MUMBAI: Axis Bank has reported a cyberfraud of over Rs 2 crore. It was perpetrated by fraudsters who hacked a platform that the lender provided small cooperative banks to facilitate the electronic transfer of funds.The fraud was reported by the bank’s Dhule branch to the district police station in respect of an account pertaining to Dhule Vikas Sahakari Bank. In the complaint filed with the police, the bank official said that it offered cooperative banks an online portal PayPro, through which they can offer fund transfer under real-time gross settlement (RTGS) and national electronic fund transfer (NEFT) to their customers.On June 8, Dhule Sahkari Bank officials contacted Axis Bank and reported unauthorised transactions and sought freezing of the account. The police have filed an FIR under section 420 of the IPC, and section 43 and Section 66F of the IT Act. According to Axis Bank, the system requires authorisation by two persons — a maker and a checker — and both of … [Read more...] about Axis Bank reports e-fraud on coops platform
Axis bank ewallet
NEW DELHI: Axis Bank on Tuesday appointed Amit Talgeri as the Chief Risk Officer (CRO) of the bank for three years, from January 1, 2020."Cyril Anand, the incumbent CRO will retire from the services of the bank, with effect from close of business hours of December 31, 2019," Axis Bank said in a statement.Additionally, Naveen Tahilyani has been appointed as Group Executive -- Head Banking Operations and Transformation -- with effective from January 6.Tahilyani will take charge of the position to lead operations, technology, strategy and analytics from January 6, 2020, it said.Both, Tahilyani and Talgeri will report to Managing Director and CEO of the bank Amitabh Chaudhry, the company said."We are confident that with these appointments, the bank will further consolidate its leadership position across multiple businesses, as we look forward to progressing to the next phase of growth," Chaudhry said. … [Read more...] about Axis Bank appoints Amit Talgeri as Chief Risk Officer
banking sector, it is imperative for banks to transform their workforce to become digitally flexible and agile. The HR panel at ETBFSI Converge discussed the impact on the workforce with digitization, automation, and emergence of fintechs. Constraint: The mother of Innovation and changeRajkamal Vempati, Head HR, Axis Bank, says that the interface of man and machine is here to stay and that India’s third largest private sector bank has seamlessly adopted digitisation. “One of the things that as an organisation we're learning is that with changing needs of customer demographics and their behaviour, banks are at a unique place of merging data and technology. People tend to focus on the front end changing but during the journey we also see the bankend and mid-off changing. Under the window of covid 19, organisations have doubled their efforts in digitisation.” Vempati believes that constraint has been the mother of innovation and change. “ We have done digital … [Read more...] about Accelerating workforce transformation to help banks stay competitive
Are funds really cheap?In the current market, funds are also available at a reasonable rate than what they were earlier. Despite the economy in the negative zone the market is performing well. This is encouraging for the bankers to raise funds. India being the focus market, foreign investors find Indian companies attractive. Banks just want to be extra cautious and make their books really strong for the next one year. Hence raising funds now, may help them encash the equity when the situation improves. In a different cycle today, the bankers don't have an issue with raising the funds. Reserve Bank of India has also reduced its rate drastically and the market is also open for banks. But what will certainly change the dynamics of the economy is how banks in the current environment, adopt innovation in analysing the risks. Because with current parameters, neither banks will be able to lend nor borrowers will qualify to apply. … [Read more...] about What makes banks borrow huge funds?
Recently, Thrissur-headquartered South Indian Bank hired former ICICI Bank executive Murali Ramakrishnan as its new CEO. Ramakrishnan would be the first MD and CEO of South Indian Bank coming on board from a private sector lender. In the past, the top bosses at South Indian Bank have joined from public sector lenders, chiefly State Bank of India. … [Read more...] about Kerala’s private banks hire top talent, tweak gameplan to gain national focus