Home >Industry >Debit card fraud: Govt seeks detailed report from RBI, banks

New Delhi: The government has sought a detailed report from banks and the Reserve Bank of India (RBI) on all aspects of the debit card fraud, even as it has received a preliminary report which is under consideration, said Shaktikanta Das, secretary, department of economic affairs.

“The government is seized of the matter. We have sought a report from RBI and banks. After receiving the report, necessary action will be taken by the government," Das said, adding that the report will contain all aspects of the fraud including the damages as well as the security aspects.

“We have received a preliminary interim report. We are waiting for further details," he said, adding that the details of the report will also be discussed in the financial stability development council.

He added that such online transactions leave a trail and the government will try to locate the point of origin.

Das added that the integrity of the information technology systems of banks is very robust and the government will take “whatever action is required" and there is no need for an alarm.

Card data of 3.2 million customers was stolen between 25 May and 10 July from a network of Yes Bank Ltd ATMs managed by Hitachi Payment Services Pvt. Ltd, but it was only in September that banks and payments services providers became aware of the extent of the breach, Mint reported on 21 October.

Around 90 Yes Bank ATMs and point-of-sale (PoS) terminals were targeted by malware, resulting in data of customers of banks, including State Bank of India (SBI), ICICI Bank Ltd, HDFC Bank Ltd and Yes Bank, being stolen by hackers. Read here

“We have sought a report on debit card fraud. The idea is to be able to contain the damage post findings of the report," said finance minister Arun Jaitley.

Das said that the matter of cyber security was discussed in the RBI board meeting four months ago and banks were asked to tighten firewalls at that point.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Edit Profile
My ReadsRedeem a Gift CardLogout