No breach of systems and pilferage of any personal data: PNB

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Following several reports of vulnerability found in Punjab National Bank’s internal server, exposing personal and financial information of customers, the bank on Monday denied any breach of system and possibility of data exposure. The bank has deployed data leak prevention solutions that stops any unauthorized data to be sent through emails, it said.

“We have thoroughly checked our ICT systems those on Internet facing and operating in the background at PNB. There has been no breach of systems and pilferage of any personal data of any of our customers and account holders of PNB,” the bank said in a statement.

Read also – PNB server vulnerability may have exposed data of over 180 m customers: CyberX9

It added, “It is an established fact that hackers regularly attempt to penetrate every and all Internet facing systems anywhere in the world. PNB has implemented stringent security controls in all our ICT systems. The reported attempt of perpetrator was monitored and checked. All our critical ICT systems dealing with banking transactions are kept in secure zone, called DM zone with multiple layers of protection.”

CyberX9 report

The alleged vulnerability came into light, when cyber security firm CyberX9 published a blog post saying that apart from its 180 million customers, the glitch leaves access to confidential internal emails and logins of all strata of employees across branches and systems, including the CMD exposed by letting the hackers get the highest level of admin privilege in the affected server. It claimed that the vulnerability existed for at least seven months.

To this, PNB said that it had deployed a leak prevention solution controlling unauthorised data being sent over emails. Earlier, in a statement to PTI, the bank had said that the glitch was found and fixed; and no data was compromised.

“The said zone does not permit unauthorised access to any one, including internal staff. The ICT systems are monitored round the clock by competent staff at security operation centre. The data at rest and transit are encrypted using proprietary algorithms,” it said in its latest statement.

The bank is certified with International ISO 27001 best information security practices, validated minimum every year and as and when significant upgradation to the ICT systems is undertaken. These standards and best practices are also adopted in India.

“Our customers are very valuable to us. We assure our all customers that PNB, your bank, will strive hard to keep your personal data highly confidential meeting to best possible standards. Towards this, PNB will always be at the forefront to implement best available resources to implement the best security controls to secure the Information of our all customers,” PNB said.

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Reserve Bank of India – Notifications

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April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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Reserve Bank of India – Press Releases

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April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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Reserve Bank of India – Tenders

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E-Tender No. RBI/Nagpur/Estate/13/21-22/ET/13

Estate Department, Nagpur Regional Office, Reserve Bank of India had invited e-tenders for the work “Construction of RCC underground sump and Elevated Service Reservoir at Banks Telankhedi Road Staff Quarters, Nagpur”

2. This is to inform that the captioned tender stands cancelled. Bidders who had deposited EMD with RBI, Nagpur for the captioned tender shall get their EMD refund shortly.

Regional Director
Reserve Bank of India
Nagpur

November 22, 2021

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Niva Bupa aims ₹5,000 cr gross written premium by 2023-24

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Niva Bupa Health Insurance Company Ltd (Niva Bupa), a standalone health insurer, on Monday said it aims to achieve a gross written premium (GWP) of ₹5,000 crore by 2023-24.

This timeline is now one year ahead of the FY 24-25 period earlier indicated – for achieving the ₹5,000 crore GWP milestone – by the senior management in an interaction with BusinessLine in July this year.

Given the strong growth seen in the last 24 months, the company is now looking to close the current fiscal with GWP of ₹2,700 crore against the earlier projected level of ₹2,500 crore.

Niva Bupa, which was formerly known as Max Bupa Health Insurance, also said on Monday that it wants to bring as many as 10 million people of the country under the ambit of health insurance by the end of FY23-24.

Targets covering more people

This standalone health insurer’s MD & CEO, Krishnan Ramachandran, had in July indicated to bring 10 million people under health insurance by 2024-25.

Niva Bupa, which is currently having a presence in 350 cities, will further increase its presence to over 600 cities by FY23-24, it said on Monday.

