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NFC Meeting on December 4 to Deliberate IMF Terms and Latest Award – SUCH TV
A meeting of the National Finance Commission (NFC) has been scheduled for December 4 to discuss the implementation of IMF conditions and the new financial award.
According to sources, the meeting will focus on IMF proposals regarding changes to the NFC Award. To consult on the matter, the federal government has invited all provinces to attend the session.
Federal Finance Minister Muhammad Aurangzeb, along with the finance ministers of the four provinces, is expected to participate in the meeting.
The IMF is anticipated to support the proposals for the new National Finance Award. Sources indicated that if multiple sessions are required to finalize the award, the process could take six to eight months.
The first scheduled NFC meeting had earlier been postponed at the request of the provinces due to flood-related disruptions.
Separately, the International Monetary Fund (IMF) highlighted that corruption remains a persistent challenge in Pakistan, urging the Special Investment Facilitation Council (SIFC) to publish its first annual report.
In its Governance and Corruption Diagnostic Assessment (GCDA), the IMF stated that corruption poses serious risks to economic development and public trust.
The Fund called on the government to enhance transparency, strengthen governance structures, and immediately begin implementing a comprehensive reform agenda.
According to the report, the IMF has called on the SIFC to develop clear protocols for its operations and significantly improve transparency to ensure effective oversight and accountability.
It further recommended that the SIFC must publish its first annual report, detailing all investment deals it has facilitated, including any tax, policy, regulatory, or legislative concessions granted—along with the full rationale and the monetary value of each concession.
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RBI has summoned senior officials of Yes Bank following a major data breach involving the Yes Bank–BookMyForex multi-currency forex card
Reserve Bank of India headquarters in Mumbai.
The Reserve Bank of India (RBI) has summoned senior officials of Yes Bank following a major data breach involving the Yes Bank–BookMyForex multi-currency forex card, two people aware of the development told The Economic Times (ET).
According to the report, card details and CVV numbers of several users were allegedly compromised. The central bank has sought a detailed explanation from the bank on how its systems may have been breached and the sequence of events that led to the exposure of sensitive customer data.
“The RBI has sought a comprehensive briefing from Yes Bank’s senior management on the root cause of the breach, the timeline of events, and the adequacy of the bank’s cybersecurity framework,” one of the persons cited by ET said. “The regulator wants clarity on how sensitive card data, including CVV numbers, may have been exposed and what immediate containment measures have been implemented.”
Yes Bank declined to comment on the RBI’s queries but said an internal investigation had identified fraudulent transactions involving 15 merchants in a Latin American country on February 24. Transactions worth Rs 2.54 crore were approved across 5,000 customers, while 688 unauthorised attempts amounting to around Rs 90 lakh were blocked. The bank said it is working with the card network to initiate chargebacks and ensure that affected customers do not face financial losses.
Separately, BookMyForex said it does not store customers’ sensitive card information and that its systems were neither breached nor compromised during the period in question.
The RBI has also sought details on how sensitive card data—particularly CVVs—was stored and protected, whether encryption and prescribed security protocols were followed, and why existing cyber controls failed to prevent the breach. In addition, the regulator is reviewing the timeline of detection and reporting, the robustness of third-party risk management and oversight, the number of customers impacted, and the steps taken to block cards, prevent misuse and mitigate losses. It has also asked for clarity on internal accountability, supervisory lapses and remedial measures to prevent a recurrence, ET reported.
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February 26, 2026, 07:53 IST
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