BANK SERVERS
Banks told to stay vigilant amid intel on cyberattack threat
Apart from continuously checking network activities and server logs to detect malicious intrusions, banks will have to monitor critical payment systems such as SWIFT (the messaging system to confirm cross-border fund transfers), card network (which facilitates card payments), the online local fund transfer frameworks RTGS, NEFT and UPI, the real-time payment system.
Wary Paytm to avoid regulated biz; Foxconn to make AI servers in India
Happy Friday! Paytm is steering clear of regulated businesses and will instead focus on building a strong distribution network. This and more in today's ETtech Morning Dispatch.
Has America’s banking information been compromised? What is this ransomware group’s demand?
A ransomware group named ‘LockBit’ is claiming to have hacked into the servers of the US Federal Reserve and stolen ‘sensitive’ banking information. They claim to be negotiating with the Central Bank and have threatened to release the information if their demands aren’t met by Tuesday.
Forex remittances worth Rs 50,000 crore under ED scanner
Delhi-based entity made illegal sale of cryptocurrencies, sent proceeds to Hong Kong and Canada. Bank officials too being probed for leaking info, helping accused. The agency has carried out searches on residences of one of the suspects, Manideep Mago, and his company, Birfa IT Services.
DoT reassures telcos over data shift to Amazon Web Services
The Department of Telecommunications (DoT) faced backlash from mobile phone companies over plans to migrate its digital intelligence platform (DIP) to Amazon Web Services (AWS) from servers run by BSNL and C-DoT. The move was criticized for compromising consumer privacy. However, DoT clarified that critical subscriber database records won't be stored on AWS, easing concerns. The DIP is crucial for fighting cybercrimes and fraud, facilitating real-time intelligence sharing among stakeholders. The shift aims to address data surge challenges, with AWS being an approved vendor of MeitY, hosting CoWIN data.
LLM for BFSI sector, personal AI server launched
Indian AI startups introduced innovative AI models and products at Adbhut India. The event highlighted diverse applications, including large language models, voice-enabled systems, and AI tools for various sectors, showcasing India's potential as an AI use case capital.
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Charting the global economy: European growth exceeds projections
Euro zone and US show mixed economic signals. Euro zone exits recession with strong GDP growth, while US faces moderating labour demand. Global economy sees fluctuations in factory output and industrial growth amid inflation concerns.
View: The Indian banks' tech you love is a banana peel for RBI battling potential scams
The Indian financial system, recovering from a history of bad loans, faces new challenges as banks grapple with technology pitfalls. Kotak Mahindra Bank Ltd. was recently penalised for security deficiencies, highlighting broader risks of fraud and system vulnerabilities in the digital age. Regulatory scrutiny intensifies amid concerns about financial stability and cybersecurity in the evolving landscape of digitisation.
Kotak Mahindra Bank penalised by RBI: What happened on April 15, 2024, that was the final straw?
The Reserve Bank of India (RBI) has imposed restrictions on Kotak Mahindra Bank's digital onboarding and credit card issuance. This action follows concerns identified by the RBI regarding the bank's IT infrastructure and information security practices. RBI mentions, "...the bank’s Core Banking System (CBS) and its online and digital banking channels have suffered frequent and significant outages in the last two years, the recent one being a service disruption on April 15, 2024." What happened on April 15? Know all the details.
Mysuru’s Kaynes to make 3,000 RUDRA servers for govt’s CDAC
RUDRA HPC servers under the NSM will be made to meet the computational requirements of sectors like hyper-scale data centres, edge computing, banking, finance, healthcare and advanced manufacturing.
Kotak Mahindra customers face troubles as bank servers get impacted
Kotak Mahindra Bank customers on Monday reported difficulties accessing services due to problems with the system at the private sector lender. The lender's customers started facing difficulties in completing transactions like UPI payments, money withdrawals, and also accessing online banking in the morning and took to social media to voice their issues.
Kotak Mahindra Bank app, Net banking, UPI down? This is what the bank has to say
Kotak Mahindra Bank: The bank's mobile app and a few other digital services were unavailable to a large number of Kotak Mahindra Bank customers. In response to customers' complaints, Kotak Mahindra Bank stated on the social networking site, X, that its technical team is urgently addressing the matter, and a resolution can be expected shortly.
Fintechs seek clarity on digital currency tieups despite RBI blessing
Blockchain-based digital currency allows programmability of money. This means, in some cases, usage can be restricted to specific merchants only. This feature has caught the attention of the government, which is considering using it for targeted subsidy disbursements and preventing unauthorised access or misuse.
