According to Voice, OpIcarus has been in the making for five years and "is created with the input of many different Anons anonymous hackers over a number of years."Anonymous hacker claims OpIcarus was launched originally to coincide with the Occupy movement in efforts to digitise protestsThe inspiration and motives behind the OpIcarus campaignVoice revealed that the operation was "created to work hand-in-hand with the Occupy Wall Street movement.Website down: screenshots show bank targets offline after Anonymous cyberattacksOn the motives behind targeting banking systems, the Anonymous hacker revealed: "We want to bring people's attention back to financial terrorism which is caused by the elite rather than the corporate terrorism which created by the state.How Anonymous choose its targetsIBTimes UK spoke to ESET security researcher Cameron Camp about the Anonymous evolution as a hacktivist group and how they go about picking who to hit next.Since these attacks have shorter, less crippling lifespans before defences can be deployed, it is very difficult to continue a campaign long enough so the hacktivists can maintain their focus and retain media attention."The Voice provided IBTimes UK with several screenshots as evidence of having shut down various international banks, including the Reserve Bank of India, the State Bank of Hamburg, the Central Bank of UAE, the Vatican City Financial Services, the Rothschild Foundation and the World Bank.
Raghuram Rajan will return to academia when his three-year term as governor of the Reserve Bank of India concludes in September, a decision that ends uncertainty about his future while creating risks for Asia s No.3 economy.Here are some of the reactions to his announcement, which came in a letter to the central bank s staff published on Saturday following criticism of the governor by an ally of Prime Minister Narendra Modi.
The measure follows reports of use of stolen card data mainly in the US and ChinaIndian banks have asked customers to change the PINs, and in some cases blocked access, to 3.2 million debit cards after concerns about a security breach.The issue surfaced in September when some banks complained that their customers' cards were used fraudulently mainly in China and the U.S. while the account holders were in India, the National Payments Corporation of India said late Thursday.India's top government-controlled bank, the State Bank of India, said earlier this week that after card network companies like Visa and MasterCard had informed various banks of a potential risk to some cards because of a data breach, it had taken the precautionary measure of blocking the cards identified by the networks.The bank said it was in the process of issuing new cards and assured its customers that its own systems were not compromised.A spokeswoman for India s central bank, the Reserve Bank of India, did not deny the issue but said the RBI has not yet decided to discuss it publicly.
India might not be ready yet to completely transition to a cashless society, but in the wake of government s major demonetization push, much of the country is quickly learning to pay from their smartphones.In the light of the announcement, mobile wallet apps have been reporting astronomical growth in usage and downloads in India.The market leader, Paytm, has gone ahead to break a few noticeable milestones.It announced this week that more people are now using its online payment platform than all the plastic cards usage combined.SEE ALSO: India's futile attempt to go cashless is a reality check for our dream epayments futureLast Saturday, Paytm handled over 7 million transactions that amounted to more than Rs 1.2 billion $17.5 million .
India s largest mobile wallet service now has its own payments bank.Paytm announced today it has received regulatory approval from the Reserve Bank of India for launching Paytm Payments Bank, a move that "changes everything" for the company."Our aim is to build a new business model in banking industry, focussed on bringing financial services to 100s of millions of un-served or underserved Indians," said founder and CEO of Paytm, Vijay Shekhar Sharma.The "Payment Banks" is an initiative from the Indian government, first unveiled in 2014, that cuts the need of going to traditional branches and makes nearly every bank operation accessible from a smartphone.Through this move, the government seeks to bring digital banking services to much of the country s unbanked population.In 2015, it gave an in-principle approval to 11 of the 41 applicants, with Paytm being one of them, to open their Payments Bank.
Bringing together big data and predictive analytics is already enabling financial service providers to make better real-time decisions on loans and other products, with a more flexible, customer-centric user experience.And yet, the future of the financial sector depends on modernizing regulatory authorities.The fallout from the 2008 financial crisis has led to regulators, especially in more developed economies, asking for more data from providers and more scrutiny of that data.Developed markets have seen a 492 percent increase in regulatory changes between 2008 and 2015, especially in anti-money laundering and consumer protection.At the same time, the rapid growth of fintech has pressed regulators to consider new tools to regulate faster and quickly supervise new financial services solutions.India alone has seen 10x growth in digital lenders in the last three years and the Reserve Bank of India licensed close to 20 new entities in the last year — expanding the banking supply for the first time in decades.
Uber has integrated UPI (Unified Payments Interface) to accept payments from riders in India.UPI is a mobile-first payment system that facilitates transactions between any two bank accounts.UPI was launched by National Payments Corporation of India, an umbrella organization for all retail payment systems in India.While NPCI is a private entity, it is regulated by the country’s central bank – Reserve Bank of India.How to set up UPI as a payment method for Uber?On the Uber app, you will now find UPI as an option when you ‘Add Payment Method’ in the ‘Payment’ section.
