232 Banks with Android Apps hit by a Trojan

Quick Heal, an organization for cyber-security informed news sources of  detection of an Android Trojan malware associated with banking apps . It is called Android.banker.A2f8a. Users are directed to download Flash player from third party stores, which is fake and harmful. It obtains personal data from banking and crypto currency apps, based on reports by News 18.

“Users are expected to keep their records on the apps safe. They should avoid downloading any third party store apps,” opined Sanjay Katkar, Chief Technology Officer and Joint Managing Director of Quick Heal Technologies.

The Indian Express informed that banking apps of Axis, HDFC, SBI, ICICI, IDBI, Union Bank and Bank of Baroda are some names from many others who have been targets of data theft. Users are requested to provide administrative rights to this app after setup. It continues to pester users till they do the needful. After obtaining rights, the app connects with these financial apps with a hidden app icon. It tries to obtain data from 232 such apps.

This app is not only limited to access of banking information. It mentions locations, divulges contact lists and messages. These are transferred to a vindictive server. “After Android 4.1, Adobe Flash Player is not available on the Google play store and consumers who have banking apps on their phones need to beware of such an issue,” mentioned Quick Heal sources.

 

Sources: Indian Express, News 18

State-owned banks nationwide strike hits banking operations

State-owned bank employees went on strike today, halting the banking operations. The day-long strike was called by nine bank unions comprising of officers, bank officials as well as clerks. The demands behind the strike are related to wages. According to All India Bank Employees Association (AIBEA) General Secretary CH Venkatachalam, around 10 lakh bankers joined the strike today.

The other demands included compensation for extra work put in by the bank workers during the initial process of demonetisation, criminal actions against wilful defaulters, recruitment in all banking positions. The union also protested against government proposed labour reforms and outsourcing of permanent jobs.

Top private lenders like ICICI Bank, HDFC Bank and Axis Bank however will continue to function normally but cheque clearing operations could be hit.

The employees of the IT departments of some of the participating state-owned banks were exempted from the strike. The online operations ran smoothly.

A conciliation meeting was held with the bank management association on February 21st which failed to come with any positive result and hence the strike was called.

SOURCE-

  1. NDTV PROFIT-http://profit.ndtv.com/news/banking-finance/article-bank-strike-today-cash-cheque-transactions-to-be-hit-1664316

2. INDIA TODAY-http://indiatoday.intoday.in/story/bank-strike-cheque-cash-transactions-latest-updates/1/893072.html

3. HINDUSTAN TIMES

Banks strike tomorrow, customer service to be hit

Normal banking operations would take a hit across India, as thousands of bank employees would go on a strike on 29th July. The United Forum of Banks Unions (UFBU), an umbrella organisation of several banks would go on with the strike. The unions that will join the nationwide strike include All India Bank Employees Association (AIBEA), National Confederation of Bank Employees (NCBE), Bank Employees Federation of India (BEFI), National Organisation of Bank Workers (NOBW), and All India Bank Officers’ Confederation (AIBOC).  Various banks including SBI has already informed their customers that they may face difficulty in various banking services due to the strike. The strike is likely to affect various services such as cheque clearances, cash deposit, cash withdrawals from ATM and various other facilities.

According to AIBEA’s General Secretary C.H. Venkatachalam, the meeting which took place with the Chief Labor Commissioner, did not yield any positive results. The United Forum of Banks Unions however mentioned that if their demands are considered they would call of the strike. The union is pressing for various demands which includes not to privatize public sector banks and increase private capital in such banks.

Sources: Live Mint, The New Indian Express

PSU bank employees on strike, operations hit partly

Banking operations were hit to some extent today, as a section of public sector bank employees, called a nationwide, protesting infringement of bilateral settlement agreement by associate banks of State Bank of India (SBI).

Services like notes handling at branch level and clearing of checks were affected in the branches, where All India Bank Employees’ Association (AIBEA) has a strong presence; however, officer grade of employees did not take part in the strike called by AIBEA.

Private sector banks and country’s largest lender SBI continued to function in general.

Most of the banks, including United Bank of India (UBI), had issued advisory to their customers as a precautionary measure, saying that UBI will take all essential steps in terms of existing procedure for smooth performance of branches or offices on the day of strike.

AIBEA General Secretary C H Venkatachalam said, the strike call was given on December 28, 2015, to protest violation of the bilateral settlement by five associate banks of the SBI, and their try to force unilateral service setting on the employees.

Five subsidiaries of SBI are State Bank of Bikaner, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore, State Bank of Hyderabad and Jaipur.

 

Sources: The Economic TimesGovernance Now

RBI:Bank assets to remain stressed till end of current fiscal year

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Banks assets, especially those of Public Sector Banks, which make up two-thirds of loans in the Indian banking sector, will continue to be stressed until the end of the current fiscal year, the RBI said in its biannual Financial Stability Report on Thursday.

Bad loans rose as the corporate sector has been burdened with delayed project approvals and land acquisition problems. The RBI said that the improvement in the bad loans scenario is dependent on the macroeconomic growth.

Saugata Bhattacharya, Chief Economist, Axis Bank Ltd said “Companies are refinancing their debts to lower costs, some projects have started and government spending, and consequently cash flows, have increased. In this environment, asset quality of banks should improve”

According to the RBI report, total stressed advances at scheduled commercial banks increased to 11.1% of total advances from 10.7% in September. GNPAs (Gross Non-Performing Assets) increased to 4.6% from 4.5% in September. 17.9% of GNPAs came from industries and 7.5% from the services sector, while retail borrowers made up 2% of GNPAs.