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<keyword id="24240143" type="General" weightage="20" keywordseo="Chennai-International-Airport" source="keywords" meta.keywordsubtype="org" meta.entityname="Chennai International Airport" meta.hostid="261" meta.entityid="Chennai International Airport">Chennai International Airport</keyword> has been temporarily shut down till 7 PM on Saturday in view of <keyword id="24172195" type="General" weightage="100" keywordseo="Cyclone-Fengal" source="keywords">cyclone Fengal</keyword> making landfall today evening. As heavy rainfall and strong winds intensified ahead of the cyclone, it is expected to cross between Karaikal and Mahabalipuram coasts, near Puducherry tonight. Multiple airlines companies already issued travel advisories and updates on their flight plans due to the continuing heavy rainfall in Chennai Tamilnadu. Earlier, <keyword id="19900374" type="General" weightage="20" keywordseo="IndiGo-airlines" source="keywords" meta.keywordsubtype="org" meta.entityname="IndiGo airlines" meta.hostid="261" meta.entityid="IndiGo airlines">IndiGo airlines</keyword> diverted all flights scheduled to come to Chennai. "Due to the impact of CycloneFengal in Chennai, flights operating to the city are being diverted. Our crew and airport teams are dedicated to providing all possible support &amp; assistance during this time. We sincerely appreciate your patience and understanding," the X post by IndiGo said. Meanwhile, security at the Puducherry coast has also increased as Puducherry Senior Superintendent of Police, Kalaivanan visited the beaches and the coastal roads in the region and inspected them for preparedness. The authorities have advised the public to not visit beaches in Puducherry as well as in Tamil Nadu's Chennai, including Marina Beach, Pattinapakkam and Edward Elliot Beach. The tourist spots in Puducherry have been closed as a precautionary measure, owing to the impending cyclone Fengal. <keyword id="24240138" type="General" weightage="20" keywordseo="Puducherry-police" source="keywords">Puducherry Police</keyword> in a post on X advised citizens, "In view of Cyclone Fengal, we urge you to exercise extreme caution and avoid visiting beaches and coastal areas" The SSP said that 300 police personnel have been deployed on various coastal roads and beaches. "For the last four days, we have been deploying police personnel along the beaches and apart from that we are also informing the fishermen and people living in the low-lying areas to be careful. Fishermen are not venturing into the sea. Since last night, we have closed all beaches. We have deployed nearly 300 personnel across all the beaches of Puducherry and we are coordinating with the NDRF also," the SSP said. The coastal areas of Puducherry witnessed rough sea and gusty winds on Saturday morning due to the impact of the cyclone. Puducherry received moderate rain, as per IMD, in the morning today but the rough sea was seen more than usual.

Cyclone Fengal: Chennai airport shut till 7 PM

<ul><li>OnePlus has started rolling out the OxygenOS update for the OnePlus Open.</li><li>The OxygenOS 15 update is based on Android 15 and brings new features and improvements.</li><li>Here’s everything you need to know about the latest OxygenOS 15 update.</li></ul> OnePlus has started rolling out the stable version of OxygenOS 15 to the OnePlus Open, the foldable smartphone from the company. The OxygenOS 15 update is based on Android 15 and comes with the November security patch. This update brings a slew of new features, enhancements, and visual overhauls to improve the user experience. The company had earlier rolled out the OxygenOS 15 update for the OnePlus 12 smartphone. The OxygenOS 15 update for the OnePlus Open introduces Flux Themes, AI-powered features such as AI Retouch, AI Notes and more. <h2><keyword id="24151119" type="General" weightage="100" keywordseo="OnePlus-Open-OxygenOS-15-update" source="keywords">OnePlus Open OxygenOS 15 update</keyword></h2>Here are some of the new features that the OxygenOS 15 update brings to the OnePlus Open: <h3>Stability and storage</h3>Stability improvements have been made to enhance the overall reliability of the software, with OnePlus claiming a nearly 20% reduction in system storage use compared to OxygenOS 14, thereby freeing up more space for user data. <h3>Flux Themes</h3>OnePlus has introduced new Flux Themes, which offers a huge collection of themes with one-take transition animations that can be customised with system wallpapers or your own photos. This also brings new customisation options for the Always-On Display, lock screen, and home screen. Animations have also been re-engineered to provide a more fluid experience, with special attention to transition effects and system interactions, giving users a more polished feel when navigating through the OS. <h3>AI Retouch</h3>A new addition to the gallery app, AI Retouch allows users to edit photos with artificial intelligence, offering tools to enhance details or remove unwanted elements from images with ease. The Clarity feature allows users to upscale cropped or low-resolution images. <h3>AI Notes</h3>The Notes app now features AI assistance, providing real-time transcription of voice notes, smart suggestions for writing, and the ability to summarise content or adapt the tone of your notes for different contexts. <h3>Performance and security</h3> The update also brings improvements to performance and security. A new battery protection reminder helps users prolong the lifespan of their device's battery. The Private Safe feature has also been upgraded with categorised browsing for easier management of private data. <h3>Live alerts</h3>The Live Alerts feature has also been revamped and is now centred. Users can tap an alert capsule to open up a detailed card. The feature has also been updated with a new animation system. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/jio-airtel-and-vi-lost-nearly-11-million-subscribers-in-september-2024/articleshow/115565541.cms">Jio, Airtel and Vi lost nearly 11 million subscribers in September 2024</a> <a href="https://www.businessinsider.in/tech/mobile/news/oppo-find-x8-and-find-x8-pro-launched-in-india-starting-at-69999/articleshow/115521010.cms">Oppo Find X8 and Find X8 Pro launched in India starting at ₹69,999</a> <a href="https://www.businessinsider.in/tech/mobile/news/android-16-developer-preview-announced-new-features-timeline-and-everything-you-need-to-know/articleshow/115476441.cms">Android 16 Developer Preview announced – new features, timeline and everything you need to know</a>

OnePlus Open OxygenOS 15 update now rolling out with Flux Themes, improved AI features and more

