The Reserve Bank of India (RBI) has issued directions to at least 52 cooperative banks in Pune to strengthen their cyber security, in light of the rising number of online heists being reported in the city.
The directions have been issued to protect the deposits of several thousand bank investors which are the targets of the online predators. The directive issued on December 31, 2019, has made it mandatory for the cooperative sector banks to comply with the guidelines mentioned within three months- the deadline of which ends on March 31.
Accordingly, the cyber crime department of the Pune police has also asked the banks to further boost their critical cyber security infrastructure and comply with the directions.
According to cyber crime officials, any delay in compliance of the directives will result in strict action by the RBI and concerned agencies as the directives have been issued to protect the deposits of the bank customers.
The RBI has suggested a four-step security structure to be put in place by the banks. The first being creation of basic cyber security infrastructure; second, the banks must take extra precaution and care of the account holders using netbanking transactions and third, there should be very strict security arrangement for those banks engaged in high internet usage and ATM switch facilities and the fourth being those banks engaged in sharing data centres with other banks, who must concentrate on strengthening their security.
The RBI does not give permission to conduct internet banking to those banks whose turnover is less than 25 crore. Police Inspector Jayram Paigude of the cyber crime police station said, “The banks must immediately update their security so that online predators don’t target and siphon off the money. It is seen that co-op banks don’t pay attention towards cyber security and hence, this is a very vital component of their security which must be addressed at the earliest. We have also issued directions to them. The cooperative banks must immediately comply with the RBI order,” he said.
{{/usCountry}}The RBI does not give permission to conduct internet banking to those banks whose turnover is less than 25 crore. Police Inspector Jayram Paigude of the cyber crime police station said, “The banks must immediately update their security so that online predators don’t target and siphon off the money. It is seen that co-op banks don’t pay attention towards cyber security and hence, this is a very vital component of their security which must be addressed at the earliest. We have also issued directions to them. The cooperative banks must immediately comply with the RBI order,” he said.
{{/usCountry}}Maharashtra Urban Co-operative Bank Federation President Vidyadhar Anaskar said, “The directives issued by the apex bank are mandatory and all banks must comply with the same. This will bring down the attacks on the banking security and interests of the depositors can be protected at all times,” he said.