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T Rabi Sankar: Frauds up since July, battle on – The Times of India

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The Times of India is an Indian English-language daily newspaper and digital news media owned and managed by The Times Group. It is the third-largest newspaper in India by circulation and largest selling English-language daily in the world.

The Times of India and its management have faced criticism for various reasons including allegedly unethical practices, biased reporting, and poor journalistic standards.

Gold price today: According to this report, Indian refiners increased their imports in September anticipating the harsh western sanctions against Russia, leading to a fall in prices. India’s imports in September were the highest in eight months with crude and LNG shipments from Russia rising to a combined 37% of the country’s imports, a 12% increase from August.Trump Sanctions: In response to western sanctions, including measures against Russian President Vladimir Putin, crude from Russia is being sold at a discount of up to $30 per barrel — the highest in a year. China and India, two of the largest importers of Russian crude, have significantly cut their purchases, leading to the availability of cheaper crude in the market.

T Rabi Sankar: Frauds up since July, battle on

MUMBAI: RBI deputy governor T Rabi Sankar said the fight against digital fraud is far from over, noting that the decline seen earlier this year reversed in July, with cases rising again. He said fraud levels had been falling since the start of the year before showing an uptick mid-year, suggesting that such trends may be cyclical. “This is not a fight that is won at a point in time. It’s a continuous battle against bad actors who misuse any system,” he said at the SBI Banking and Economic Conclave on Friday. Sankar said RBI’s strategy is to leverage digital public infrastructure to strengthen security in payments. He cited initiatives such as the Mule Hunter AI and the Digital Payment Intelligence platform, which are designed to detect fraudulent accounts and prevent misuse. “We are hoping that with the digital infrastructure we are creating, and with success rates of over 90% being reported, we will be able to contain frauds,” he added. Sankar said that RBI has been working with a few banks, including State Bank of India, to test the use of censtral bank digital currency (CBDC) in cross-border transfers, in a move aimed at cutting settlement layers and related costs. He said the main expense in overseas remittances remains the currency exchange spread, which CBDC does not directly address. There are ongoing trials that may show whether exchange costs can be improved later, but Sankar described that as a separate challenge. Sankar said RBI is focusing on identifying domestic CBDC applications built on programmability, progressing cross-border pilots when suitable conditions exist, expanding tokenisation of money and assets, limiting risks from stablecoins, and strengthening fraud intelligence. He said RBI is not in a hurry and intends to calibrate timing with system conditions. He said the rollout must be gradual to avoid risks to financial stability.

The Finance Minister said that the initial public offering will go live close to the actual IPO date, and a media campaign will be launched to inform eligible investors, all of who are retail customers of Bank of Ireland, about the process, which will run for about 5 weeks.

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