“Ye le beta, humare khaandani sone ke gehne. Ise girvi rakhva de, shayad kuch paise aa jaye ghar main.” How many times have we seen similar dialogues repeat itself in Bollywood films of the 70s and 80s—abject poverty and a frail-looking old mother pleading to her son to pawn the family’s heirloom gold ornaments to a jeweller, all to get a few bucks? Well, if you’d ask that son in 2024, he’d rather hit the loan button on his <keyword id="105386" type="General" weightage="20" keywordseo="Demat-account" source="Orion">Demat account</keyword> than pawn his mother’s gold jewellery. Given how Indians are rapidly resorting to taking loans against their investments in shares and mutual funds, these might as well be a cherished family heirloom in today’s time. Fair warning though; it's not as if gold and loans against it are going down in India’s lending scene. It's very much the opposite, shining brighter than ever! The secured loan category is having its time in the spotlight, and people are certainly looking beyond land and property to get their hands on some extra monies! But what is funding the steep rise behind these loans? And are they as failsafe and secure as they’re made out to be? We decode for you in this week’s Simply Put. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">The great Indian pawning party</h2>Pawning one’s gold has been, by far, the OG Indian financial move to get a loan. That continues well into 2024, and apparently, more so when India decides to wed and celebrate! Data from <keyword id="30067" type="General" weightage="20" keywordseo="RBI" source="Orion">RBI</keyword> suggests that the outstanding amount on gold loans has swelled from Rs 85,009 crore in September 2022 to Rs 1,47,081 crore in September 2024. It looks like Gold took the motto of rise and shine too seriously! Table 1: Growth in gold loans <table class="redcator-table-advance" style="border-width: initial; border-style: none; background-color: rgb(255, 255, 255); font-size: 16px; line-height: 1.6em; box-shadow: none; width: 468pt; font-family: Merriweather; table-layout: fixed; padding-bottom: 10px !important; background-image: inherit !important; background-position: inherit !important; background-size: inherit !important; background-repeat: inherit !important; background-attachment: inherit !important; background-origin: inherit !important; background-clip: inherit !important;"></colgroup><tbody><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Year </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Amount (In Rs crore) </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">September 2022 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">85,009 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">March 2023 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">89,370 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">September 2023 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">97,426 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">March 2024 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">1,02,562 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">September 2024 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">1,47,081 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: RBI data While the world continues to be riled up in multiple geopolitical crises in 2024, gold has been making merry of these tough times. Thus far this year, <keyword id="3886593" type="General" weightage="20" keywordseo="domestic-gold" source="Orion">domestic gold</keyword> prices have grown by 23%, outperforming benchmark indices like Nifty and Sensex by a mile, which have gone up by 9.85% and 8.86%, respectively. The growth in gold loan disbursal rates month on month this year could also put Nifty and Sensex’s growth to shame. In just September 2024, gold loans grew an astounding 51%, up from 40.9% in August, 30.5% in June, and just 14.8% in March. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">Hey, wait up for me, says LAS</h2>In lockstep with the elder, gold loan sibling, advances against shares and bonds have also been inching up since 2022. Data from RBI (Reserve Bank of India) notes that as of September 2022, the outstanding quantum of loans that were taken against shares (LAS) and bonds stood at Rs 7,397.94 crores. This inched up to Rs 7,764 crore in September 2023. Come 2024, and it looked like this was LAS’ time to shine. Loans swiftly skyrocketed, with outstanding loans in this category going up from Rs 8,492 crore in March 2022 to a staggering Rs 9,546 crore at the end of September 2024. Naturally, the smoke of LAS has its fire in the record inflows that Indians are pouring into the stock market and mutual funds month on month. Per AMFI (<keyword id="134904" type="General" weightage="20" keywordseo="Association-of-Mutual-Funds-in-India" source="Orion">Association of Mutual Funds in India</keyword>), the net AUM (assets under management) of India’s mutual fund industry grew to Rs 67,25,614.61 crores in October 2024, up from Rs 67,09,259.24 crores in September 2024. Even the number of retail mutual fund folios, which include equity, hybrid, and solution-oriented mutual funds, burgeoned to 17,23,52,296 in October, as compared to 16,81,61,366 in September. The same goes for stock investments in India, where the number of new demat accounts that are added every month just simply refuses to climb down. As of last month, total demat accounts in the country stood at 17.9 crore, which is more than the entire population of full-fledged nations like Japan (12.45 crore), Russia (14.38 crore), and Bangladesh (17.3 crore). In fact, since February this year, the monthly growth of LAS has been hitting double digits. From 11.3% in March to 21.6% in May to 26.8% in August, growth in LAS has been exceptional, hitting 22.9% in September this year. For context, monthly growth in the LAS segment was at a mere 5% in September 2023. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">What's driving the growth?</h2>It's a win-win for both the bank and the customer. Customers love them because LAS is available at a lower interest rate compared to unsecured personal loans. You can get a loan at an interest rate of anywhere between 9 and 12% by pledging your gold, MF units, or shares. Compare this to over 10-28% rates, which is the range where unsecured personal loans charge interest. Banks love <keyword id="827883" type="General" weightage="100" keywordseo="Secured-Loans" source="Orion">secured loans</keyword> since they are well-secured. In case you default on paying back, the bank can sell off your gold, shares, or mutual fund units to recover the amount. This takes a lot of stress off the banks, which are already dealing with secured loans’ riskier sibling-<keyword id="947940" type="General" weightage="20" keywordseo="unsecured-lending" source="Orion">unsecured lending</keyword>. High NPAs (non-performing assets) and non-payments in the unsecured borrowing space have already put RBI on red alert, which is why the apex bank is tightening the screws on unsecured lending, which was well on its way to becoming a ticking time bomb. As a result, credit growth has moderated to 12.8% YoY in October, as against the 19.3% rise recorded in the year-ago period. Yet it's not like the banks won't feel the heat. Analysts at Nomura note that <keyword id="23954457" type="General" weightage="20" keywordseo="personal-loan-delinquencies" source="Orion">personal loan delinquencies</keyword> in India that have been overdue by over 90 days rose to 5.1% in the last financial year, as opposed to just 3.9% in the year prior. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">How does it work?</h2>Both these loans work on a similar principle: Your <keyword id="857141" type="General" weightage="20" keywordseo="loan-amount" source="Orion">loan amount</keyword> is equal to a certain percentage of the actual market value of your asset. This is known as the LTV (loan-to-value ratio). In the case of gold and debt mutual funds, RBI mandates that this LTV be about 75-80%. So, for every Rs 100 of gold or debt mutual fund unit you pledge, your maximum loan amount cannot exceed Rs 80. If you pledge gold, which has a market value of Rs 10 lakh, you can take a loan of up to Rs 8,00,000. In the case of shares and mutual fund units, this limit is set at 50%. So, your shares worth Rs 5,00,000 can only get you a loan worth Rs 2,50,000. But the bright side? You can continue earning returns on your investments and pay interest only on the amount you use, since this loan works as an overdraft facility. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">Super safe, you say?</h2>Interest rates on both of these loans are very much dependent on the market value of the asset, which wildly fluctuates on a day-to-day basis. So, in case the value of your asset falls, you’ll have to keep a margin or more of the same asset in order to continue with the loan and maintain the LTV balance. Failure to do so could mean the bank can even sell off your asset. Says financial planner Nema Chaya Buch. “Yes, LAS offers easy availability of funds since these loans come with a lower interest rate as compared to personal loans. Also, you continue to earn average returns of 10–13% on your equity investments. But the downside is, in case of emergency, those pledged securities cannot be sold. Also, if the equity market goes down, then the bank may ask for additional collateral. Raghvendra Nath, MD, Ladderup Wealth Management notes that taking a LAS is best when the value of your securities has appreciated significantly. “This allows you to maximize the loan amount based on your collateral while also addressing financial needs without having to liquidate your investment portfolio. However, there are notable disadvantages to consider. The market risk is significant; a substantial decline in market value could lead to margin calls, which may incur fees and charges if there are delays or prepayments, ultimately increasing the effective cost of borrowing. Furthermore, failure to make timely payments could result in the loss of your assets.”. Umesh Mohanan, ED &amp; CEO, of Indel Money, cautions that one should have a sufficient quantity of gold to get the loan amount one wants. "According to the current RBI rules, the loan applicant/borrower can draw up to 75% of the total market value of the collateral/gold jewellery. So, always carry a sufficient quantity of gold based on one’s loan requirement. “The most important thing is that the valuation of the gold depends on the purity of the gold. If the borrower pledges gold with higher purity, such as 24 carats or 22 carats, he will get the maximum loan amount," he adds.

