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Debit card security breach: RBI meets bank officials

The central bank further said the number of cards misused, as per the information, were very few

Policy Pulse
Publish Date: Oct 25 2016 8:47AM | Updated Date: Oct 25 2016 8:47AM

Debit card security breach: RBI meets bank officials

A slew of banks in India are replacing or asking their customers to change security codes of as many as 3.25 million debit cards due to fears that the card data may have been stolen.

 

The Reserve Bank of India (RBI) in this regard met with senior officials from select banks, the National Payment Corporation of India and card network operators.

 

The RBI said the meet was to review the steps taken by various agencies to contain any adverse fallout after one of the country's largest-ever cyber security incidents.

 

The central bank further said the number of cards misused, as per currently available information, was few. The issue is currently being investigated by an approved forensic auditor, the RBI said.

 

The RBI has emphasized an early implementation of this framework so that the possibility of such incidents happening in future is minimized and in the event of such incidents.