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Central Bank of India Files FIR after ₹13.97 Crore Lost in Unauthorized Transactions Affecting 36 Banks

Central Bank of India detected ₹13.97 crore loss due to 187 unauthorized transactions involving 36 banks, prompting an FIR and investigation.

Mahbeez Parbeen | | 2 min read

Central Bank of India Files FIR after ₹13.97 Crore Lost in Unauthorized Transactions Affecting 36 Banks
AI Generated | Minutebrief Team

In This Story

In Brief

  1. Central Bank of India reported ₹13.97 crore lost in unauthorized transactions.
  2. Funds were routed from the RBI settlement account to 36 different banks.
  3. An FIR has been filed following the breach involving IFTAS’s Central SFMS server.
  4. The incident highlights risks to banking infrastructure and prompted a police probe.

Unauthorized transactions result in ₹13.97 crore loss at Central Bank of India

The Central Bank of India has reported a loss of ₹13.97 crore due to 187 unauthorized transactions. The funds were illicitly transferred from the bank's Reserve Bank of India (RBI) settlement account to accounts across 36 different banks.

The breach reportedly involved the Institute for Development and Research in Banking Technology's (IDRBT) central Structured Financial Messaging System (SFMS) server managed by IFTAS. This incident exposed vulnerabilities in banking communication networks, enabling fraudulent transfers.

Following the discovery of the irregular transactions, the Central Bank of India promptly filed a First Information Report (FIR) with the police to initiate a detailed investigation into the matter. The incident has raised concerns about overall cybersecurity safeguards within Indian banking infrastructure.

Authorities are examining the security protocols surrounding SFMS operations and ensuring that stricter measures are implemented to prevent future breaches. This event underscores the importance of robust digital security frameworks for public sector banks handling vast sums and multiple transactions daily.

Sources

This brief is based on the following published material. MinuteBrief added context and explanation; original reporting belongs to the named outlets where linked.

Hindustan Times - https://www.hindustantimes.com/cities/mumbai-news/central-bank-of-india-reports-13-96-crore-loss-in-187-unauthorised-transactions-101792780875635.html


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