Secured Loans 2.0 — why more and more Indians are turning to gold, shares and mutual funds to get loans

<div type="image" title="Data from RBI suggests that the outstanding amount on gold loans has swelled from Rs 85,009 crore in September 2022 to Rs 1,47,081 crore in September 2024." msid="115250619" hostid="261" sizebytes="118350" caption="&amp;lt;p&amp;gt;Data from RBI suggests that the outstanding amount on gold loans has swelled from Rs 85,009 crore in September 2022 to Rs 1,47,081 crore in September 2024.&amp;lt;/p&amp;gt;"></div> “Ye le beta, humare khaandani sone ke gehne. Ise girvi rakhva de, shayad kuch paise aa jaye ghar main.” How many times have we seen similar dialogues repeat itself in Bollywood films of the 70s and 80s—abject poverty and a frail-looking old mother pleading to her son to pawn the family’s heirloom <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> ornaments to a jeweller, all to get a few bucks? Well, if you’d ask that son in 2024, he’d rather hit the loan button on his <keyword id="19977340" type="General" weightage="20" keywordseo="demat" source="keywords">Demat</keyword> account than pawn his mother’s gold jewellery. Given how Indians are rapidly resorting to taking loans against their investments in shares and mutual funds, these might as well be a cherished family heirloom in today’s time. Fair warning though; it's not as if gold and loans against it are going down in India’s lending scene. It's very much the opposite, shining brighter than ever! The secured loan category is having its time in the spotlight, and people are certainly looking beyond land and property to get their hands on some extra monies! But what is funding the steep rise behind these loans? And are they as failsafe and secure as they’re made out to be? We decode for you in this week’s Simply Put. <h2>The great Indian pawning party</h2>Pawning one’s gold has been, by far, the OG Indian financial move to get a loan. That continues well into 2024, and apparently, more so when India decides to wed and celebrate! Data from <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> suggests that the outstanding amount on gold loans has swelled from Rs 85,009 crore in September 2022 to Rs 1,47,081 crore in September 2024. It looks like Gold took the motto of rise and shine too seriously! Table 1: Growth in gold loans <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;">Year </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;">Amount (In Rs crore) </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;">September 2022 </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;">85,009 </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;">March 2023 </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;">89,370 </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;">September 2023 </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;">97,426 </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;">March 2024 </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;">1,02,562 </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;">September 2024 </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;">1,47,081 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: RBI data While the world continues to be riled up in multiple geopolitical crises in 2024, gold has been making merry of these tough times. Thus far this year, domestic gold prices have grown by 23%, outperforming benchmark indices like Nifty and Sensex by a mile, which have gone up by 9.85% and 8.86%, respectively. The growth in gold loan disbursal rates month on month this year could also put Nifty and Sensex’s growth to shame. In just September 2024, gold loans grew an astounding 51%, up from 40.9% in August, 30.5% in June, and just 14.8% in March. <h2>Hey, wait up for me, says <keyword id="23953567" type="General" weightage="20" keywordseo="las" source="keywords">LAS</keyword></h2>In lockstep with the elder, gold loan sibling, advances against shares and bonds have also been inching up since 2022. Data from RBI (Reserve Bank of India) notes that as of September 2022, the outstanding quantum of loans that were taken against shares (LAS) and bonds stood at Rs 7,397.94 crores. This inched up to Rs 7,764 crore in September 2023. Come 2024, and it looked like this was LAS’ time to shine. Loans swiftly skyrocketed, with outstanding loans in this category going up from Rs 8,492 crore in March 2022 to a staggering Rs 9,546 crore at the end of September 2024. Naturally, the smoke of LAS has its fire in the record inflows that Indians are pouring into the stock market and mutual funds month on month. Per AMFI (<keyword id="20090034" type="General" weightage="20" keywordseo="association-of-mutual-funds" source="keywords">Association of Mutual Funds</keyword> in India), the net AUM (assets under management) of India’s mutual fund industry grew to Rs 67,25,614.61 crores in October 2024, up from Rs 67,09,259.24 crores in September 2024. Even the number of retail mutual fund folios, which include equity, hybrid, and solution-oriented mutual funds, burgeoned to 17,23,52,296 in October, as compared to 16,81,61,366 in September. The same goes for stock investments in India, where the number of new demat accounts that are added every month just simply refuses to climb down. As of last month, total demat accounts in the country stood at 17.9 crore, which is more than the entire population of full-fledged nations like Japan (12.45 crore), Russia (14.38 crore), and Bangladesh (17.3 crore). In fact, since February this year, the monthly growth of LAS has been hitting double digits. From 11.3% in March to 21.6% in May to 26.8% in August, growth in LAS has been exceptional, hitting 22.9% in September this year. For context, monthly growth in the LAS segment was at a mere 5% in September 2023. <h2>What's driving the growth?</h2>It's a win-win for both the bank and the customer. Customers love them because LAS is available at a lower interest rate compared to unsecured personal loans. You can get a loan at an interest rate of anywhere between 9 and 12% by pledging your gold, MF units, or shares. Compare this to over 10-28% rates, which is the range where unsecured personal loans charge interest. Banks love <keyword id="827883" type="General" weightage="100" keywordseo="secured-loans" source="Orion">secured loans</keyword> since they are well-secured. In case you default on paying back, the bank can sell off your gold, shares, or mutual fund units to recover the amount. This takes a lot of stress off the banks, which are already dealing with secured loans’ riskier sibling-unsecured lending. High NPAs (non-performing assets) and non-payments in the unsecured borrowing space have already put RBI on red alert, which is why the apex bank is tightening the screws on unsecured lending, which was well on its way to becoming a ticking time bomb. As a result, credit growth has moderated to 12.8% YoY in October, as against the 19.3% rise recorded in the year-ago period. Yet it's not like the banks won't feel the heat. Analysts at Nomura note that personal loan delinquencies in India that have been overdue by over 90 days rose to 5.1% in the last financial year, as opposed to just 3.9% in the year prior. <h2>How does it work?</h2>Both these loans work on a similar principle: Your loan amount is equal to a certain percentage of the actual market value of your asset. This is known as the <keyword id="20051485" type="General" weightage="20" keywordseo="ltv" source="keywords">LTV</keyword> (loan-to-value ratio). In the case of gold and debt mutual funds, RBI mandates that this LTV be about 75-80%. So, for every Rs 100 of gold or debt mutual fund unit you pledge, your maximum loan amount cannot exceed Rs 80. If you pledge gold, which has a market value of Rs 10 lakh, you can take a loan of up to Rs 8,00,000. In the case of shares and mutual fund units, this limit is set at 50%. So, your shares worth Rs 5,00,000 can only get you a loan worth Rs 2,50,000. But the bright side? You can continue earning returns on your investments and pay interest only on the amount you use, since this loan works as an overdraft facility. <h2>Super safe, you say?</h2>Interest rates on both of these loans are very much dependent on the market value of the asset, which wildly fluctuates on a day-to-day basis. So, in case the value of your asset falls, you’ll have to keep a margin or more of the same asset in order to continue with the loan and maintain the LTV balance. Failure to do so could mean the bank can even sell off your asset. Says financial planner Nema Chaya Buch. “Yes, LAS offers easy availability of funds since these loans come with a lower interest rate as compared to personal loans. Also, you continue to earn average returns of 10–13% on your equity investments. But the downside is, in case of emergency, those pledged securities cannot be sold. Also, if the equity market goes down, then the bank may ask for additional collateral. Raghvendra Nath, MD, Ladderup Wealth Management notes that taking a LAS is best when the value of your securities has appreciated significantly. “This allows you to maximize the loan amount based on your collateral while also addressing financial needs without having to liquidate your investment portfolio. However, there are notable disadvantages to consider. The market risk is significant; a substantial decline in market value could lead to margin calls, which may incur fees and charges if there are delays or prepayments, ultimately increasing the effective cost of borrowing. Furthermore, failure to make timely payments could result in the loss of your assets.”. Umesh Mohanan, ED &amp; CEO, of Indel Money, cautions that one should have a sufficient quantity of gold to get the loan amount one wants. "According to the current RBI rules, the loan applicant/borrower can draw up to 75% of the total market value of the collateral/gold jewellery. So, always carry a sufficient quantity of gold based on one’s loan requirement. “The most important thing is that the valuation of the gold depends on the purity of the gold. If the borrower pledges gold with higher purity, such as 24 carats or 22 carats, he will get the maximum loan amount," he adds.

Simply Put: Secured Loans 2.0 — why more and more Indians are turning to gold, shares and mutual funds to get loans

