <keyword id="6362951" type="UNKNOWN" weightage="20" keywordseo="milk">milk</keyword> processing capacity from 53.5 million tonne to 108 million tonne by 2025. Public investment to further incentivise private investments would be facilitated for increasing processing facilities through convergence and leveraging various government schemes, an official statement said. Milk production in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> is growing by 6.4 per cent during the past five years and has increased from 146.3 million tonne in 2014-15 to 187.7 million tonne in 2018-19. According to the Department of Animal Husbandry and Dairying, "There is a need to bring the remaining 64 per cent surplus milk under the organised fold through various interventions." About 54 per cent of the milk produced is marketable surplus and the remaining 46 per cent is retained in villages for local consumption, it said. Out of the marketable surplus available with farmers, only 36 per cent is handled by organised <keyword id="62614" type="ORGANIZATION" weightage="20" keywordseo="sectors">sectors</keyword> evenly shared by cooperative and private sectors, it said adding that milk procurement in the previous year has also been growing. The department also said it is continuously working towards increasing milk <keyword id="23080" type="COMPANY" weightage="20" keywordseo="productivity">productivity</keyword> through genetic improvement and reduction of input cost. That apart, a special programme has also been launched recently for improvement of milk quality by providing required testing facilities at village and dairy plant level for safe human consumption, it added. The department plans to further intensify the Quality Milk Programme for both cooperative and private sectors with a fund sharing basis. With a thrust on better productivity, reduced input cost and better quality milk and milk products, the department said the competitiveness and profitability in the dairy sector will get enhanced leading to increased demand of dairy products in domestic and international markets. This would also bring private investments in the sector to boost growth in rural income and also employment, it added.

Indian government will help the country double its milk capacity to 108 mn tonnes

The Indian Government is suggesting several measures and lobbying the <a href="http://www.businessinsider.in/searchresult.cms?query=world+trade+organisation&amp;sortorder=effectivedate">World Trade Organisation</a> (WTO) in the backdrop of rising clamour of protectionism. 
 
India is looking for support on increased trade in services, making sure the <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+IT+sector&amp;sortorder=effectivedate">Indian IT services </a>are not severely hit due to changing policies by the <a href="http://www.businessinsider.in/searchresult.cms?query=donald+trump&amp;sortorder=effectivedate">Donald Trump</a> administration. 
 
For starters, the Indian Government has suggested multiple entry visas for professionals meeting the host country's immigration criteria in a comprehensive proposal on cross-border movement of services. 
 India made these proposals in the draft legal text of the <keyword id="4225017" type="UNKNOWN" weightage="20" keywordseo="Trade-Facilitation-Agreement-for-Services">Trade Facilitation Agreement for Services</keyword> that it submitted to the WTO on February 23. 
 
As per reports, India has also suggested scrapping the social security contributions by professionals on short stints overseas. 
 
The proposal also calls for insurance portability and quicker visas for those seeking medical treatment. 
 
The proposal also suggests that countries shouldn't impose barriers on the flow of personal information on account of differing data protection measures.

Indian Govt is looking at multiple options to ensure IT sector is not severely hit due to protectionism. Here’s what it is doing

