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ABFL’s merger with Allahabad Bank gets nod

The bank’s board had approved the proposed merger in December 2016.

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Kolkata, March 21 : State-run Allahabad Bank on Wednesday said the Ministry of Corporate Affairs has allowed the amalgamation of its wholly own subsidiary – All Bank Finance Ltd (ABFL)-with the lender.

The bank’s board had approved the proposed merger in December 2016.

“..the Scheme of Amalgamation for amalgamation of its wholly-owned subsidiary namely AllBank Finance Ltd with the bank has been confirmed by the Regional Director (Eastern Region), Ministry of Corporate Affairs,” the bank said in a regulatory filing.

The ABFL offers a basket of fee based financial services such as trusteeship services (debenture trustee/security trustee), investment advisory and portfolio management services, distribution of Mutual Funds schemes and other corporate services including valuation of security and so on.

The Board of the company had decided to surrender its NBFC (non banking finance company) licence in 2005.

It had also surrendered its merchant banking licence to market regulator Sebi.

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61% Indian IT managers clueless how bandwidth is being consumed, claims Sophos

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New Delhi, April 25: Around  57 percent Indian IT managers can’t identify network traffic while 61 percent don’t know how their bandwidth is consumed, a new report revealed on Wednesday.

The report claimed also the majority of Indian IT managers have legal liabilities when it comes to unidentified traffic at their workplaces.

As per British IT security firm, Sophos’ global survey titled “The Dirty Secrets of Network Firewalls,” 89 percent of Indian software heads opined that halting malware threats have become harder over the last year.

“While 94 percent agree that stopping ransomware should be a top priority in organisations, a lack of effective application visibility is a serious security concern for 90 percent of Indian businesses,” news agency IANS reported citing the report.

The survey was conducted on more than 2,700 IT decision makers across medium-sized businesses in 10 countries worldwide, including India, the US, Canada, Mexico, France, Germany, the UK, Australia, Japan and South Africa.

“Controlling network traffic is an essential role of every firewall yet, 61 per cent IT managers can’t tell you how their bandwidth is being consumed,” said Sunil Sharma, Managing Director Sales at Sophos India & Saarc.

“If you can’t see everything on your network, you can’t ever be confident that your organisation is protected from threats. IT professionals have been ‘flying blind’ for too long and cybercriminals take advantage of this,” Sharma pointed.

About 79 percent of IT heads witness security risks from unwanted or unnecessary applications.

“While 72 percent want to see applications by risk levels through their organisation’s firewall, 60 percent concerned on productivity loss due to unwanted apps and 52 percent had legal liability or compliance concerns due to potentially illegal content,” it added.

The survey further said that 61 percent would like to see better perimeter security in their organisation’s network firewall along with better threat visibility and better protection.

“Ineffective firewalls are costing you time and money. On an average, organisations are spending 7 working days to remediate infected machines,” assreted Sharma.

With just a single network breach multiple computers can be harmed, so keeping this in the mind faster you can stop the infection from spreading the more you limit the damage and time needed to clean it up.

“Companies are looking for the kind of next-generation, integrated network and endpoint protection that can stop advanced threats and prevent an isolated incident from turning into a widespread outbreak,” Sharma informed.

WeForNews 

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Markets open in red

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Mumbai, April 25: The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a negative note during the morning trade session.

The Sensex of the BSE after opening at 34,593.17 points touched a high of 34,611.73 and low of 34,536.70 points.

The Sensex is trading at 34,609.32 points, down by 7.32 points or 0.02 per cent from its Tuesday close at 34,616.64 points.

On the other hand, the broader 51-scrip Nifty at the National Stock Exchange (NSE) opened at 10,612.40 points after closing at 10,614.35 points.

The Nifty is trading at 10,606.25 points in the morning.

IANS

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Equity indices close higher, RIL top gainer

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Mumbai, April 24: Healthy buying in oil and gas, banking and auto stocks, coupled with broadly positive global cues, lifted the key Indian equity indices on Tuesday.

Index heavyweights like Reliance Industries (RIL), Yes Bank, Adani Ports, Mahindra, Larsen and Toubro were the top gainers on the BSE.

However, heavy selling pressure in metals, IT and consumer durables stocks trimmed some gains of the benchmark indices, market observers said.

The wider Nifty50 of the National Stock Exchange (NSE) rose by 34.05 points or 0.32 per cent to provisionally close (at 3.30 p.m.) at 10,618.75 points.

The barometer 30-scrip Sensitive index (Sensex) of the BSE, which opened at 34,491.38 points, closed at 34,616.64 points — up 165.87 points or 0.48 per cent from its previous session’s close.

The Sensex touched a high of 34,706.71 points and a low of 34,465.49 points during the intra-day trade.

In contrast, the BSE market breadth remained bearish with 1,479 declines and 1,191 advances.

On Monday, the equity indices closed a volatile trade session on a flat-to-positive note as healthy quarterly results drove investors’ sentiments.

The Nifty50 closed higher by 20.65 points or 0.20 per cent at 10,584.70 points, while the Sensex closed at 34,450.77 points — up 35.19 points or 0.10 per cent.

IANS

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