<ul class="summary-list"><li>Fires at DHL warehouses this year may have been part of Russian sabotage operations, officials have said.</li><li>The Kremlin is suspected of ramping up hybrid attacks on Europe in recent months.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/spy-chief-warns-suspected-sabotage-nearly-caused-plane-crash-2024-10">Suspected Russian sabotage activities</a> targeting the air freight industry have been on the rise this year, and the industry is preparing for further action.Brandon Fried, the executive director of the Airforwarders Association, which represents US air cargo companies, told Business Insider that the industry had been on high alert since 9/11."So regardless of who is perpetrating this, whether it's another country or whether it's a terrorist organization, our industry has been vigilant for quite some time," he said, referencing two fires at DHL warehouses earlier this year that have been linked to Russia."They want to cause fear and panic, but we, as a community, are not going to let them. One of our overriding messages is that we're vigilant," Fried said.Western officials have said the <a target="_blank" class="" href="https://www.businessinsider.com/spy-chief-warns-suspected-sabotage-nearly-caused-plane-crash-2024-10">fires, which took place at two DHL sites in the UK and Germany</a> in July, may have been part of Russian sabotage operations that ultimately aimed to target North America, <a target="_blank" class="" href="https://www.wsj.com/world/russia-plot-us-planes-incendiary-devices-de3b8c0a">The Wall Street Journal</a> reported earlier this week.One package caught fire before being loaded onto a plane at a DHL freight center in Leipzig, eastern Germany, while a similar incident took place at a DHL warehouse in Birmingham in the UK.Thomas Haldenwang, the president of Germany's domestic intelligence agency, said in October that it was a "lucky coincidence" that the package in Leipzig caught fire on the ground and not during the flight.Haldenwang did not explicitly blame Moscow, but the German news agency DPA reported that security services were working on the assumption that the attack was connected to Russia, per the <a target="_blank" rel=" nofollow" class="" href="https://www.ft.com/content/b83353a7-bdf0-486b-8f12-d2834261d44f">Financial Times</a>.A police spokesperson told BI that counterterrorism officers were leading an investigation into the Birmingham incident and working to identify any links to similar incidents across the continent.The Wall Street Journal report said the fires were caused by electric massagers implanted with a magnesium-based flammable substance.The devices that ignited in the UK were traced to Lithuania, where officials say they appear to have been part of a wider Russian plot to get such devices on planes to North America, the Journal reported.Frank Umbach, a research director at the European Cluster for Climate, Energy, and Resource Security at the University of Bonn, said that Russian hybrid warfare had escalated from spying on critical infrastructure to active sabotage across the whole of Europe."Hybrid warfare has intensified here in Europe, particularly against Germany," Umbach said, adding that there was concern that German intelligence services had been "heavily penetrated" by Russian agents.Moscow has already been linked to a number of <a target="_blank" class="" href="https://www.businessinsider.com/russian-sabotage-germany-factory-weapons-car-parts-ukraine-diehl-2024-6">sabotage incidents</a> in Europe this year, including arson attempts and a reported plan to <a target="_blank" class="" href="https://www.businessinsider.com/russia-planned-to-assassinate-german-arms-firm-ceo-report-2024-7">kill the CEO of the German arms firm Rheinmetall, </a>which has made munitions and military equipment for Ukraine.Russia is suspected of using <a target="_blank" class="" href="https://www.occrp.org/en/investigation/make-a-molotov-cocktail-how-europeans-are-recruited-through-telegram-to-commit-sabotage-arson-and-murder">social media platforms such as Telegram</a> to recruit proxies to carry out such activities.Speaking a few months after the DHL fires, the chief of the UK's MI6 intelligence service, Richard Moore, said he believed Russian intelligence services had "gone a bit feral."And experts think it's unlikely such incidents will stop any time soon.Shashank Joshi, a former senior research fellow at the Royal United Services Institute who is now the defense editor at The Economist, told BI that he believed the suspected Russian sabotage operations were part of a "pretty broad-brush campaign" that could see the Kremlin target any EU or NATO member."I don't think that anyone is particularly immune as such," Joshi said.A spokesperson for Germany's Military Counterintelligence Service, known as BAMAD, said that the German military and NATO forces in Germany "continue to be a priority target for Russian espionage activities."Kremlin Spokesman Dmitry Peskov has denied Russia's involvement in sabotage operations in Europe.The Federal Office for the Protection of the Constitution, Germany's domestic intelligence services, and the BND declined to comment further.