Monday, December 17, 2012

RBI Acknowledges Risks Of E-Banking In India

Reserve Bank of India (RBI) has been playing a pro active role for securing Internet banking and online banking transactions. Recently, RBI showed its intention to boost ATM security in India. In the past, concerns have been raised from time to time for preventing online banking frauds in India by RBI.

There are many problems from which the online banking or Internet banking in India is suffering. The most important pertains to maintaining effective cyber security for banking and financial sectors of India. Similarly, there are no effective Internet banking laws in India or online banking laws in India. In the absence of stringent laws in this regard, online banking risks in India are increasing. However, of all the shortcomings, nothing can match the absence of encryption laws and standards in India. In the absence of proper encryption norms in India, e-banking in India is really insecure.

See Cjnews India for more.

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