All Banking & Crypto Related Details

Indian Banks' Association, led by State Bank of India, is developing a strategy for cybersecurity in the AI era. The initiative focuses on improving coordination among banks and facilitating timely information sharing. Increasing digitalization has expanded the potential for cyberattacks, urging immediate measures to mitigate risks. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/J9BD3RG via IFTTT

Securities and Exchange Board of India has relaxed Know Your Client requirements for overseas investors. This change enables non-resident Indians, Overseas Citizens of India, and foreign nationals to onboard digitally. Individuals from FATF-compliant countries can now submit KYC details remotely without being in India. Intermediaries are allowed to rely on existing KYC records and conduct video verifications when necessary. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/MCV0Fit via IFTTT

HDFC Bank has received government authorisation to offer deposits under the Capital Gains Accounts Scheme (CGAS), 1988. The facility will allow taxpayers to park unused capital gains in savings accounts or fixed deposits for up to three years while retaining eligibility for applicable tax exemptions and earning interest on their deposits. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/DWR5sa1 via IFTTT

Canara Bank along with other lenders accepted a ₹522-crore one time settlement offer from Supreme Housing and Hospitality. This settlement will help the company resolve debts close to ₹700 crore, representing a 75% recovery for involved banks. The one-time settlement includes both fund and non-fund exposure from corporate guarantees given to subsidiary entities. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/JP9bORY via IFTTT

Kotak Mahindra Bank Limited has received approval from the Competition Commission of India for its acquisition. This acquisition involves Deutsche Bank AG's retail, private banking, and wealth management businesses in India. The deal includes significant assets like loans and deposits, benefiting around 150,000 customers. Additionally, a referral arrangement will be established between both banks through their affiliates. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/SGdTHQq via IFTTT

State Bank of India (SBI) is investigating a suspected cyberattack that may have exposed 3,897 customer records, with root cause analysis still underway. The bank is focusing on containing the breach and fixing vulnerabilities after customer information, including names, contact details and loan records, appeared on the dark web. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/UphWC0D via IFTTT