On February 6th, 2023, India’s Minister of Finance, Dr. Bhagwat Karad, responded to an unstarred question (PDF) from the Parliament regarding “Corporate Borrowers,” which mentioned the Legal Entity Identifier (LEI). In his answer, Dr. Bhagwat Karad stated that Public Sector Banks (PSBs) have informed that “17,234 non-individual / group borrowers have furnished their Legal Entity Identifier … Continue reading 17,234 corporate borrowers have furnished their Legal Entity Identifier (LEI) code
All posts by Rubix Data Sciences
Financial Frauds in the B2B Sector and How to Tackle Them
A simple Google News search of ‘Financial Fraud in India’ returns 44,90,000 news articles. Fraud in the Indian Business landscape has become an oft repeated word, with not just the quantum rising, but also the complexity (the NSE case for example). Let us look at some of the common types of types of B2B fraud that … Continue reading Financial Frauds in the B2B Sector and How to Tackle Them
Data Privacy Day – 28 January
Recently Twitter was in the news for allegedly being the target of a hacker who demanded $200,000 to hand over the data of 400 million users, including some celebrities, and politicians. Though it turned out that the actual breach was only for 200 million users, Twitter was a target for such hackers very frequently in … Continue reading Data Privacy Day – 28 January
EWS – Your Shield Against Unforeseen Supply Chain Financial Risks
https://rbx-wordpress-site-media.s3.ap-south-1.amazonaws.com/wp-content/uploads/20230130102933/Early-Warning-System.mp4 Supply chain disruptions can have a significant impact on businesses. They can lead to delays in the delivery of raw materials, components, and finished products, which can cause production delays and shortages. This can result in lost sales and revenue, as well as reduced customer satisfaction. In addition, if a business is unable to … Continue reading EWS – Your Shield Against Unforeseen Supply Chain Financial Risks
Video KYC – The New Normal in Digital Onboarding and Fraud Prevention
As consumers have become more adept and comfortable in transacting online, the adoption of Video KYC has grown exponentially. Video KYC is increasingly replacing lengthy physical verification processes with the blessings of regulators in India. In a circular released on January 5, 2023, the Reserve Bank of India (RBI) has given a nod to complete … Continue reading Video KYC – The New Normal in Digital Onboarding and Fraud Prevention
Business Information Report – An Essential Tool in Risk Management
Imagine you have a vacancy in your company. How would you fill it? You would request prospective candidates to send in their resume with information about their work experience, educational background and work skills, assess them based on their resume, interview them, and then decide on the right candidate. Now, imagine your business needs to … Continue reading Business Information Report – An Essential Tool in Risk Management
The Importance of Identity Checks in Business Transactions
In late June 2022, a prominent bank released a newspaper ad about an e-auction of a property to recover nearly Rs. 93 crores lent to a company called “the Great Indian Nautanki Company Pvt Ltd”. The company’s name was enough to induce curiosity among journalists, and soon many acts of the drama came to the … Continue reading The Importance of Identity Checks in Business Transactions
Modern Credit Risk Management for the CFO of Today
Finance teams in most companies have realised that they must adopt the technology and tools driving change in modern businesses. Today’s companies need finance leaders who can leverage technology to manage emerging risks. The main task of modern-day CFOs is to plan for and forecast the future financial performance of their company in a rapidly … Continue reading Modern Credit Risk Management for the CFO of Today
11 Ways SMEs Can Improve Their Credit Risk Scores
Small and Medium Enterprises (SMEs), the backbone of the Indian economy are hemmed in between the large corporate and retail segments in terms of loan ticket size and have the least credit penetration. This is because non-incorporated SMEs are subject to relatively relaxed financial disclosure norms to avoid burdening them with too much compliance; this … Continue reading 11 Ways SMEs Can Improve Their Credit Risk Scores
Legal Entity Identifier (LEI) as a Gold standard
Several national, regional, and other identifiers are being used to cover specific needs in business, but the Legal Entity Identifier stands out compared to them because it is truly global and has already been adopted by many regulatory authorities across the world. The Legal Entity Identifier (LEI) is a 20-character, alphanumeric code that uniquely identifies … Continue reading Legal Entity Identifier (LEI) as a Gold standard