Mumbai, May 14 () The COVID-19 pandemic is likely to cut 40-50 per cent revenue of the country's organised dine-in restaurants this financial year, according to a report. Slow recovery should begin from June, Crisil Research said in a report. Given low demand and social distancing norms, restaurants will operate at 25-30 per cent of their monthly service levels in the first 45 days after lifting of the lockdown, it said. Besides, with restrictions on gatherings and public movement likely to be extended again in Mumbai and Delhi-NCR (National Capital Region), curbs on dine-ins will continue, or they may be allowed to operate only at low service levels, it added. "The organised sector has seen a 90 per cent reduction in sales since the lockdown. Dine-in is not operational and online orders have declined 50-70 per cent," Crisil Research Director Rahul Prithiani said. "And when the lockdown is lifted, the rebound is expected to be only gradual. This holds especially for Mumbai and Delhi-NCR, which make up nearly half of the organised restaurant industry in India, but are red zones accounting for over 30 per cent of the COVID-19 cases in India," Prithani added. Organised restaurants account for 35 per cent of India's restaurant industry, estimated at Rs 4.2 lakh crore in FY19. Dine-ins are 75 per cent of the organised restaurants, with online delivery or takeaways making up for the rest. Dine-ins and public entertainment venues in Mumbai, NCR and Bengaluru have been shut since March 13-14, before the government announced the first lockdown on March 25. Online delivery is available in select cities such as Mumbai, Delhi NCR, Bengaluru, Kolkata, Pune and Bhubaneswar, and that, too, at low service levels, the report said. This will jeopardise the financial health of many restaurant operators and also due to high operating leverage, a 40-50 per cent decline in revenue could lead to negative operating margins this fiscal, it said. To manage liquidity constraints and cash flows, many restaurants are already seeking concessions or deferment of rentals. Players with high debt levels will face pressure to shut unprofitable outlets to save costs and raise money. Large players with low debt will be able to raise money, but business revival remains a big question for them, it added. "Once the restrictions are lifted, restaurants will have to rework their business models and overcome operational challenges. With consumers turning more health-conscious, hygiene protocols at restaurants and supply chains will need to improve materially, which will increase cost," Crisil Research Associate Director Anjali Nathwani said. The decline in restaurant revenues will, in turn, impact horticulture farmers, dairy producers, food processors, suppliers and logistics and delivery partners. Unorganised food producers, many of which have high exposure to the restaurant sector, will be hit the hardest due to a sharp decline in bulk demand this fiscal. Any further extension will aggravate the industry's woes, extending the recovery period further, it added. SM RVK

COVID-19 pandemic to eat up half of dine-in restaurants' revenue in FY21: Crisil Research

New Delhi, Nov 28 () India's cyber security nodal agency Cert-in has issued an advisory to government organisations over the hiring of foreign companies for their IT security audit and asked them to take clearance from the Home Ministry before roping in such firms.
 The Indian Computer Emergency Response Team (Cert-In) in a letter dated November 21 to public organisations said that engaging foreign firms for auditing system of government organisations and critical sectors may expose sensitive information to entities or individuals with foreign links.
 "In relation to the process of engaging the CERT-in empanelled IT security auditing organisations, on the advice of Intelligence Bureau/MHA, it is felt necessary to issue the following advisories to ensure that the engagement process is secure and does pose a threat to sensitive date/information belonging to the government and critical sectors," CERT-In said.
 Cert-in, which is under the electronics and IT ministry, is the national nodal agency to secure Indian cyber space. It alerts about cyber security incidents and threats, provides emergency measures to handle cyber threats and issues guidelines and advisories relating to security practices and reporting of cyber incidents.
 The agency has empanelled around 90 organisations, including foreign companies like KPMG, PricewaterhouseCoopers and Indian companies with foreign partnerships, for the audit of IT systems.
 "Since engaging non-Indian firms for auditing requirements by the government organisations and critical sections may involve exposing sensitive information to non-Indian persons/entities or having foreign links, the concerned government ministries/organisations should obtain NOC from MHA before engaging any non-Indian firm," the advisory note said.
 CERT-in has asked organisations to ensure that every audit firm and its auditors engaged should sign non-disclosure agreements before being allowed to commence the cyber security audit work.
 "To the extent feasible, it may be ensured that any data collected during the auditing work and report prepared thereof is not allowed to be taken out of the government premises by such auditors or firms," the note said.
 The cyber security watchdog has asked organisations to exercise caution even while engaging audit firms empanelled by it. PRS MR

You Searched For "organised sector" and got 11 results

RBI releases draft framework for Fintech sector self-regulatory organisations

IANS

COVID-19 Effect: Organised pvt sector planning layoffs, salary cut

PTI

Organised pvt sector plans layoff, salary cut amid COVID-19 crisis: Report

PTI

Coronavirus: Rs 3,570 crore loss due to cancelled events, need govt support, says IEIA

PTI

Perks of the trade: India may double or triple minimum monthly pension

BI India Bureau

Budget import duty cut will boost gold jewellery retailers' revenues by 22-25% this fiscal, notes CRISIL report

ANI

India's refurbished smartphone market witnesses accelerated growth

Sourabh Jain

Indian government will help the country double its milk capacity to 108 mn tonnes

PTI

Indian Govt is looking at multiple options to ensure IT sector is not severely hit due to protectionism. Here’s what it is doing

BI India Bureau

COVID-19 pandemic to eat up half of dine-in restaurants' revenue in FY21: Crisil Research

PTI

Cert-in cautions govt bodies over engaging foreign IT security audit firms

PTI

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