This Vulture can empty your bank account, cyber security firm sounds alarm bells
Security researchers have uncovered a sophisticated version of the Vultur banking trojan, disguised as a security app, targeting Android users through a hybrid attack involving smishing and phone calls. This new variant boasts advanced remote control capabilities and an improved evasion mechanism, making it more dangerous than previous versions.
PPF deposit: Finding it difficult to deposit money in your PPF account online? Here are different ways to invest before the April 5 date
How to invest in PPF: Those investing in the Sukanya Samriddhi Yojana (SSY) and the Public Provident Fund (PPF) should ensure that their contributions are deposited into the accounts before April 5 in order to maximize returns for the ongoing financial year, 2024-25.
Axis Bank credit card holders notice fraud transactions: How to block Axis Bank credit card, get money back
Axis Bank credit cards: Many Axis Bank credit card customers have taken to social media to complain about fraudulent activities they have noticed. Here is how to block your Axis Bank credit card, and file a complaint.
Finish your tax saving investments well before March 31 this year: Here's why
Last date to finish tax-saving investments: If you are planning to wait till last minute to finish your tax-saving investments and expenditures then you might the chance to do so. This is because March 31 this year is on Sunday and banks and stock market is closed on Friday (March 29) on account of Good Friday.
Super Micro Computer rides AI server boom to join S&P 500
Super Micro Computer, which joins the S&P 500 on Monday, enjoys a rare advantage among server makers that are trying to tap the generative AI boom - close ties with Nvidia that help it launch products faster than rivals Dell and Hewlett Packard Enterprise.
Paytm bank RBI Ban: Indian fintech is fast, furious — and fraudulent?
The Reserve Bank of India has taken regulatory action against Paytm and Visa Inc., and more nonbank intermediaries may be targeted. The growth of neo-banking in India has increased the risk of fraud. KYC regulations and digital payments face challenges, and nodal accounts are used for real-time processing.
UPI faces outage, multiple bank servers down
Multiple users took to social media channels to flag concerns around UPI payments not going through. When ET tried to make a payment, a message cropped up saying 'recipient's server is down', HDFC Bank in this case.
UPI payments failing amid server outages; multiple banks affected
Reports of UPI outage have poured in from various places as users struggle with digital payments. Major platforms like Google Pay, PhonePe, and BHIM have been reportedly affected, along with server issues in banks.
HDFC Mobile Banking App: New security protocols may protect customers of the bank against any impending cyber attacks
HDFC Bank mobile app: HDFC Bank has updated their security protocols in their mobile banking app. These security protocols will protect customers of the bank against any impending cyber attacks. However for implementing these security features customers of the bank would need to have their bank registered number inside the phone among other things.
Indian Bank's wholly-owned subsidiary to begin operations next fiscal: MD
Public sector Indian Bank plans to launch a wholly-owned subsidiary with a capital infusion of Rs 10 crore next year. The subsidiary will focus on back-office processing, collection, sales, and marketing. The bank reported a 52% increase in net profits in the October-December 2023 quarter
BJP, ED trying to save Mahadev betting app promoters, alleges Chhattisgarh CM Bhupesh Baghel
Chhattisgarh Chief Minister Bhupesh Baghel, who has been linked to the app row by the ED, said the Mahadev betting platform, promoted by two Chhattisgarh residents who are now in Dubai, was unavailable on the Indian server long before it was banned by the Ministry of Electronics and Information Technology on Sunday.
Indian Bank partners with IBM to deploy compute infrastructure
IBM has partnered with the Indian Bank to deploy new front-end banking applications and provide safe compute infrastructure. The public sector bank aims to consolidate its Front Branch Servers and run CBS workloads on IBM Power servers, reducing costs and improving resource utilization.
SBI server down: Customers complain about issues regarding net banking, UPI on Twitter
Many State Bank of India (SBI) customers have been complaining about the net banking and UPI services not functioning properly online.
SBI server down: Why State Bank of India net banking, UPI were down yesterday, bank clarifies
In a statement, SBI apologised to its customers for any inconvenience and assured them that steps are being taken to avoid similar situations in the future.
SBI's UPI, net banking services suffer due to server outage, users complain
The State Bank of India's (SBI) UPI and net banking services were affected after the bank's server reportedly faced an outage, according to media reports. The server was reported to be down since Monday morning. Users took to Twitter to share the information and coplain about the situation.
HDFC Bank customers face internet banking, mobile app glitch; bank replies
HDFC Bank users on Tuesday complained about the bank's servers being down, saying that they could not access netbanking or mobile app services. Some users complained on the day that they were not able to access the services for over two hours. While HDFC Bank did not acknowledge the problem, it did aplogise for the 'inconvenience' caused.
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