<div type="image" title="The RT logo at the company's headquarters in Moscow." height="683" width="1024" msid="115082510" hostid="261" sizebytes="75584"></div>Western officials say Moscow has also launched <a target="_blank" class="" href="https://www.ncsc.gov.uk/news/russia-behind-cyber-attack-with-europe-wide-impact-hour-before-ukraine-invasion">cyberattacks</a> and sought to <a target="_blank" class="" href="https://www.state.gov/disarming-disinformation/">spread disinformation</a> as part of its alleged sabotage operations.Russian state media sites like RT have already faced sanctions in the <a target="_blank" class="" href="https://www.state.gov/alerting-the-world-to-rts-global-covert-activities/">US</a> and the <a target="_blank" class="" href="https://www.consilium.europa.eu/en/press/press-releases/2022/03/02/eu-imposes-sanctions-on-state-owned-outlets-rtrussia-today-and-sputnik-s-broadcasting-in-the-eu/">EU</a> over allegations of disinformation.Keir Giles, a senior consulting fellow at Chatham House's Russia and Eurasia Program, said that Russian disinformation campaigns, espionage operations, and sabotage attempts were "intimately interlinked.""Objectives in the information domain can be served by kinetic actions and vice versa," Giles said. "The information component of warfare is seen as an integral part and interdependent with all of the other activities that Russia is undertaking.""That's something that's played out very clearly in Russia's war on Ukraine after the full-scale invasion," he added.

The air freight industry is on high alert after fires at DHL warehouses were linked to Russian sabotage operations

<ul class="summary-list"><li>Microsoft told customers that a software bug caused inconsistent collection of log data.</li><li>The bug affected key security products, including Microsoft Sentinel and Entra.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/microsoft-punts-365-ai-bundle-pilot-tests-copilot-2024-9">Microsoft</a> is telling customers that it failed to consistently collect log data for several important cloud services, according to an update viewed by Business Insider.A log is a record of events within a program, such as account sign-ins. This record of events could include instances of unauthorized access to networks and accounts. If logs are not recorded properly, then any records of potential problems are lost and the company and its customers may have missed intrusions.Between September 2 and September 19, "a bug in one of Microsoft's internal monitoring agents resulted in a malfunction in some of the agents when uploading log data to our internal logging platform," Microsoft wrote in the customer notification.There's no evidence of cyberattacks stemming from this incident."This issue did not impact the uptime of any customer-facing services or resources -- it only affected the collection of log events. Additionally, this issue is not related to any security compromise," the notification explained.Affected products included Microsoft Entra, an identity-management service. Microsoft Sentinel, a security information and event-management product, was also impacted, along with Microsoft Defender for Cloud and Microsoft Purview, a data loss prevention product."Microsoft Sentinel customers may have experienced potential gaps in security related logs or events, possibly affecting customers' ability to analyze data, detect threats, or generate security alerts," the update warned.BI asked Microsoft to comment on this episode on Thursday and Friday. Spokespeople Frank Shaw and Jill Austin, along with the company's outside PR firm WE Communications, didn't respond to multiple requests for comment. This is a particularly a big deal for Microsoft because the company has been saying that <a target="_blank" class="" href="https://www.businessinsider.com/internal-microsoft-email-shows-security-leadership-shakeup-2023-12">security</a> is a top priority. It recently introduced a Security Futures Initiative, largely in response to its mishandling of security incidents, including what the Department of Homeland Security called "<a target="_blank" class="" href="https://www.businessinsider.com/microsoft-security-issues-government-report-chinese-hacks-2024-4">cascade</a>" of errors that allowed Chinese hackers in 2023 to access thousands of cloud customer emails.The idea was that Microsoft would make security its first priority in everything. It's become so important that every Microsoft employee will be evaluated on a "core priority" of security in performance reviews, according to an excerpt of an email shared with BI."If you're faced with the tradeoff between security and another priority, your answer is clear: Do security," Microsoft CEO Satya Nadella wrote in an email to employees in May."In some cases, this will mean prioritizing security above other things we do, such as releasing new features or providing ongoing support for legacy systems," the CEO added. "This is key to advancing both our platform quality and capability such that we can protect the digital estates of our customers and build a safer world for all."Are you a Microsoft employee or someone else with insight to share?Contact the reporter, Ashley Stewart, via the encrypted messaging app Signal (+1-425-344-8242) or email (<a target="_blank" href="mailto:astewart@businessinsider.com">astewart@businessinsider.com</a>). Use a nonwork device.

