RBI slaps Rs 3 crore penalty on Axis Bank, 2 crore on Indian Overseas Bank

Agencies
March 6, 2018

Mumbai, Mar 6: The Reserve Bank on Monday said it has imposed a penalty of Rs 3 crore on Axis Bank for violation of NPA classification norms, and Rs 2 crore on Indian Overseas Bank for not complying with the KYC regulations.

RBI said it had carried out a statutory inspection of private sector player Axis Bank with reference to its financial position as on March 31, 2016.

The inspection, inter alia, revealed "violations of various regulations issued by RBI in the assessment of non-performing assets (NPA)",the central bank said in a statement.

"The RBI has imposed, on February 27, 2018, a monetary penalty of Rs 30 million on Axis Bank Limited for non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms," it said.

Regarding the state-owned Indian Overseas Bank, the regulator said in a separate release that a "fraud was detected" in one of the branches of the bank.

"The examination of the documents, including the bank s internal inspection report, revealed, inter alia, non-compliance with the directions issued by RBI on Know Your Customer (KYC) norms", RBI said, while imposing the Rs 2 crore penalty on IOB.

RBI said the action on the two banks is based on deficiencies in regulatory compliance and ‘is not intended' to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

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Agencies
May 17,2020

As millions of people get hooked to online dating platforms, their proliferation has led to online romance scams becoming a modern form of fraud that have spread in several societies along with the development of social media like Facebook Dating, warn researchers.

For example, extra-marital dating app Gleeden has crossed 10 lakh users in India in COVID-19 times while dating apps like Tinder and Bumble have gained immense popularity.

According to researchers from University of Siena and Scotte University Hospital led by Dr Andrea Pozza, via a fictitious Internet profile, the scammer develops a romantic relationship with the victim for 6-8 months, building a deep emotional bond to extort economic resources in a manipulative dynamic.

"There are two notable features: on the one hand, the double trauma of losing money and a relationship, on the other, the victim's shame upon discovery of the scam, an aspect that might lead to underestimation of the number of cases," the authors wrote in a paper published in the journal Clinical Practice & Epidemiology in Mental Health.

Around 1,400 dating sites/chats have been created over the last decade in North America alone. In the UK, 23 per cent of Internet users have met someone online with whom they had a romantic relationship for a certain period and even 6 per cent of married couples met through the web.

"The online dating industry has given rise to new forms of pathologies and crime, said the authors.

The results showed that 63 per cent of social media users and 3 per cent of the general population reported having been a victim at least once.

Women, middle-aged people, and individuals with higher tendencies to anxiety, romantic idealization of affective relations, impulsiveness and susceptibility to relational addiction are at higher risk of being victims of the scam.

Online romance scams are, in other words, relationships constructed through websites for the purpose of deceiving unsuspecting victims in order to extort money from them.

The scammer always acts empathetically and attempts to create the impression in the victim that the two are perfectly synced in their shared view of life.

"The declarations of the scammer become increasingly affectionate and according to some authors, a declaration of love is made within two weeks from initial contact," the study elaborated.

After this hookup phase, the scammer starts talking about the possibility of actually meeting up, which will be postponed several times due to apparently urgent problems or desperate situations such as accidents, deaths, surgeries or sudden hospitalizations for which the unwitting victim will be manipulated into sending money to cover the momentary emergency.

Using the strategy of "testing-the-water", the scammer asks the victim for small gifts, usually to ensure the continuance of the relationship, such as a webcam, which, if successful, leads to increasingly expensive gifts up to large sums of money.

When the money arrives from the victim, the scammer proposes a new encounter.

The request for money can also be made to cover the travel costs involved in the illusory meeting. In this phase, the victim may start having second thoughts or showing doubt about the intentions of the partner and gradually decide to break off the relationship.

"In other cases, the fraudulent relationship continues or even reinforces itself as the victim, under the influence of ambivalent emotions of ardor and fear of abandonment and deception, denies or rationalizes doubts to manage their feelings," said the study.

In some cases, the scammer may ask the victim to send intimate body photos that will be used as a sort of implicit blackmail to further bind the victim to the scammer.

Once the scam is discovered, the emotional reaction of the victim may go through various phases: feelings of shock, anger or shame, the perception of having been emotionally violated (a kind of emotional rape), loss of trust in people, a sensation of disgust towards oneself or the perpetrator of the crime and a feeling of mourning.

"Understanding the psychological characteristics of victims and scammers will allow at-risk personality profiles to be identified and prevention strategies to be developed," the authors suggested.

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Agencies
May 15,2020

Kolkata, May 15: Veteran Bengali author Debesh Roy, who was conferred the Sahitya Akademi award for his novel 'Teesta Parer Brittanto', died at a private hospital in Kolkata on Thursday, his family members said.

Roy was 84 and he is survived by his son. His wife had died earlier.

He was admitted to the hospital near his residence at Baguihati, in the eastern fringes of the city, on Wednesday after having symptoms like sodium potasium imbalance, sugar problem and breathing problem, his family members said.

He suffered a massive cardiac arrest and died at 10.50 PM.

A regular contributor to a number of Bengali dailies, he was a staunch critic of the attacks on liberals by in the country in recent times and attended protest meetings despite his failing health.

He was born in Pabna in present-day Bangladesh on December 17, 1936. He had five decades of career as a writer.

Besides Teesta Parer Britanta', he will be remembered for books like Borisaler Jogen Mondal , Manush Khun Kore Keno and Samay Asamayer Brittanto . His first book was Jajati.

His last rites will be performed tomorrow.

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Agencies
February 17,2020

Google on Monday announced it is gradually winding down its free public Wi-Fi Station programme currently available at over 400 railway stations in India, and will work with the Indian Railways and Railtel Corporation to help them with existing sites so they can remain useful resources for people.

Google launched its Station initiative in India in 2015 to bring fast, free public Wi-Fi to over 400 of the busiest railway stations in the country by mid-2020.

"We crossed that number by June 2018 and implemented Station in thousands of other locations around the country in partnership with telecommunications companies, ISPs and local authorities," Caesar Sengupta, Vice President, Payments and Next Billion Users, Google, said in a statement.

"Over time, partners in other countries asked for Station too and we responded accordingly. We're grateful for these partnerships, especially with the Indian Railways and the Government of India, that helped us serve millions of users over the last few years," he added.

According to Google, the decision to shut Station has been taken keeping the affordable mobile data plans and mobile connectivity in mind that is improving globally including in India.

"India, specifically now has among the cheapest mobile data per GB in the world, with mobile data prices having reduced by 95 per cent in the last 5 years, as per TRAI in 2019," said Sengupta.

The Indian users consume close to 10GB of data, each month, on average, according to reports.

"Our commitment to supporting the next billion users remains stronger than ever, from continuing our efforts to make the internet work for more people and building more relevant and helpful apps and services," Sengupta noted.

Global networking giant Cisco last year teamed up with Google to roll out free, high-speed public Wi-Fi access globally, starting with India.

The first pilot under the partnership was rolled out at 35 locations in Bengaluru.

Sengupta said that in addition to the changed context, the challenge of varying technical requirements and infrastructure among our partners across countries has also made it difficult for Station to scale and be sustainable, especially for our partners.

"And when we evaluate where we can truly make an impact in the future, we see greater need and bigger opportunities in building products and features tailored to work better for the next billion user markets," he said.

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