Friday June 21, 2019
Home Business Prime Ministe...

Prime Minister Narendra Modi will launch MUDRA Bank on April 8

0
//

By Newsgram Staff Writer

Prime Minister Narendra Modi will launch MUDRA (Micro Units Development and Refinance Agency) Bank on 8th April at Vigyan Bhawan, New Delhi in the presence of Finance Minister Shri Arun Jaitley.

In order to decide the modalities of functioning of MUDRA Bank, a meeting of stake holders consultation was held on Wednesday in New Delhi under the Chairmanship of Dr. Hasmukh Adhia, Secretary, Department of Financial Services, in which all stakeholders, including cross section of micro finance institutions, NBFCs, Banks, NABARD, SIDBI and RBI representatives were present.

The Union Finance Minister in his Budget Speech for 2015-16 had announced formation of MUDRA Bank. He said that our government firmly believes that development has to generate inclusive growth.

While large corporate and business entities have a role to play, this has to be complemented by informal sector enterprises which generate maximum employment. There are some 5.77 crore small business units, mostly individual proprietorship, which run small manufacturing, trading or service businesses. 62% of these are owned by SC/ST/OBC.

MUDRA Bank will refinance Micro-Finance Institutions through a Pradhan Mantri Mudra Yojana. In lending, priority will be given to SC/ST enterprises. “These measures will greatly increase the confidence of young, educated or skilled workers who would now be able to aspire to become first generation entrepreneurs; existing small businesses, too, will be able to expand their activities. Just as we are banking the un-banked, we are also funding the un-funded,”  Jaitley said.

Next Story

Security Researchers Find Malware Designed to Steal Money From Banks Grow Over by 60%

Kaspersky Lab said its solutions detected and repelled 843,096,461 malicious attacks from online resources located in 203 countries around the world

0

Revealing a worrying global trend, security researchers have found that malware files designed to steal credentials and money from users’ bank accounts rose to around 30,000 in the first quarter of 2019, up from 18,500 in the previous quarter, a growth of over 60 per cent.

Mobile banking Trojans are one of the most rapidly-developing, flexible and dangerous types of malware, said the report from cyber security firmKaspersky Lab.

They usually steal funds directly from mobile users’ bank accounts, but sometimes their purpose is changed to steal other kinds of credentials.

The malware generally looks like a legitimate app, such as a banking application. When a victim tries to reach their genuine bank app, the attackers gain access to that too.

In Q1 2019, Kaspersky Lab detected around 30,000 modifications of various families of banking Trojans, trying to attack 312,235 unique users.

“The rapid rise of mobile financial malware is a troubling sign, especially since we see how criminals are perfecting their distribution mechanisms,” Victor Chebyshev, a security researcher at Kaspersky Lab, said in a statement.

It is said that the malware is hard to detect due to encryption and other tactics. Pixabay

“For example, a recent tendency is to hide the banking Trojan in a dropper – the shell that is supposed to fly to the device under the security radar, releasing the malicious part only upon arrival,” Chebyshev added.

A new version of the Asacub malware accounted for 58.4 per cent of all banking Trojans that attacked users, said the report.

Asacub first appeared in 2015. The attackers spent two years perfecting its distribution scheme and, as a result, the malware peaked in 2018, when it attacked 13,000 users a day.

Also Read- Twitter Suspends Accounts of Anti-trump Activists

Since then, its rate of spreading has closed down, although it remains a powerful threat – in Q1 2019, Kaspersky Lab detected Asacub targeting 8,200 users a day on average.

To reduce the risk of infection with banking Trojans, users should install applications only from trusted sources, ideally from the official app store, said the security researchers.

Kaspersky Lab said its solutions detected and repelled 843,096,461 malicious attacks from online resources located in 203 countries around the world. (IANS)