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Canara Bank to recruit people proficient in local languages: MD & CEO
Anupreksha Jain Mumbai
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'Canara Bank to recruit people proficient in local languages' &Canara Bank, which has waived charges on non-maintenance of minimum balance, plans to compensate for the revenue loss by canvassing ₹10,000 crore of additional deposits in savings account. The Bengaluru-based lender's managing director and chief executive officer,
K Satyanarayana Raju, in a telephonic interview with Anupreksha Jain pointed out that any further rate cut by the central bank would put margins under pressure for another six months. Edited excerpts:
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Time of India
42 minutes ago
- Time of India
North Korean hackers suspected in Bengaluru's biggest crypto heist
Bengaluru: Can the money that was stolen be recovered or has it gone forever? This is the question cyber sleuths are being bombarded with after Bengaluru-based Neblio Technologies Private Limited, which runs CoinDCX, reported that $44 million theft – the biggest crypto heist the city has seen so far. While CoinDCX maintained that all customer funds were 100% secure in cold wallets and announced a recovery bounty programme, cyber police sources point to the involvement of hackers associated with North Korean cartels. "The crypto asset recovery process is going to be a challenge," a police officer said while explaining that the hacker had moved cryptocurrency out of the company to six different wallets. Subsequently, the stolen cryptocurrencies were moved to a single wallet, apparently controlled by a North Korean ring. " The officer added that North Korean hackers were behind most of the attacks on crypto exchanges in recent times. The investigators are also trying to ascertain if Rahul Agarwal, the techie through whose login credentials the hackers reportedly breached the company's security protocols, had colluded with the hackers or if he became the bait. Cyber sleuths said hacking operations also involved infiltrating employee hardware. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Pune: Unsold Furniture Liquidation 2024 (Prices May Surprise You) Unsold Furniture | Search Ads Learn More Undo You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru CoinDCX told TOI that it is cooperating with authorities and has reinforced its security framework. "Security has always been a top priority at CoinDCX. We benchmark ourselves against global best practices and have invested significantly in strengthening our infrastructure," a spokesperson said, adding that the company has partnered with global cybersecurity firms such as Sygnia and Seal911 to bolster asset tracing and rapid freezing protocols. Cyber security expert Rahul Sasi, founder of startup CloudSEK, told TOI: "There is still a lot left to be investigated. This person (Rahul Agarwal) got Rs 15 lakh in his account, whereas the fraudsters funnelled around Rs 380 crore. Compromised laptop credentials can be purchased for $10-15 on the dark web. There is no way to be sure of the intent of such computer users in such cases". Avinash Shekhar, founder of crypto exchange Pi42 and former CEO of ZebPay, said the recovery prospects depend largely on the nature of the stolen assets and whether state-backed actors are involved. "If the stolen funds are in USDT, there is at least a theoretical chance of freezing them because it's issued by a centralized entity. But if they are in Ethereum or other decentralised tokens, recovery is significantly harder," he said. Shekhar added that if North Korean hackers are to be involved, as has been speculated in similar cases globally, "the odds of retrieval become near impossible given the lack of jurisdiction." He noted that tracing the stolen funds could still be an ongoing process for years. "Because blockchain records are permanent, there are cases where stolen funds have been identified and frozen even after five or 10 years," Shekhar said.
The Hindu
an hour ago
- The Hindu
U.S. Federal Reserve leaves interest rates unchanged even as Trump demands cuts
The Federal Reserve left its key short-term interest rate unchanged for the fifth time this year, brushing off repeated calls from President Donald Trump for a cut. The Fed's decision Wednesday (July 30, 2025) leaves its key short-term rate at about 4.3%, where it has stood after the central bank made three cuts last year. During a news conference, Chair Jerome Powell said that Mr. Trump's sweeping tariffs are starting to push up inflation and it will take time for the Fed to determine whether the uptick in prices will be a one-time effect or something more persistent. 'That is a risk to be assessed and managed,' he told reporters. There were some signs of splits in the Fed's ranks: Governors Christopher Waller and Michelle Bowman voted to reduce borrowing costs, while 9 officials, including Mr. Powell, favoured standing pat. It is the first time in more than three decades that two of the seven Washington-based governors have dissented. One official, Governor Adriana Kugler, was absent and didn't vote. The choice to hold off on a rate cut will almost certainly result in further conflict between the Fed and White House, as Mr. Trump has repeatedly demanded that the central bank reduce borrowing costs as part of his effort to assert control over one of the few remaining independent federal agencies. Mr. Powell said that while tariffs are starting to push up the cost of goods — and he expects more of that to happen in the coming months — the price of services — rents, insurance, and hotel rooms — has continued to cool. He suggested it could take some time to determine whether the impact of the tariffs will be short-lived or more persistent. 'We think we have a long way to go to really understand exactly how" the tariffs and prices will play out, Mr. Powell said. Many economists and Wall Street investors have expected the Fed to cut its rate at its next meeting in September, but Mr. Powell's remarks suggest there may not be enough data before September to support a cut. 'We have made no decisions about September,' Mr. Powell said. The chair acknowledged that if the Fed cut its rate too soon, inflation could move higher, and if it cut too late, then the job market could suffer. Major US indexes, which had been trading slightly higher on Wednesday, went negative after Mr. Powell's comments. 