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After the UCO Bank incident, the Finance Minister gave advice to PSU banks, suggested further strengthen cyber security
Union Finance Minister Nirmala Sitharaman has asked all public sector banks of the country to review the systems and processes related to their digital activities. This statement of the Finance Minister is related to the recent incident that happened at UKO Bank. Let us tell you that UCO Bank had recently credited Rs 820 crore to the accounts of some of its account holders by mistake.
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“After the UCO Bank incident, the Finance Minister gave advice to PSU banks, suggested further strengthen cyber security”
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sangritoday.com
19 Nov 2023
Union Finance Minister Nirmala Sitharaman has asked all public sector banks in the country to review the systems and processes related to their digital operations. This statement of the Finance Minister is in view of the recent incident at UCO Bank.
UCO Bank had recently credited Rs 820 crore to the accounts of some of its account holders.
According to sources, banks have been advised to check the strength of their cyber security and take measures to strengthen it. Amidst the increasing digitalization in the financial sector, the Finance Ministry and RBI are making banks aware of this aspect at regular intervals.
