May 22, 2024 21:05 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
EC slams BJP, Congress over poll speeches; says 'electoral democracy should not be weakened' | BJP suspends Bhojpuri actor Pawan Singh for contesting as an Independent candidate from Bihar's Karakat | Supreme Court dismisses former Jharkhand CM Hemant Soren's plea against ED arrest in land scam case | Pune accident: Porsche that ran over two was not registered over non-payment | Delhi woman minister smiling maligning my character: Swati Maliwal's fresh salvo against AAP
Finance Ministry asks public sector banks to examine and enhance cybersecurity
Photo Courtesy: Pixabay

Finance Ministry asks public sector banks to examine and enhance cybersecurity

| @indiablooms | 19 Nov 2023, 06:32 pm

New Delhi: The Finance Ministry has asked state-owned banks to reassess their digital operations in light of the recent UCO Bank incident, media reports said.

It has been advised that banks maintain a vigilant stance and be prepared for potential cyber threats in the future.

The Finance Ministry and RBI have consistently stressed the importance of cybersecurity to banks, given the increasing digitisation in the financial sector.

Last week, UCO Bank, a public sector lender based in Kolkata, revealed an erroneous crediting of Rs 820 crore to the accounts of its customers through the Immediate Payment Service (IMPS).

Between November 10 and 13, the bank found technical glitches in the IMPS system, leading to the inadvertent transactions by account holders from other banks resulting in the crediting of funds to UCO Bank account holders without the corresponding actual receipt of money from these external banks.

IMPS is an instant interbank electronic funds transfer system that operates without any manual intervention.

In order to control the situation, UCO Bank blocked the accounts of the recipients and managed to recover Rs 649 crore out of the total of Rs 820 crore, comprising around 79% of the erroneously credited amount.

The bank has not clarified whether the error occurred due to a technical glitch stemming from human error or a potential hacking attempt. However, it has reported the incident to law enforcement agencies to initiate the necessary actions and investigations.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.