Paytm continues its domination of the Indian digital payment market by now allowing customers to get their cashback as Paytm Gold.Paytm Gold, launched in April, has been attracting thousand of customers, making the platform the country’s largest jeweler in terms of footfall within days of launch.The scheme is live at over 16,000 pincodes, enabling every Indian to save in goldThis is a step to further bolster Digital Payments, which will power the Indian economy in future.Paytm earlier received the final licence from the Reserve Bank of India for its payments bank entity.Krishna Hegde, senior vice president at Paytm, said: “We have observed that many of our customers were shopping and converting their cashback into pure gold.
WhatsApp is preparing to introduce payments to its messaging app, making it the latest service to let users transfer money to one another with a text.A beta version of WhatsApp's next update revealed the service could soon support payments.Pictures emerged of a "Welcome to WhatsApp Payments" screen, which was discovered by the blog WABetaInfo.WhatsApp, which has more than a billion users a day, is trialing "immediate bank to bank transfer with UPI".UPI, or Unified Payments Interface, is a payments system run by the Reserve Bank of India, which appears to confirm reports that the payments service would be coming to India first.It is not clear when WhatsApp payments might be made available in the UK.
Google has jumped into the crowded and fiercely competitive digital payments space in India, and launched a new digital payments app – Tez.Tez, which means ‘fast’ in Hindi, is a UPI-based app that can be used for online transactions, as well as paying offline at stores.UPI (Unified Payments Interface) was launched by National Payments Corporation of India, an umbrella organization for all retail payment systems in India.While NPCI is a private entity, it is regulated by the country’s central bank – Reserve Bank of India.According to the company, all transactions on Tez are secured by ‘Tez Shield’ that detects fraud, prevents hacking, and verifies identity.The company has partnered with HDFC Bank, ICICI Bank, Axis Bank, and State Bank of India for the backend.
Google today entered the Asian mobile payments fray with the launch of a new app in India called Tez – which means ‘fast’ in Hindi.Tez rides on India’s government-backed unified payments interface (UPI) – hence it’s a huge endorsement of the public digital infrastructure that started rolling out in the country last year.The bank assigns a virtual address to the user after authentication, which has also become faster and easier with India’s biometrics-based Aadhaar ID.It then allows me to send money to anybody who has the app, whether it’s an acquaintance, a merchant, or a restaurant.Google had initially wanted to launch its wallet Android Pay in India, but ran into regulatory hurdles on data transfer, storage, and security.Now, its UPI-enabled app circumvents those hurdles with a system that’s supported by the National Payments Corporation of India, an umbrella organization set up by the Reserve Bank of India.
The Reserve Bank of India, the country’s central bank, has all but banned cryptocurrency trading nationwide, with the release of its first monetary policy for the financial year.As per a statement from the RBI’s Deputy Governor BP Kanungo at a conference yesterday, the institution is barring regulated entities from providing services to any individual or business that’s buying or selling digital currencies – that includes private banks and digital wallet providers.All regulated banks have three months to comply with the directive.That’s a huge blow to cryptocurrency enthusiasts and traders in the country, which is said to account for 1 in every 10 Bitcoin transactions worldwide – but it’s not entirely surprising.The RBI has previously warned citizens about investing in virtual currencies, citing major risks owing to their high price volatility.In a statement explaining its position on the matter, the RBI warned of other potential hazards:
India’s central banking authority, the Reserve Bank of India (RBI), has announced that it will cease doing any sort of business with anyone or any business that deals with cryptocurrencies.India’s Ministry of Finance has previously criticized Bitcoin for its volatility and lack of “intrinsic value,” as CoinTelegraph highlights, but this latest move by the RBI is the most impactful yet.It has given those currently involved in the cryptocurrency trade within India three months to sell off their remaining assets or relocate their business, as from that point the RBI will not support the trade of cryptocurrencies.The reasoning behind this move is said to be over “concerns of consumer protection, market integrity, and money laundering.” That last point was doubled down on in a press conference, where the deputy governor of the RBI said that cryptocurrencies undermined efforts to prevent money laundering.He also said cryptocurrencies have the potential to “endanger financial stability” if allowed to grow too large.Although the move doesn’t outright ban cryptocurrencies — doing so would be rather difficult, anyhow — this end of service support is likely to have a big impact on India’s use of cryptocurrencies.
Reserve Bank of India issued a press release on Thursday that had a directive for withdrawing support to virtual currency businesses.The news sent a frenzy across the Indian cryptocurrency community and everyone could only talk about how India’s central bank has ‘banned’ cryptocurrencies.A massive wave of FUD followed in the market driving down the prices of cryptocurrencies in India significantly.RBI is a banking regulatory body and controls the monetary policies of India, but it is not a legislative body.It can set directive regulations for the bodies that come under its defined authority, but cannot control or penalize other businesses or individuals.A law to ban the use or trade of cryptocurrencies in India has to come from either the elected governments (whether central or state) or the judiciary (Supreme Court of India or the State High Courts).
