🍒 Banks need to hire experienced chief risk officers to deal with cyber attacks: Report : The banking industry needs to upgrade its IT infrastructure and appoint experienced chief risk officers to effectively deal with incidence of cybercrimes, says a report by Deloitte India. Observing that banks are the most targeted sector, the report said that nearly 22% of cybersecurity attacks which took place in India in 2018-19 were on the banking industry. "...these (cyber) attacks are becoming complex day by day. To address these challenges, banks need to appoint experienced Chief Risk Officers who can take the responsibility of skilling the employees and lead investment in military-grade cybersecurity solutions to detect the most advanced attacks," said the Deloitte report on "Digitizing the post COVID world: The '3I' approach". Banking sector, the report added, has been fast to adapt to the changing demands by accelerating efforts toward contactless business operations and speeding up digital transition to enable employees to work from home post the lockdown. - Live Mint
🍒 CBI registers case against Unitech MD in Canara bank fraud, carries out searches : Sanjay Chandra was released on interim bail from Tihar Jail on Friday after 43 months after a Delhi court gave him relief on medical grounds.The CBI has booked Managing Director of Unitech Sanjay Chandra, his father Ramesh and brother Ajay for alleged bank fraud of Rs 198 crore in Canara bank, officials said Sunday.The CBI after registering the fresh case against Chandra carried out searches at multiple locations at the premises of the accused. Sanjay Chandra was released on interim bail from Tihar Jail on Friday after 43 months after a Delhi court gave him relief on medical grounds.- Financial Express
🍒 Bank unions lend support to farmers’ agitation against agri laws : A number of bank unions have expressed their solidarity with farmers protesting against recently passed agriculture laws, and requested the government to resolve the issue at the earliest. The All India Bank Employees’ Association (AIBEA), in a statement, said the government should come forward and resolve their demands in the interest of the nation and farmers. The officer unions All India Bank Officers’ Confederation (AIBOC), All India Bank Officers’ Association (AIBOA) and Indian National Bank Officers’ Congress (INBOC) have also requested the government to initiate meaningful dialogue to resolve the impasse by referring the bills to a select committee by a special Presidential Order. - Business Line
🍒 ‘Customers get to choose preferred payment gateway for cards’ : For banks, the customer is still king when it comes to choosing their preferred payment gateway for debit and credit cards. “We always offer RuPay cards, but we leave the choice to customers when it comes to opting for the card they want,” said a senior bank executive, who did not wish to be named. Another senior banker also said typically almost all banks offer RuPay cards, but it depends on the customer to decide. “Most banks tend to have at least two partnerships, and they offer both to the customers. It is then up to them to decide,” said the banker. Industry sources also pointed out customers who tend to travel abroad frequentlyare not keen on a RuPay card as their primary card due to concerns over its network and availability. “Typically, for such customers, it can be the second preference as they want a card that has wider acceptance internationally,” noted the sources. - Business Line
🍒 DHFL administrator sends formal letters to four existing bidders inviting revised offers : The administrator at Dewan Housing Finance (DHFL) has sent formal letters to the four existing bidders of the troubled mortgage financier, seeking revised purchase offers for the fourth time. Potential buyers need to respond by December 14. Lenders to DHFL expect the Adani group and Oaktree Capital to submit new offers. The Piramal Group, one of the four that remained until round three, is yet to firm up its mind on the type of bid to be made, industry sources told ET. Lenders expect the fourth round of bids to lift the offer price by about 5-10%. Lenders are already talking to the four bidders informally to gauge their keenness on revised offers,” one of the executives cited above told ET. Some of them apparently questioned the rationale behind seeking bids for the fourth time after having sought a “final round” of bids earlier, said an executive aware of the developments. - economic times
🍒 Value of LIC’s equity holdings rallies 40% in H1 to USD 77 billion : The value of equity holdings of the nation’s financial powerhouse LIC has crossed USD 77 billion (Rs 5.7 lakh crore) by the end of the September quarter which is a shade below its record holding of USD 84 billion in the March 2018 quarter, rallying over 40 per cent in the first half, says a report. But since the second quarter, the market has rallied around 13 per cent which could have increased the value of LIC’s portfolio if not in as many percentage but considerably. According to a weekend note by Kotak Institutional Securities, in the March 2000 quarter, the value of LIC’s holdings was a pale of this at USD 4 billion when the BSE market capitalisation was only USD 102 billion and this touched USD 59 billion in March 2010 when the mcap was at USD 1.14 trillion. - Business Line