Microsoft tells customers it lost log data for key security products

Security agencies will be deploying artificial intelligence-based security systems with enhanced <keyword id="22713904" type="General" weightage="20" keywordseo="surveillance-features" source="keywords">surveillance features</keyword> and automated crowd estimation facilities at and around <keyword id="20283480" type="General" weightage="20" keywordseo="Red-Fort" source="keywords">Red Fort</keyword> on the upcoming Independence Day, sources said. A document accessed by the reveals that CCTVs having video analytics features will be deployed at important locations at the venue. The intelligence video surveillance system will have features like a vehicle number plate recognition system, face detection, people movement counting, tripwire, audio detection, intrusion, defocus, and abandoned or missing objects. "We will also be using AI-armed cameras to count the entry and exit of people inside the premises. The estimation of the crowd will be done through AI," an official added. The cameras, said the official, will have the capability of detecting abandoned baggage in public places. Intrusion detection features will be the security of high risk. Different zone-based alarms can be set as per priority and sensitivity of each zone. The advanced FRS facility will be in recognition of faces on live cameras as well as on recorded videos. Detect any matches with faces on the "Watch List" database and provide alerts to the control room. Detecting multiple faces from group images and searching for similar faces from a single camera or across multiple cameras. An enrolled person can be searched by names or similar faces and also search via. unknown faces using a single image or group photo. Divulging further details on the new changes, a senior government official informed that they have been using a <keyword id="20903661" type="General" weightage="20" keywordseo="facial-recognition-system" source="keywords">facial recognition system</keyword> for the past several years but this year they will be deploying Number Plate Recognition (NPR) that will have vehicle plate detection based on real-time 24x7 video processing. It will immediately video record and snapshot each vehicle or violated vehicle. It will be integrated with multiple cameras or sensors for driver image capture. Delhi police will be deploying more than 700 CCTVs and more than 150 cameras having video analytics features. More than 10,000 security personnel, including Delhi police and paramilitary jawans, will be deployed in and around the Red Fort and other crucial locations in central and north Delhi. A team of central intelligence agencies and all concerned security agencies visited the Red Fort and held a security review meeting recently for the Independence Day event. At the review meeting, held in the backdrop of the attack on former US president Donald Trump during a public meeting, additional arrangements would be needed to maintain a stricter vigil at the high-security event, reliable sources claimed. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Security forces to deploy AI-based security systems at Red Fort on Independence Day

<ul class="summary-list"><li>Companies can face data-security challenges with cloud storage and access management.</li><li>Data-security posture management can help identify risks and protect data.</li></ul>Companies handle troves of data, including financial information, customer details, and proprietary content. While much of that data is stored in the cloud, company leaders might not always know exactly where it is, who all has access to it, or how secure it truly is.Dan Benjamin, the senior director of product management at Prisma Cloud, a cloud-security platform made by Palo Alto Networks, said that incorporating data-security posture management into cybersecurity strategies could help solve many of these problems.He described DSPM as a set of cybersecurity technologies that can help companies "discover, understand, and protect their data." This is crucial, as an IBM report published in 2023 estimated that <a target="_blank" href="https://www.ibm.com/topics/data-security-posture-management">82% of data breaches</a> involved data stored in the cloud.Clouds and the data they contain are vulnerable for several reasons. For one thing, Benjamin said, "the sheer amount of data in the cloud is larger than the amount of data that's on-premises," or <a target="_blank" href="https://www.businessinsider.com/artificial-intelligence-data-privacy-on-premises-information-technology-solutions-2024-8">stored on a company's own hardware</a>. Organizations also often use several cloud systems and sometimes lack a solid <a target="_blank" href="https://www.businessinsider.com/peter-wang-talks-artificial-intelligence-and-on-premises-infrastructure-2024-8">security strategy for maintaining, updating, and securing data</a>.Liat Hayun, the vice president of product management and research of cloud security at the cybersecurity company Tenable, said cloud environments' flexibility makes them attractive to companies. Clouds make it easy for companies to store and move data around, but they're also difficult to monitor.While DSPM can help, Hayun said, many organizations haven't embraced the technology.<h2 id="500962ef-2e5d-401c-aa84-3745209e9825">How DSPM safeguards data</h2>Benjamin said DSPM helps organizations answer three key questions: "What data do I have? How is it being used? And how is it being protected?"Hayun said the software continuously identifies where a company's data resides and classifies it based on its sensitivity level, such as personally identifiable information or intellectual property. It then analyzes the controls around the data, including <a target="_blank" class="" href="https://www.businessinsider.com/how-to-respond-to-ransomware-attack">who has access to it and how secure it is</a>; identifies vulnerabilities; and recommends ways to address a problem.Julie Madhusoodanan, the head of cybersecurity at LinkedIn, described DSPM as a combination of risk identification, reporting, and mitigation."Think of it as having a security guard who regularly checks where your data is stored, who has access to it, and how it's being used," she said.If something looks off — for example, sensitive information is being stored in the wrong place, or someone has access to data they shouldn't have — DSPM software can alert a company's security or information-technology teams to resolve the issue "before something bad happens," Madhusoodanan said.Other cybersecurity solutions focus on securing devices or systems that house or process data and often identify vulnerabilities and risks after they happen. Madhusoodanan said DSPM is designed to protect the data itself and "can proactively block risks from being inserted into the system in the first place."<h2 id="38f8e7b1-fe20-45f3-ac0f-8e4e65aafba3">Why DSPM is a beneficial security measure</h2>Any organization that collects, maintains, and processes data — no matter its size or industry — is <a target="_blank" class="" href="https://www.businessinsider.com/what-to-know-about-sec-cybersecurity-rules-and-guidance">at risk of a breach</a>, Madhusoodanan said. Investing in DSPM, she added, can help "give organizations a clearer picture of the risk their business is carrying," manage that risk, and heighten security.For example, LinkedIn uses DSPM to assess threats and plan mitigation strategies. Madhusoodanan said the technology had improved the company's response time and accuracy in addressing vulnerabilities.Benjamin gave an example of a financial company he worked with: It used DSPM and discovered that some financial reports were being copied to a cloud that <a target="_blank" class="" href="https://www.businessinsider.com/how-companies-can-respond-to-cybersecurity-risks-after-layoffs-2024-9">belonged to a former employee</a>. The tool identified the issue so the company could secure the data.Benjamin said DSPM could also reduce the likelihood and impact of a data breach. Breaches can cost a company millions of dollars, damage its reputation, interfere with operations, and cause compliance problems if sensitive data is compromised.Hayun said DSPM could ensure that companies don't take unnecessary risks with data and make them feel more secure in scaling up their data programs, enabling them to grow their business.Benjamin said that while DSPM could benefit most companies, the technology is especially advantageous for those in regulated industries, such as finance or health, or with a lot of customer data.<h2 id="087ddab0-b09f-4ff6-b341-21bcf3c50adf">Some companies face challenges implementing DSPM</h2>Companies implementing DSPM tech can struggle with hiring the appropriate staff, lacking internal resources, selecting a DSPM vendor or tool, and getting executive buy-in, according to a <a target="_blank" class="" href="https://normalyze.ai/company/from-reactive-to-proactive-dspms-transformative-role-in-data-security/">report from Normalyze</a>, a DSPM provider.Madhusoodanan said that DSPM strategies can't be implemented in silos and that stakeholder buy-in is critical. "This is where leaders face the biggest friction and why fostering a security-centric culture is key to getting leaders on board," she said.She added that it's essential to ensure everyone across an organization understands and is focused on the company's data-protection strategies so that the organization can make accurate risk-mitigation decisions.Hayun said DSPM enabled organizations to use data effectively and securely — and in compliance with regulatory bodies."They can build guardrails around how the data is used and allow their teams to run within those guardrails without concern," she said.