India’s central bank, Reserve Bank of India (RBI), has been repeatedly warning citizens against the risk of investing in cryptocurrencies since at least 2013.In a response to a right to information (RTI) application filed by a local lawyer, Varun Sethi, the central bank has admitted they did not conduct any research or consult finance experts before taking this decision.RBI responded to Sethi’s query, but didn’t elaborate much on its answers.In fact, almost all the answers are either “No,” “We are not legally bound to answer that,” or “We don’t have that information.”Here are the key takeaways from the RTI:RBI didn’t constitute any committee to study the risks associated with cryptocurrencies.
The precarious blockchain regulation situation in India is forcing the country’s leading cryptocurrency exchange desk to resort to extreme measures.For some context, India’s central banking authority — Reserve Bank of India (RBI) — issued a directive in April to all Indian banks asking them to withdraw support to cryptocurrency businesses in the country.Zebpay has promised that the cryptocurrency-to-cryptocurrency trading on the platform will continue, but it can’t promise the same for trading against the Indian Rupee.“As a responsible corporation, we regard customer-protection and market-integrity as our primary objectives.In light of that, please note that if Zebpay bank accounts are disrupted, rupee deposits and withdrawals will become impossible,” the exchange said in an announcement.“This can cause discontinuation of crypto trade based on rupees, or at least cause significant price movements.
The Reserve Bank of India has given that country's banking sector a hard deadline to get Windows XP out of its ATMs: June 2019.That's more than five years beyond the May 2014 end of support for the OS.In a notice to the nation's banks, issued last on June 21st, 2018, the Reserve Bank makes it clear that XP “and other unsupported operating systems” have been on its mind since at least April 2017, when it issued a circular outlining its concerns.In spite of previous advisories instructing banks to put migration plans in place, things have not moved fast enough for the RBI.“The slow progress on the part of the banks in addressing these issues has been viewed seriously by the RBI,” the notice said, adding that "the vulnerability arising from the banks’ ATMs operating on unsupported version of operating system and non-implementation of other security measures, could potentially affect the interests of the banks’ customers adversely".So banks and “white-label ATM operators” have been given the following timetable:
The roots of the State Bank of India lie in the first decade of the 19th century, when the Bank of Calcutta, later renamed the Bank of Bengal, was established on 2 june 1806. pursuant to the provisions of the State Bank of India act of 1955, the Reserve Bank of India, which is India's Central Bank, acquired a controlling interest in the imperial bank of india.in 2008, the Government of India acquired the reserve bank of india's stake in sbi so as to remove any conflict of interest because the rbi is the country's banking regulatory authority.This made SBI subsidiaries of eight that had belonged to princely states prior to their nationalization and operatonal take-over between September 1959 and October 1960, which made eight state banks associates of SBI.Steps to login to SBI OnlineHow to change SBI online PasswordHow to apply Cheque book through SBI Online
The Reserve Bank of India (RBI) ruling may have killed legitimate cryptocurrency businesses in the country, but it seems the regulatory clampdown hasn’t deterred local fraudsters and con artists.In the latest crypto-bust, Indian police arrested two suspects for allegedly duping 300 million Indian Rupees ($4 million approximately) from 1,800 people, Press Trust of India (PTI) reports.The accused were running a fake cryptocurrency company named ‘Ripple XRP Future,’ which promised to triple investor money in 250 days, and also ran daily and weekly payment schemes.The Ripple Future management team claimed the company was headquartered in the US, but Indian police found out the founders actually operated the fraudulent undertaking from Ghaziabad, a city near the country’s capital Delhi.The police official in charge of the case told local outlet NDTV that the arrests were made on the basis of complaints filed by around 50 different investors, although the number of total investors duped runs much larger.The two men arrested are facing criminal charges under various sections of the Indian Penal Code (IPC), but one other accomplice is still on the run.
In September last year, Google launched Tez, a digital payments app, entering the crowded and fiercely competitive digital payments space in India.Tez, which means ‘fast’ in Hindi, is a UPI-based app that can be used for online transactions, as well as paying offline at stores.UPI (Unified Payments Interface) was launched by National Payments Corporation of India (NPCI), an umbrella organization for all retail payment systems in India.While NPCI is a private entity, it is regulated by the country’s central bank – Reserve Bank of India.According to the company, since the launch of the app, over 22 million people and businesses have used Tez to make over 750 million transactions that are collectively worth over $30 billion annually.At its annual ‘Google for India’ event in New Delhi today, Google announced that Tez will be called Google Pay going forward as the company will look at taking Tez beyond India and hence has unified all of its payment offerings globally.