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RBI to banks: Hold periodic cyber-vulnerability tests

RBI to banks: Hold periodic cyber-vulnerability tests
Cyber security preparedness is a continuous activity and the RBI has asked banks to periodically conduct vulnerability test, the finance ministry said on Tuesday.

In a written reply to the Rajya Sabha, Minister of State for Finance Santosh Kumar Gangwar said the RBI has issued Cyber Security Framework in Bank to help them deal with any future cbyer attacks.
According to the Reserve Bank, 'WannaCry' ransomware attacks were reported from banks during May and June this year and a few computers in two bank branches and one ATM unit were impacted "though no data loss was reported".
"The RBI had issued advisories to banks in relation to ransomware attacks, regarding application of relevant patches in and update of anti-virus software for all systems," the minister said.
Gangwar further said the RBI has "apprised that the performance" of banks in this regard is closely monitored through both on-site and off-site assessments.
To another question related to cloning of credit and debit cards, the minister said 6,811 cases of frauds related to credit cards and 15,792 ATM and debit cards were reported during the last financial year. The total amount involved was Rs 204 crore.
Replying to another question, Gangwar said public sector banks had 8,915 wilful defaulters involving Rs 92,376 crore at March-end 2017.
Action has been initiated in 5,954 cases involving Rs 69,439 crore under the SARFAESI Act (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act).
The SARFAESI Act allows banks and other financial institution to auction residential or commercial properties to recover loans. The law does not apply to unsecured loans, loans below 100,000 or where remaining debt is below 20% of the original principal. agencies
Just Rs. 2.55 crore fake
Fake Indian currency notes of face value of over Rs 2.55 crore, the maximum being in Gujarat, have been seized along various international borders of the country post demonetisation, the government informed Parliament on Tuesday.
Minister of State for Home Hansraj G Ahir cited a National Crime Records Bureau (NCRB) data, collected for the November 9, 2016-July 14 period, while furnishing a written reply in Lok Sabha on the subject. A total of 23,429 FICN have been seized during the said period and the data also includes the fakes for the old Rs 500 notes that were demonetised, along with the Rs 1,000 currency, after a declaration by Prime Minister Narendra Modi on November 8 last year. The maximum seizures, both in terms of number of fake notes seized of Rs 200/Rs 500 and their face value, have been made in Gujarat followed by Mizoram, West Bengal and Punjab. The face value of the seized FICN in Gujarat stood at over Rs 1.37 crore, followed by Rs 55 lakh in Mizoram, over Rs 44 lakh in West Bengal and Rs 5.60 lakh in Punjab.
The total face value of this FICN, across all border states, is more than Rs 2.55 crore, the data said. Ahir said the government has taken a number of steps to check the smuggling of FICN in the country like strengthening the security at the international borders by using new surveillance technology, deploying additional manpower for round-the-clock surveillance, establishing observation posts along the borders, erection of border fencing and intensive patrolling.
Agencies

Agencies

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