Services of 300 Indian banks collapse after ransomware attack hits tech firm
Due to the collapse, the users of the bank were not able to withdraw money from ATMs
A ransomware attack on a technology company on Wednesday (Jul 31) led to a temporary collapse of services at nearly 300 small Indian local banks. The attack targeted C-Edge Technologies, a firm that provides tech support to small banks across the country. The firm is a joint venture between the State Bank of India (SBI) and Tata Consultancy Services (TCS).
Due to the collapse, the users of the bank were not able to withdraw money from ATMs or use Unified Payments Interface (UPI) services.
The outage most affected users of the rural banks and cooperative banks, which are dependent on the C-Edge.
The National Payments Corporation of India (NPCI), which manages UPI, said it had to temporarily cut off C-Edge from accessing the retail payment systems as a precaution.
"C-Edge Technologies…has been possibly impacted by a ransomware attack impacting a few of their systems," NPCI said in a statement.
As per media reports, the authorities were working to restore the banking services on a war footing.
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News agency PTI reported that the services were expected to resume by Thursday (Aug 1)morning if all goes as planned. A third-party audit was also conducted following the attack.
"Customers of banks serviced by C-Edge will not be able to access payment systems during the period of isolation," the NPCI said.
"Most of these are small banks and only about 0.5 per cent of the country’s payment system volumes would be impacted,” one of the sourceswas quoted as saying by Hindustan Times.
According to National Cooperative Union of India chairman Dileep Sanghani, the 300 banks, including 17 district cooperative banks in his home state of Gujarat, had been experiencing issues for the last two to threedays.
"All online transactions, such as RTGS and UPI payments, are affected. Money is deducted from the sender's account but does not get credited to the receiver's account," Sanghani, the chairman of Amreli District Central Cooperative Bank, said.
(With inputs from agencies)