Citizens' Issues
Parrikar seeks navy's report on Scorpene submarine data leak
Defence Minister Manohar Parrikar has sought a report from the navy on the alleged leak of sensitive data on India's Scorpene submarines, as part of the larger expose pertaining to some 22,000 documents of its French designer, DCNS, by the Australian media.
 
"The first step is to identify if it relates to us," Parrikar told reporters here, referring to the documents that purportedly reveal details on the sub's underwater and above water sensors, as also combat management, torpedo launch, navigation and communications systems.
 
"The Navy Chief (Admiral Sunil Lanba) has been asked to analyse what exactly has been leaked," the minister said, adding his first assessment was that it was an act of hacking and not a 100-per cent leak. "We do have our final integration and all that," he said.
 
"What I can understand -- because it came to my knowledge around 12 am -- is there is a hacking. So we will find out all these aspects," he said. "I've told the navy chief to find out all the details. Mayby, in a couple of days I'll be able share with you."
 
The Australian media reports, quoting DCNS, said that the leak of such technical data could not happen with its proposed submarine for Australia. The French company also alluded that the leak may have occurred at India's end, rather than from France. 
 
"Uncontrolled technical data is not possible in the Australian Arrangements," the company said as per a report in The Australian. "Multiple and independent controls exist within DCNS to prevent unauthorised access to data and all data movements are encrypted and recorded," it said. 
 
"In the case of India, where a DCNS design is built by a local company, DCNS is the provider and not the controller of technical data."
 
The first of the Scorpene class submarines being built in India, INS Kalvari, went for sea trials in May, 2016 and is expected to be inducted in the Indian Navy soon. Variants of Scorpene submarines are also used by Malaysia and Chile, with Brazil to join the club soon.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Bank access for rural people not encouraging: President
Reach of rural people to banks is not very encouraging even 47 years after nationalisation of a majority of the banks, President Pranab Mukherjee said here on Tuesday.
 
While the RBI and the ministry concerned are busy addressing the problem areas of non-performing assets and injudicious advancing, the reach of rural people to banks is not very encouraging even after nationalisation of almost 60% of banks done in July 1969, Mukherjee said at a programme here.
 
Addressing the first anniversary celebrations of the Bandhan Bank, the president said a lot more remains to be done to meet the requirements of the unorganised sector in the country, even as the banks remain ever vigilant as far as loan dispersal and recovery are concerned.
 
Mukherjee lauded the role of micro-financing institutions and said they have a special challenge and responsibility to ensure equitable growth by addressing the financial needs of the vast unorganised sector.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Gopalakrishnan T V

9 months ago

The mindset of banks' human resources has not changed and it is not that easy to change as long as the management is after money and power at the cost of values and what not? Consideration for fellow beings has never been there and in the cover up of mass banking class banking is practised. With the invasion of technology even the very little touch with human beings that the banks per force had immediately after nationalisation of banks in 1969 has been missing and the confidence in banks has been eroding fast with the worst customer service, dwindling interest rates, tax on interest rates, really real rate of more inflation than real interest rate claimed , and lots of empty and attractive slogans and advertisements. People are becoming wise and understanding better what is in store for them.

RBI preparing framework to ease flow of credit to MSMEs: Mundra
The Reserve Bank of India (RBI) is preparing a framework to provide accreditation to credit counsellors for facilitating easy flow of credit to the MSMEs (Micro, Small and Medium Enterprises), its Deputy Governor S.S. Mundra said here on Tuesday.
 
"For bridging the information asymmetry on the MSME borrowers side, RBI is initiating a process for putting in place a framework for accreditation of credit counsellors who are expected to serve as facilitators and enablers for micro and small entrepreneurs,” Mundra said at the 2nd national conference on MSME funding organised by the Confederation of Indian Industry (CII). 
 
“Since MSMEs are typically enterprises with little credit histories and with inadequate expertise in preparing financial statements, credit counsellors will assist the borrowers in preparing their project reports and also help banks make better informed credit decisions,” he added.
 
Mundra said that RBI is also in the process of issuing final guidelines on P2P (peer to peer) lending in the MSME sector. 
 
"New players have entered the MSME lending landscape in form of P2P companies. RBI has been mindful of a need to regulate these entities without stifling their ability to innovate and is currently in the process of issuing final guidelines on P2P lending,” he said.
 
“These entities use an online platform to match lenders with borrowers to provide unsecured loans and mostly for receivables financing,” he said.
 
Mundra said that P2P lending has great potential as an alternative form of low-cost finance as it can reach to the needy where formal sources are unable to reach or unwilling to lend.
 
In order to solve the problem of delayed payment to MSMEs, RBI has licensed three entities for operating the Trade Receivables Discounting System (TReDS). 
 
“The system (TreDS) would facilitate the financing of trade receivables of MSME enterprises from corporate and other buyers, including government departments and public sector undertakings (PSUs) through multiple financiers,” he said.
 
The objective is to create Electronic Bill Factoring Exchanges which could electronically accept and settle bills so that MSMEs could encash their receivables without delay, he added.
 
It is expected that the TReDS will commence operations within this current fiscal. 
 
“It would be important that the use of TReDS is made mandatory for, to begin with corporate and PSUs and later for the government departments,” Mundra said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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