How data-security posture management could make your cloud systems less vulnerable

<ul class="summary-list"><li>Donald Trump survived an apparent second assassination attempt after the Secret Service intervened.</li><li>Former agents say the department is short-staffed, leading to burnout that increases security risks.</li></ul>Incidents like Sunday's <a target="_blank" class="" href="https://www.businessinsider.com/trump-shots-fired-florida-golf-course-2024-9">apparent assassination attempt against Donald Trump</a> show the Secret Service is stretched so thin due to short staffing that potential dangers are becoming increasingly hard to respond to adequately, two former agents told Business Insider.In a Monday press conference discussing the incident, the acting director of the Secret Service called for "some hard conversations with Congress."The former president was unharmed on Sunday after a <a target="_blank" class="" href="https://www.businessinsider.com/who-is-ryan-wesley-routh-second-trump-assassination-attempt-suspect-2024-9">would-be shooter</a> hiding in the perimeter treeline of the Trump International Golf Club West Palm Beach was spotted and fired upon by a Secret Service agent. The suspect was able to flee the scene unharmed but, thanks to details from an eyewitness, was identified and detained by law enforcement shortly after the incident.On July 14, Trump faced a closer call when he was <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-butler-pennsylvania-rally-secret-service-2024-7">wounded during a campaign rally</a> after a suspect perched upon a rooftop overlooking the event fired his rifle into the crowd. A rally attendee was killed, and <a target="_blank" class="" href="https://www.businessinsider.com/trump-pennsylvania-rally-shooting-deaths-2024-7">two others were injured</a> in the shooting. <a target="_blank" href="https://www.businessinsider.com/who-was-thomas-matthew-crooks-the-trump-rally-shooter-2024-7">A Secret Service sniper killed the suspect</a> in the July incident.Kenneth Valentine, a former Secret Service Special Agent in Charge who served under three presidents, told Business Insider that security around the former president was ratcheted up after the July incident, and the <a target="_blank" class="" href="https://www.businessinsider.com/secret-service-scrutiny-shooting-donald-trump-pennsylvania-rally-2024-7">Secret Service faced intense scrutiny</a> for failing to prevent the shooting. He said agents should have been on high alert, making Sunday's near-miss far too close for comfort."Did we not have time, or did we not have the assets and resources to sweep that wood line and post it with a police officer ahead of time?" Valentine said. "It seems to me like that would have been great business to do."<h2 id="ba0533fe-c6b9-48f7-857a-0616a5af5d15">Still doing Treasury business</h2>Valentine — as well as Jeffrey James, who spent 22 years in the Secret Service — told BI the agency has been struggling with staffing levels and adequate resources since it was rolled up under the Department of Homeland Security in 2003.The agency, founded in 1865, had previously been under the purview of the Department of the Treasury with a mission to combat counterfeiting. Though the Secret Service no longer reports to Treasury officials, its agents have maintained investigative assignments related to credit card fraud and cybercrime."I believe the Secret Service should give up all of that and just be the executive protection arm of DHS," James said. "If I was making decisions, I would push them to eliminate all their investigations, aside from investigating threats toward people under Secret Service protection."Instead, both Valentine and James said they believed the agents are stretched too thin, forced to work absurd amounts of overtime, and said there's an incredibly high rate of attrition in the field that the Secret Service can't keep up with. "We never hit a time in my career where we were fully staffed," James said. "We were always in a deficit because you're always playing from behind."In his experience, many agents left the Secret Service before their retirement, James said — a natural occurrence in any field if people decide the gig is not for them — "but we were such a small agency that it really became a detriment.""I will tell you we had people driving the <a target="_blank" class="" href="https://www.businessinsider.com/president-car-limousine-photos-the-beast-2024-2">president's limousine</a> for enough hours in a day that if they drove a truck for <a target="_blank" class="" href="https://www.businessinsider.com/walmart-exec-surprising-reason-low-income-shoppers-pay-for-plus-2024-9">Walmart</a>, they would be told to park the truck and not drive anymore," James said, adding that agents were on the road for so long it was no longer safe for them or their passengers.<h2 id="42735993-3767-428f-8a3b-230f5dc61ca5">Word from the top</h2>Valentine said that if you hear the top brass tell it, they'll talk about how the agency has been hiring at a rate exceeding all previous combined years."And it's like, well, yeah, that's true, but tell me about your attrition," Valentine said.Officers work long hours, including weekends and holidays, and forego personal time to take on the Sisyphean task of risking their lives to protect the country's highest-profile people. Salaries start at under $70,000 annually, according to a 2021 <a target="_blank" href="https://www.secretservice.gov/sites/default/files/reports/2021-09/UD%202021%20Salary%20Schedule.pdf">pay scale.</a> When reached for comment, a representative for the Secret Service directed Business Insider to comments made by Acting Secret Service Director Ronald Rowe during a press conference on Monday following the second <a target="_blank" class="" href="https://www.businessinsider.com/timeline-donald-trump-rally-shooting-pennsylvania-2024-7">security incident involving Trump</a>. In his remarks, Rowe indicated the Secret Service's leadership is aware of burnout among its agents."We have immediate needs. We have future needs, too," Rowe said, referring to counter-sniper training that the agency is petitioning Congress to approve. "We also have the need to make sure that we're getting the personnel that we have, and that requires us to be able to have the funding to be able to hire more people."Rowe added: "You can't just give me money and say, 'Hey, we're going to make sure that everybody gets overtime.' Because the men and women of the Secret Service right now, we are redlining them."According to agency <a target="_blank" class="" href="https://www.secretservice.gov/careers/paths#:~:text=The%20Secret%20Service%20employs%20approximately,professional%20and%20technical%20support%20personnel.">statistics</a>, the Secret Service employs about 3,600 special agents, including 1,600 uniformed division officers and roughly 2,000 administrative and support personnel. Of the Department of Homeland Security's $64.81 billion <a target="_blank" class="" href="https://appropriations.house.gov/news/press-releases/committee-releases-fy25-homeland-security-appropriations-bill#:~:text=The%20Homeland%20Security%20Bill%20provides,Fiscal%20Year%202024%20enacted%20level.">total budget</a>, the Secret Service in 2024 was allotted <a target="_blank" class="" href="https://www.dhs.gov/sites/default/files/2023-03/U.S.%20SECRET%20SERVICE_Remediated.pdf">$3.27 billion</a> — increasing less than $400,000 since 2022.Secret Service agents "are rising to this moment," Rowe said, but "We have to have it every day. <a target="_blank" class="" href="https://www.businessinsider.com/secret-service-training-zero-fail-mission-2024-7">We cannot have failures.</a> And in order to do that, we're going to have some hard conversations with Congress, and we're going to achieve that."

