Australia and New Zealand Banking Group has received in-principle approval from the Reserve Bank of India to open two new branches. One will be in Gurgaon, New Delhi's prime business hub, and the other in "outer Bangalore", approximately 30 kilometres from Bangalore's central business district. ANZ CEO for international and institutional banking, Andrew Géczy said,"Despite a recent slowdown, India … is the fourth largest destination for Australian exports." The big banks, worried about a consumer backlash, have stared down the top police who suggested tap-and-go technology is fuelling a new wave of thefts aimed at stealing cards. According to the AFR, bank executives sat down with senior police officers from around the country at a two-hour meeting of the "fraud in banking" group, and complained that Victoria Police Commissioner Ken Lay jumped to conclusions when he said last week police are seeing "many, many thefts of motor cars, thefts of handbags, burglaries where people are looking for these cards" and "the banks are simply not doing enough to rein in the illegal use of the tap-and-go cards". The "fraud in banking" group resolved this week to create a sub-group that will develop a template for bank reporting to police on contactless fraud across the country, including at what limit a card fraud should be flagged with the authorities. Retiring PricewaterhouseCoopers partner David Armstrong has been appointed to the board of National Australia Bank. Armstrong will also become chair of the board's audit committee, when current chair John Thorn retires in December. Armstrong, who was an audit partner at PwC, is a 30-year veteran of the professional service sector. Westpac and Australia Post announced yesterday they have signed a "strategic agreement" allowing Westpac customers the use of Australia Post's digital mailbox MyPost to receive and store documents such as card statements, bills and correspondence "from the second half of 2014". In return, Australia Post will use Westpac's card acquiring services in its post offices nationally. The former directors and auditor of NZ firm Strategic Finance have cut a NZ$22 million settlement with the failed lender's receivers and the Financial Markets Authority, which will see about 10,000 investors get back 15 cents in the dollar from funds that have been frozen since December 2008. In their May update, the receivers estimated that debenture holders would get between 12 per cent and 20 per cent of their principal back. Strategic investors, owed $367.8 million, have been repaid 10 cents in the dollar so far, BusinessDesk reported. Australian organisations have higher rates of economic crime than experienced globally for asset misappropriation, cybercrime, procurement fraud, money laundering, tax fraud and intellectual property infringement, according to PwC's 2014 economic crime survey. In Australia, procurement fraud and bribery have become increasingly prevalent, most notably in the construction, mining and utilities industries, said PwC. Internal fraudsters are increasingly being found among middle management (65 per cent