“We are overwhelmed with the growth seen in the last 24 months. We are aggressively expanding our direct and digital partnership with massive regional expansion helping us to maintain rapid growth. We are fully committed to accelerating the adoption of health insurance across the country, making quality healthcare more accessible to the people,” Krishnan Ramachandran, MD&CEO, Niva Bupa said.

Niva Bupa is a joint venture between Fettle Tone LLP (an affiliate of True North Fund VI LLP), a private equity firm, and the Bupa Group, an international healthcare company. True North owns 55 per cent shareholding in Niva Bupa, while Bupa owns 44 per cent equity stake. This standalone health insurer is increasing its footprint pan India through its bancassurance partnerships with 15 banks.

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Spandana Sphoorty appoints Shalabh Saxena as new MD and CEO

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The country’s second-largest microfinance institution, Spandana Sphoorty, on Monday announced the appointment of Shalabh Saxena as its new Managing Director and CEO, and Ashish Damani as the President and Chief Financial Officer.

While Saxena is currently serving as the MD and CEO of Bharat Financial Inclusion Ltd (BFIL), Damani has nearly two decades of experience at BFIL and is currently serving as its Chief Financial Officer, Spandana said in a statement.

“Both Saxena and Damani will join Spandana soon,” it further said. In a stock exchange filing, Spandana said the board has approved the appointment of Saxena for five years from the date of joining.

The Board has also appointed Abanti Mitra, an independent director with Spandana since 2011, as non-executive Chairperson of the Board with immediate effect. “Outgoing Chairman, Deepak Vaidya, will continue to serve on the Board as an independent director,” it said.

Spandana has been in the spotlight after its founder and erstwhile Managing Director Padmaja Reddy stepped down over concerns over a plan to sell the company to Axis Bank. It had on November 2 announced a change in its leadership structure, following the resignation of Reddy and had confirmed the hiring of an eminent industry veteran as its new MD and CEO.

In its statement on Monday, Spandana said the Management Committee of the board is fully engaged in supporting day-to-day operations. The company has also hired independent third-party firms Alvarez & Marsal, PwC and CAM to provide support and conduct special review exercises during the leadership transition, and they are already fully engaged.

Transition

The Management Committee is also in the process of addressing gaps in the transition of services after Reddy stepped down.

“Shortly prior to her resignation, Reddy had transferred the company’s IT systems to a new IT vendor and outsourced its management to that vendor,” Spandana said, adding that there has been no meaningful impact on the day-to-day business operations of the company from this.

It is engaging with the new vendor appropriately and has also made good progress on creating a parallel IT environment.

Additionally, some potential concerns have been brought to the board’s notice regarding certain gold loan branches of Spandana’s subsidiary, Criss Financial Limited. It is currently in the process of confirming the status of the same, the company said.

The matter relates to its branches with a combined portfolio of less than one per cent of Spandana’s consolidated AUM, and therefore would not have a material financial impact on the company.

Business update

Spandana’s business demonstrated healthy performance in the quarter that ended September 30, 2021 (unaudited basis), with standalone collection efficiency for the entire quarter of 105 per cent and 113 per cent for September, including pre-payments, the company said.

The standalone disbursal volumes are also healthy at over ₹1,150 crore for the quarter ended September 30, 2021, it further said.

It has resumed the audit of the financial results for the quarter ended September 30, 2021, following a brief transition-related hiatus and expects to announce results in the next few weeks.

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Reserve Bank of India – Tenders

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A reference is invited to the captioned e-tender no. RBI/Jaipur/Estate/166/21-22/ET/225 which was placed on October 20, 2021 under the “Tenders” link of RBI website (www.rbi.org.in) and MSTC portal (www.mstcecommerce.com).

2. In continuation to this, it is notified that the last date for submission of tender has been extended to December 06, 2021, 02:00 PM.