🍒 Tax dept allows revision of declarations under 'Vivad Se Vishwas' scheme : Entities filing declaration under the direct tax dispute resolution scheme 'Vivad Se Vishwas' can revise them till the time tax authorities issue certificate mentioning details of tax arrear and the amount payable, the Income Tax Department has said. Issuing a set of FAQs on 'Vivad Se Vishwas' scheme, the Central Board of Direct Taxes (CBDT) also said the scheme cannot be availed in a case where proceedings are pending before Income Tax Settlement Commission (ITSC) or where writ has been filed against the order of ITSC. The CBDT also clarified that in a case where Mutual Agreement Procedure (MAP) resolution is pending or the assessee has not accepted MAP decision, the related appeal shall be eligible under 'Vivad se Vishwas'. "In such case, the declarant will be required to withdraw both MAP application and appeal," it added. - Business Standard
🍒 PSU Banks Can Outperform As Valuation-Wise They Are Cheaper Than Private Banks: Geojit Financial : Market's trading pattern started on a strong note in December, raising the benchmarks to a fresh high, supported by good economic data like domestic GDP and Manufacturing PMI. Till date, it is an extension to the best monthly performance of November, where main indices were up by more than 10 percent each and midcaps by 15 percent. The market was largely led by influx of FII funds post the US presidential election outcome, expected arrival of vaccine and rising economic data. Markets across the globe, too, started well this month, expecting extension of November's record-breaking gains along with strengthening hopes of coronavirus vaccine. US and Europe plans to introduce inoculation soon. In this good start, it is noticed that Indian banking stocks are taking a halt. It is not participating much, in anticipation of Supreme Court hearing on moratorium, HDFC Bank & SBI system outages and the MPC meeting. - moneycontrol.
🍒 FPIs Pump In Rs 17,818 Crore In Just 4 Trading Sessions Of December : Overseas investors remained net buyers to the tune of Rs 17,818 crore in Indian markets in first four trading sessions of December amidst better than expected economic recovery around the world and positive sentiment on the back of various vaccine results. As per depositories data, foreign portfolio investors (FPI) pumped in a net sum of Rs 16,520 crore into equities and Rs 1,298 crore in the debt segment during December 1-4. This translated into a total net investment of Rs 17,818 crore during the period under review. In November, the total net investment of FPIs stood at Rs 62,951 crore. "The economies world over have continued to improve at a pace that is much better than what was expected and hence, Indian markets may continue to see this kind of an inflow," Harsh Jain, co-founder and COO at Groww said. - moneycontrol.
🍒 Approval From IRDAI On Axis Bank Stake Hike Expected By March: Max Life CEO : Max Life Insurance CEO and managing director Prashant Tripathy has said that approval from the insurance regulator on Axis Bank proposal to raise its stake in the insurer to about 19 percent should come through within next three months. Earlier in October, the Reserve Bank of India (RBI) did not approve Axis Bank's proposal to raise its stake up to 29 percent but scaled it down to an aggregate of 19.02 percent with the subsidiaries of private sector lenders. Axis Bank was to originally acquire an additional about 29 percent stake in Max Life. However, some changes had to be made to the deal following correspondence from the Insurance Regulatory and Development Authority of India (IRDAI). The bank has shown its willingness to raise its stake directly and through its subsidiary in the Max Life Insurance, Tripathy said. - moneycontrol
🍒 Six of top 10 most valued firms add cumulative Rs 91,629 cr in market capitalisation : Six of the top-10 most valued domestic firms added ₹91,629.38 crore cumulatively in market valuation last week, with ICICI Bank and Tata Consultancy Services clocking maximum gains. During the last week, which was holiday-truncated, the Sensex rallied 929.83 points or 2.10 per cent. The list of gainers had Reliance Industries Ltd (RIL), Tata Consultancy Services (TCS), Hindustan Unilever Ltd (HUL), Infosys, ICICI Bank and Bharti Airtel. On the other hand, HDFC Bank, HDFC, Kotak Mahindra Bank and Bajaj Finance saw decline in their valuation. Among the gainers, ICICI Bank saw maximum rise with an addition of ₹20,272.71 crore to take its valuation ₹3,46,497.75 crore. TCS m-cap zoomed by ₹17,579.92 crore to ₹10,22,900.07 crore, followed by Bharti Airtel which witnessed ₹16,694.01 crore jump in valuation at ₹2,69,449.98 crore. - Business Line
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