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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
AGS Transact's troubles hurt many banks' ATM operations
State Bank of India, ICICI Bank and Axis Bank are facing challenges in servicing about 38,000 ATMs, many of which are running out of cash, people in the know said.
SBI is the most affected, with nearly 14,000 ATMs becoming unserviceable, people in the know said. While 7,000-8,000 of those are managed by AGS Transact, there remaining are where the company provides cash replenishment services.
ICICI Bank, one of the earliest banks to start withdrawing its ATMs from the AGS Transact network after facing service issues, is close to taking control of its ATMs. The private sector bank has moved out a majority of its ATMs to other ATM service providers like CMS Infosystems and Hitachi India. People aware of the issue said the lender had raised poor service issues with the AGS Transact board in December itself.
Private sector lender Axis Bank has about 5,000 ATMs that are fully managed by AGS Transact and are on the verge of shutting operations.
SBI, ICICI Bank and Axis Bank did not respond to ET's queries.
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Even at $5 trillion, Nvidia is underappreciated
Subscribe to enjoy similar stories.Nvidia is no longer the only AI chip game in town. But it is the largest by far, and the likelihood that it will be that way for the foreseeable future should count for something.It hasn’t counted for much lately.
21.05 / 10:17
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Subscribe to enjoy similar stories.Homegrown advertising group RK Swamy Ltd is betting on its integrated marketing model to drive growth over the next few years, combining media, creative and other advertising services even as the ‘Big Four’ agency networks increasingly separate those businesses.“We never did disaggregated media and creative [although] that was an option 20 years ago,” Shekhar Swamy, MD and group CEO of RK Swamy Ltd told Mint in an interview.“How can you disaggregate the two? The media function holds a lot of data, and then when media and creative walk separately, it creates a lot of tension. This is not a sensible model for a client.”RK Swamy’s clients include Magicbricks, Polycab, and several government institutions and PSUs such as LIC.The company reported a 15% jump in annual revenue for FY26 to ₹351.73 crore, while profit before tax and exceptional items rose 30% year-on-year to ₹32.2 crore.
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Subscribe to enjoy similar stories.Forensic audits have gained significance in today’s world of business as they serve as a useful tool for commercial lenders to investigate fraud by borrowers and/or identify other deep-seated financial irregularities. Forensic auditors are also employed by resolution professionals to report on preferential, undervalued, fraudulent and extortionate (‘PUFE’) transactions for adjudication under India’s Insolvency and Bankruptcy Code (IBC). While there is no single universal definition, several globally recognized organizations have provided widely accepted definitions (and norms) of forensic auditing.
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