Regional Director
Jaipur

Date: 22.11.2021

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Reserve Bank of India – Press Releases

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The Reserve Bank of India will conduct a Variable Rate Reverse Repo auction on November 23, 2021, Tuesday, as under:

Sl. No. Notified Amount
(₹ crore)
Tenor
(day)
Window Timing Date of Reversal
1 2,00,000 7 10:30 AM to 11:00 AM November 30, 2021
(Tuesday)

2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

Ajit Prasad           
Director (Communications)

Press Release: 2021-2022/1232

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Nomura business index hits new high of 114

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The Nomura India Business Resumption Index (NIBRI) has risen to yet another high of 114 for the week ending November 21 from 110.3 in the prior week, suggesting the business resumption index is 14 percentage points (pp) above pre-pandemic levels (i.e., 100).

Google workplace mobility rose sharply by 18.1 pp, while retail and recreation fell by 3.3 pp and the Apple driving index rose by 3.6 pp. The labour participation rate remained tepid at 39.8 per cent, while power demand rose by 0.2 per cent w-o-w, as payback from the 5.5 per cent rose in the prior week.

“A mix of supply-side headwinds and demand-side tailwinds continue to obscure the growth outlook. On the demand side, there is evidence of strong festival demand among consumers, an uptick in credit growth and robust core imports in October. Low infection rates and reopenings are also boosting mobility and services activity,” Nomura said.

“However, October auto sales have been lacklustre, reflecting not only semiconductor shortages but also the impact of weak rural demand on two-wheeler sales. The energy crunch seems to be easing, with a rise in coal stocks at power plants. Overall, we maintain our GDP growth outlook of 9.2 per cent for FY22, with a downside risk of ~1 pp due to supply issues,” Nomura added.

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PMC Bank depositors invested over ₹5 lakh to get their money back over 10-year period

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Depositors of the scam-hit Punjab and Maharashtra Co-operative (PMC) Bank with deposits over ₹5 lakh will get their money back in a piecemeal manner over an extended 10-year period, per the draft scheme of amalgamation of PMC Bank with Unity Small Finance Bank (Unity SFB).

Also, no further interest will be payable on the interest-bearing deposits of the transferor bank for five years from the appointed date

The aforementioned clauses are unlikely to go down well with depositors (having deposits over ₹5 lakh), especially senior citizens, who struggled to make ends meet amid the pandemic due to the ₹1 lakh per depositor cap on withdrawal during the entire two-year period their bank has been under directions.

Modalities

As per the scheme, Unity SFB (transferee bank) will pay the amount received from the Deposit Insurance and Credit Guarantee Corporation to all the eligible depositors of PMC Bank (transferor bank), which would be an amount equal to the balance in their deposit accounts or ₹5 lakh, whichever is less;

At the end of two years from the appointed date,over and above the payment already made, Unity SFB will pay an additional amount equal to the balance in their deposit account or ₹50,000, whichever is less, on-demand only to the retail depositors of the transferor bank.

The appointed date is the date when the undertaking of the transferor bank will stand transferred to, and vest in the transferee bank.

At the end of three years from the appointed date,over and above the payment already made, Unity SFB will pay an additional amount equal to the balance in their deposit account or ₹1 lakh, whichever is less, on-demand only to the retail depositors of the transferor bank.

At the end of four years from the appointed date,over and above the payment already made, Unity SFB will pay an additional amount equal to the balance in their deposit account or ₹3 lakh, whichever is less, on-demand only to the retail depositors of the transferor bank.

At the end of five years from the appointed date, over and above the payment already made, Unity SFB will pay an additional amount equal to the balance in their deposit account or ₹5.50 lakh, whichever is less, on-demand only to the retail depositors of the transferor bank.

The entire remaining amount of deposits (after the payments over five years) will be paid in the accounts of the retail depositors of transferor bank after 10 years from the appointed date, on demand.

Interest at the rate of 2.75 per cent per annum shall be paid on the retail deposits of the transferor bank which shall be remaining outstanding after the said period of five years from the appointed date. This interest will be payable from the date after five years from the appointed date.

The transferee bank will have time up to 20 years from the appointed date, to repay the amount received from DICGC towards payment to the insured depositors, which can be done in one installment or in several instalments.

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