So, the finance ministry is really pushing state-owned banks to up their game when it comes to cybersecurity. They’re like, ‘Hey, check your systems and make sure they’re top-notch’ after that whole UCO Bank mess. Apparently, they want the banks to be super vigilant and ready for any cyber threats that might come their way. The finance ministry and RBI have been on the banks’ case about this whole digital security thing, especially with everything going digital in the financial world.
UCO Bank, based in Kolkata, had a bit of a blunder last week. They accidentally credited a whopping Rs 820 crore to their account holders through Immediate Payment Service (IMPS). Talk about a major oopsie! It turns out that there were some technical issues with IMPS, and it caused transactions from other banks to show up as credits in UCO Bank accounts, even though no money was actually received. Yikes! The bank managed to block the accounts of the recipients and recover about 79% of the amount, which is around ₹649 crore. Phew, that’s a relief!
The big question is, was this a human error or a sneaky hacking attempt? UCO Bank hasn’t spilled the beans on that yet, but they’ve reported the whole shebang to the law enforcement peeps for some serious action.
If you’re into all the nitty-gritty details, you can catch up on the latest market buzz and business news on CNBC-TV18. They’ve got you covered with real-time updates on everything finance-related. And hey, if you’re on the move, you can even watch their channels Stock Market, CNBC-TV18, and CNBC Awaaz live! How cool is that?
Oh, and if you’re curious about what’s been going on in the financial world, here are some articles you might wanna check out:
– RBI’s move to raise risk weights on unsecured loans will bolster financial stability, says SBI chairman
– The GCCEM: A welcome initiative to fight cross-border crimes
– Barclays sees dollar strength persisting into early 2024, anticipates rupee weakness ahead
– Listed PSBs, public sector Insurance companies have $480-billion market cap: DIPAM secretary
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