After internet banking, mobile banking problems, RBI orders lender to stop digital launches, new credit cards

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HDFC Bank failed transactions: Reserve Bank of India  (RBI) has issued an Order dated  December  2, 2020 to HDFC Bank Limited with  regard  to certain incidents of outages in the internet banking / mobile banking / payment utilities of the Bank over the past 2 years, including the recent outages in the Bank’s internet banking and payment system on November 21, 2020 due to a power  failure in the primary data  centre.  

The  RBI  vide  said  Order  has  advised  the  Bank  to  temporarily  stop

i)  all  launches  of  the  Digital  Business  generating activities planned under its program ?Digital 2.0 (to be launched) and other proposed business generating  IT  applications

(ii)  sourcing  of  new  credit  card  customers.  In  addition,  the  Order  states  that  the  Bank’s  Board  examines the lapses and fixes accountability.   

The above measures shall be considered for lifting upon satisfactory compliance with the major

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Ex-Microsoft employee convicted of stealing millions in store credit

  • A former Microsoft employee was sentenced to nine years in prison Monday for stealing $10 million from the tech company.
  • During his time as a software engineer at Microsoft, Volodymyr Kvashuk worked on testing the company’s platform for online retail sales.
  • Kvashuk used that access to steal millions in gift cards and store credit, which he sold for bitcoin. 
  • Visit Business Insider’s homepage for more stories.

A former Microsoft software engineer was sentenced to nine years in prison for stealing over $10 million in store credit and selling it for bitcoin, the IRS announced on Monday.

The case is a landmark for the IRS, since it’s “the nation’s first bitcoin case that has a tax component to it,” Ryan Korner, the IRS Criminal Investigation special agent in charge, said.

Volodymyr Kvashuk worked on testing Microsoft’s online retail platform between 2016 and 2018, according to the IRS. At first, he stole

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