'The markets seem to think that Mr. Powell pushed back on a September rate cut,' said Lauren Goodwin, chief market strategist at New York Life Investments. Mr. Trump argues that because the U.S. economy is doing well, rates should be lowered. But unlike a blue-chip company that usually pays lower rates than a troubled start-up, the Fed adjusts rates to either slow or speed growth, and would be more likely to keep them high if the economy is strong to prevent an inflationary outbreak. Earlier Wednesday, the government said the economy expanded at a healthy 3% annual rate in the second quarter, though that figure followed a negative reading for the first three months of the year, when the economy shrank 0.5% at an annual rate. Most economists averaged the two figures to get a growth rate of about 1.2% for the first half of this year. Some of the disagreement likely reflects jockeying to replace Mr. Powell, whose term ends in May 2026. Waller in particular has been mentioned as a potential future Fed chair. Bowman, meanwhile, last dissented in September 2024, when the Fed cut its key rate by a half-point. She said she preferred a quarter-point cut instead, and cited the fact that inflation was still above 2.5% as a reason for caution. Waller also said earlier this month that he favoured cutting rates, but for very different reasons than Mr. Trump has cited: Waller thinks that growth and hiring are slowing, and that the Fed should reduce borrowing costs to forestall a weaker economy and a rise in unemployment. There are other camps on the Fed's 19-member rate-setting committee (only 12 of the 19 actually vote on rate decisions). In June, seven members signalled that they supported leaving rates unchanged through the end of this year, while two suggested they preferred a single rate cut this year. The other half supported more reductions, with eight officials backing two cuts, and two — widely thought to be Waller and Bowman — supporting three reductions. The dissents could be a preview of what might happen after Mr. Powell steps down, if President Donald Trump appoints a replacement who pushes for the much lower interest rates the White House desires. Other Fed officials could push back if a future chair sought to cut rates by more than economic conditions would otherwise support. Overall, the committee's quarterly forecasts in June suggested the Fed would cut twice this year. There are only three more Fed policy meetings — in September, October, and December. When the Fed cuts its rate, it often — but not always — results in lower borrowing costs for mortgages, auto loans and credit cards. Some economists agree with Waller's concerns about the job market. Excluding government hiring, the economy added just 74,000 jobs in June, with most of those gains occurring in health care. 'We are in a much slower job hiring backdrop than most people appreciate,' said Tom Porcelli, chief U.S. economist at PGIM Fixed Income. Michael Feroli, an economist at JPMorgan Chase, said in a note to clients this week if the pair were to dissent, 'it would say more about auditioning for the Fed chair appointment than about economic conditions.' The Fed's two-day meeting comes after a week of extraordinary interactions with the Trump White House, which has accused Mr. Powell of mismanaging an extensive, $2.5 billion renovation of two office buildings. Mr. Trump suggested two weeks ago that the rising cost for the project could be a 'firing offence' but has since backed off that characterisation. Notably, Mr. Trump argues that the Fed should cut because the economy is doing very well, which is a different viewpoint than nearly all economists, who say that a healthy, growing economy doesn't need rate cuts. 'If your economy is hot, you're supposed to have higher short-term rates,' Porcelli said.
Mint
an hour ago
- Mint
Prestige aims to build lavish golf-themed resorts in 3 cities-Goa is one of them
Bengaluru: Leading real estate firm Prestige Group plans to develop lavish golf-themed, resort-style residential projects in Goa, Lonavala and Hyderabad, as it aims to replicate its signature Golfshire property near Bengaluru in other locations, a top company official said. The large-format projects, to be developed on the outskirts of the cities, will bespread across 300-400 acres, and will have a golf course, high-end villas and a hotel and a convention centre. Prestige Golfshire is a 275-acre golf resort at Nandi Hills, on the outskirts of Bengaluru,that has a JW Marriott hotel, premium villas,an 18-hole golf course and a club. A typical four-bedroom villa here starts at ₹14.5 crore. Bengaluru-based Prestige's plans to develop these expansive Golfshire-inspired projects are in line with the concept of large, lifestyle-driven destination projects that are gaining favour among high net worth customers, including top corporate honchos. Locations such as Alibaug and Lonavala, both near Mumbai, for instance, are already seeing interest from developers and buyers alike. 'Each project has to be a minimum 300 acres in size to do such developments. The Golfshire brand is well-established in Bengaluru and we want to now take it to other geographies," Prestige Group chairman and managing director Irfan Razack said in an interview with Mint. Prestige already has access to the land in Goa and Lonavala, while it is in the process of tying up the land on the outskirts of Hyderabad, Razack said. For the Lonavala project, Prestige has partnered with the Mumbai-based Valor Estate, formerly known as DB Realty. 'The Lonavala land parcel spans nearly 400 acres and will feature a golf course with a private club, a luxury hotel with convention facilities, golf villas, apartments and potentially an education hub, which is currently under consideration," said Vinod Kumar Goenka, chairman and managing director, Valor Estate. While the overall investment is still being finalized, the collaboration brings together Valor's legacy in land and location, and Prestige's execution strength to deliver an integrated lifestyle experience, Goenka added. While the demand for second homes gained pace post-pandemic, developers such as Prestige are looking at large projects to create destinations that will cater to a niche, premium customer base. Prashant Thakur, head of research and advisory at property consultancy Anarock Group, said these kinds of lifestyle developments are tailored for high net worth individuals (HNI) and C-suite executives. 'It's a strategic move for any developer to do such projects that can command a 30-50% premium over a regular villa development. They can also offer a recurring revenue stream for the developer," Thakur said. 'Grade A developers such as Prestige and DLF have a captive HNI and NRI customer base, and these projects can offer such buyers an opportunity to invest."
