ASBM Business Updates is a Weekly Selective Compilation of Business News from Various Sources. To find details follow the links.
BUSINESS
Indian banks stung by the biggest financial data breach to hit the industry are scampering to contain the damage and compensate the affected account holders. Sources said SBI, HDFC, ICICI, Axis and Yes BankBSE 1.41 % are looking to refund money to customers or other banks.
On the other hand, only one bank, State Bank of IndiaBSE 1.10 %, has come forward to replace the cards affected by the malware. Private sector lender Axis BankBSE 0.28 % said that while some cards have been replaced, several customers have been asked to change their security codes as well.
“Banks are currently conducting detailed investigations or assessment of all the transactions where money was lost due to the financial breach,“ a person with direct knowledge of the matter told ET. Indian banks that have been stung by the data leak have roped in forensic and cyber investigators to conduct detailed investigations.
ICICI Bank, Yes Bank and HDFC BankBSE 0.86 % have over the last few weeks asked customers to change PIN numbers. ATMs of certain banks disbursed money on the fraudulent cards and some of these banks which are abroad, mainly in China, have reached out to the Indian banks to reimburse them the money . Most Indian banks allow Indian customers to withdraw money from any ATM across the world.
BUSINESS COMMUNICATION
US-based technology company Avaya on Monday launched a new platform for business communications that delivers streamlined, mobile-first communications within the application.
With "Avaya Equinox", employees can quickly see scheduled meetings, messaging updates and communications history at one place and take quick action with a single touch.
"Avaya Equinox has conquered that challenge for the end users, IT departments and businesses worldwide, delivered by a company with the vision, focus and expertise to define the future of unified Communication," said Gary E Barnett, Senior Vice President, Avaya Engagement Solutions, in a statement.
Avaya Equinox is supported on desktop or mobile devices and available on all-glass "Avaya Vantage" device.
INSURANCE
The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory to have an e-insurance account for policies purchased after October 1. IRDAI had introduced e-insurance accounts two years ago, but has made it compulsory only recently. The move will help not only in consolidating portfolios, but also reduce multi-step procedures and make payment and claims easier, SV Ramanan, CEO of CAMS Insurance Repository Services told Moneycontrol. The e-insurance account will provide a single point of access to policyholders. In one account, holders can store multiple policies issued by different insurers. The existing physical policies can be converted into e-copies by the policy holder. The electronic copies will be considered originals by the authorities. Ramanan says that nearly maturity claims of Rs 5,000 crore go unnoticed. The new system will regulate the entire cycle.
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Source of Information for this issue: Google alert accessed on Oct 24 & 25, 2016
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Compilation
Sabita Sahu
Asst Librarian
Information and Documentation Division, Chanakya Central Library
Asian School of Business Management
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