Even before the decision on which of the 26 applicants will get Banking license, Infosys, TCS and Oracle are vieing with each other for supply of Core Banking software to the new Banks.
It is estimated that each Bank will spend about 25-50 crores in initial networking costs and subsequently spend about 5 to 6% of the annual revenue in maintenance. It is therefore a huge business for the IT Companies.
Refer Article in HIndu Business Line for more
Naavi
There is an interesting website on the cyber space which promises all kinds of loans for which application can be made through SMS.
Check this interesting website http://www.cgtmse-govt.in
The site sports photographs of all Congress leaders including Mrs Sonia Gandhi, Dr Man Mohan Singh, Mr Pranab Mukherjee etc and claims to be a site of the Government of India.
Applications are sought through SMS at 09748643575
An investigation is required to find out if this is a fraudulent website and if so who is behind this fraud. The site is registered by a person in Siliguri and freely uses all Government symbols for promotion. It is possible that this could be another scam in which some of the politicians are involved.
Mumbai High Court has upheld the decisions of the Adjudicator of Maharashtra Mr Rajesh Agarwal in respect of two cases referred to it by ICICI Bank. The Bank had challenged the order of the Adjudicator and prayed for a stay which has been rejected by the Court.
Netizens in Karntaka hope Karnataka High Court and Adjudicator of Karnataka also become as much cyber law savvy as their counterparts in Mumbai.
Naavi
The proliferation of adult content on android apps has drawn the attention of the Government and serious thoughts are being given to the ways and means of controlling the menace.
One of the thoughts that is flying across is whether Android OS may be banned?. This of course ,may not happen since it would amount to closure of the mobile market itself. However Google may be required to enforce better control on the security aspects of the applications.
Naavi
Close on the heels of the announcement of the National Cyber Security Policy, the Government is likely to announce a “Telecom Security Policy”. The draft of the policy is said to have been submitted to the National Information Board and after a review, will be submitted to the Cabinet Committee for approval.
The policy is likely to address the issue of dependence of Indian telecom network on imported hardware and the consequent risk exposure. It may therefore suggest audit of hardware and software at periodical intervals besides testing and certification at the time of purchase.
In the Cyber security policy also the Government has indicated the requirement of ensuring mandatory legal audits, following of global best practices, development of security culture etc.
The twin policies if properly implemented will significantly improve the security in the Indian Cyber Space.
22 Banks have been fined by RBI for KYC failures. The fines range from Rs 0.50 lakhs in the case of Ratnakar Bank to rs 3.002 crores in the case of IOB. Most other Banks have been fined between 2.50 to 3.0 crores.
The complete list of Banks and the fines imposed is available here:
This is in addition to the three Banks who were fined last month. In this set of fines, RBI imposed a penalty of Rs. 5 crore imposed on Axis Bank, Rs. 4.5 crore on HDFC Bank and Rs. 1 crore on ICICI Bank.
Naavi
