Page 8 - Banking Finance December 2022

BANK UPDATE

Subsequently, the commerce ministry surance, was cheated again and lost Rs report by Reserve Bank of India (RBI).
notified guidelines that will enable ex- 7.4 lakh recently after he had received The three countries accounted for 36
porters to get stipulated benefits un- calls from an RBI "ombudsman" who per cent of inward remittances in
der the foreign trade policy even if the won his trust by referring to his all 2020-21.
export realisation is in the domestic policy details.
currency, and not dollar.
The victim, Biswajit Sarkar, lodged a New Data Protection Bill
complaint with the Electronic Complex moots Rs. 500-cr fine for
World Bank: India needs police station. The caller promised to
breach
help him get back the money, which he
to spend $840 billion to
had lost to the 2019 fraud. The government has raised the pen-
meet urban population alty amount to up to Rs. 500 crore,
The accused, who impersonated as an
needs officer of the ombudsman cell, de- apart from setting up a Data Protec-
tion Board of India, under the draft
To meet the needs of the growing ur- manded the money as TDS from him.
Digital Personal Data Protection
ban population, India needs to increase "The victim walked into the trap for
(DPDP) Bill, 2022 released.
its annual investment in city infrastruc- second time and paid him the money,"
ture from an average of $10.6 billion said an officer. Cops have started a The draft is open for public comments
a year in the past decade to an aver- probe. till December 17.
age of $55 billion a year for the next
"If the Board determines at the con-
15 years, a World Bank report re- DBS Bank moots Singapore-
clusion of an inquiry that noncompli-
leased.
TN corridor for real-time ance by a person is significant, it may,
The report, titled 'Financing India's In- after giving the person a reasonable
cross-border remittances
frastructure Needs: Constraints to opportunity of being heard, impose
DBS Bank India Limited, the wholly-
Commercial Financing and Prospects such a financial penalty as specified in
owned subsidiary of Singapore-head-
for Policy Action', estimated that India Schedule 1, not exceeding rupees five
quartered DBS Bank Ltd, is exploring
would need $840 billion over the next hundred crore in each instance," the
establishing a 'Singapore-Tamil Nadu
15 years. draft said.
corridor' for real-time cross-border re-
"By 2036, 600 million people will be This penalty amount is much higher
mittances, besides attracting NRI de-
living in urban cities in India, repre- than proposed by a previous draft. The
posits from the large Tamil diaspora in
senting 40% of the population. This is draft Personal Data Protection Bill in
the island city-state.
likely to put additional pressure on the 2019 proposed a penalty of Rs. 15
DBS has "worked on a product", says
already stretched urban infrastructure crore or four per cent of the global
Bharath Mani, Executive Director and
and services of Indian cities - with turnover of an entity.
Head-Retail Customer Segment, DBS
more demand for clean drinking water,
Bank India. A few other banks in the The draft has proposed a graded pen-
reliable power supply, efficient and
ecosystem also "want to partner with alty system for data fiduciary that will
safe road transport amongst others.
us", he adds. Mani told mediapersons process the personal data of data own-
Currently, the central and state gov-
in Chennai that the bank was examin- ers only in accordance with the provi-
ernments finance over 75% of city in-
ing ways to speed up both commercial sions of the Act. The draft proposes a
frastructure, while urban local bodies
and individual remittances "by creat- penalty of up to ?250 crore if the Data
(ULB) finance 15% through their own
ing an express highway, with us lead- Fiduciary or Data Processor fails to pro-
surplus revenues," a World Bank state-
ing along with other banks". tect data under its possession from
ment said.
breaches.
Essentially, the initiative will make it
easier for people in Singapore to send The same set of penalties will be ap-
Trader loses Rs. 7.4 lakh to
money to India. Singapore, along with plicable to the data processor-which
'ombudsman' fraud the US and the UK, has emerged as one will be an entity that will process data
A 46-year-old trader, who was alleg- of the important sources of inward on behalf of the Data Fiduciary, the
edly duped in 2019 in the name of in- remittances, according to a recent draft said.
8 | 2022 | DECEMBER | BANKING FINANCE