Burnout could be to blame for security failures around Trump, former Secret Service agents say

<ul class="summary-list"><li>The US Secret Service increased security near Donald Trump's Mar-a-Lago Club in Palm Beach.</li><li>A local road will be closed to through traffic until the November general election "at a minimum."</li></ul>The US Secret Service is bolstering security around Donald Trump's <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/inside-trump-mar-a-lago-club-photos-2018-1">Mar-a-Lago Club</a> after last weekend's <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/trump-photo-rally-shooting-republican-rallying-call-2024-7">assassination attempt</a>.The <a target="_blank" class="editor-rtfLink" href="https://townofpalmbeach.com/1279/Planned-Traffic-Impacts">Town of Palm Beach</a> told residents that 1100 South Ocean Boulevard will be closed to through traffic starting Saturday morning and continue "24/7 until the November general election at a minimum."<div type="image" title="Photo of roads around Mar-a-Lago from Palm Beach traffic alert." height="510" width="2068" msid="111892007" hostid="261" sizebytes="44026"></div>"The US Secret Service has made this decision, neither Town Officials nor the Town Council," an <a target="_blank" class="editor-rtfLink" href="https://townofpalmbeach.com/AlertCenter.aspx?AID=Road-Closure-1100-South-Ocean-Boulevard--2049">alert said</a>. "The Town is working closely with the US Secret Service to minimize the impacts of this road closure."The alert added that the Town of Palm Beach intends to explore legal options to "ensure that the road remains open in the absence of the protected person(s) in residence."The new security measures at Mar-a-Lago come one week after 20-year-old <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/who-was-thomas-matthew-crooks-the-trump-rally-shooter-2024-7">Thomas Matthew Crooks</a> shot at Trump during a campaign rally in Butler, Pennsylvania.<div type="image" title="Former President Donald Trump" height="1889" width="2833" msid="111892044" hostid="261" sizebytes="103544"></div>The incident prompted criticism of the US Secret Service, which has shouldered much of the blame for a perceived <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/secret-service-could-have-mistaken-trump-shooter-for-police-sniper-2024-7">lapse in security</a>.Anthony Cangelosi, a former special agent who directed the Secret Service's technical security advances for presidential candidates, <a target="_blank" class="" href="https://www.businessinsider.com/ex-secret-service-agents-how-trump-assassin-could-fire-shots-2024-7">previously told Business Insider</a> that he expects the Secret Service to require "a lot more personnel" on-site when Trump speaks publicly in the future.Cangelosi, who is now a professor at the City University of New York — said he thinks the Secret Service will also rely more on local law enforcement for security at future events."It's a tremendous false multiplier in these situations," Cangelosi said. "They know a lot about the area. They can bring in additional personnel. And 99% of the times the local law enforcement likes it, they like participating."<a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/biden-orders-investigation-trump-security-assassination-attempt-2024-7">President Joe Biden</a> last week ordered an independent probe into the security at Trump's rally. GOP <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/mike-johnson-trump-rally-shooting-political-rhetoric-election-2024-7">House Speaker Mike Johnson</a> said the House would launch a "full investigation" into the events related to the shooting.A <a target="_blank" class="" href="https://x.com/SecretSvcSpox/status/1814317814666170693">press release</a> from the Secret Service said its director, Kimberly Cheatle, is scheduled to testify before the House Committee on Oversight on Monday."The Secret Service is fully accountable for the safety of its protectees," the <a target="_blank" class="editor-rtfLink" href="https://x.com/SecretSvcSpox/status/1814317814666170693">statement read</a>. "We are committed to better understanding what happened before, during and after the assassination attempt of former President Trump to ensure it never happens again. That includes complete cooperation with Congress, the FBI and other relevant investigations."The FBI is the lead federal law enforcement agency investigating the attempted assassination.Representatives for Trump's campaign, the Trump Organization, and the US Secret Service did not respond to a request for comment from Business Insider.

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