Key Highlights
- Ransomware attack on C-Edge Technologies
- UPI and IMPS services are down for some banks
- NPCI isolated C-Edge to prevent wider disruption
The National Payments Corporation of India (NPCI) has announced that the UPI and IMPS services of some banks, as well as other payment systems, will be temporarily unavailable. The problem stems from a ransomware attack on C-Edge Technologies, a service provider to multiple banks.
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Precautionary Measures By NPCI
NPCI has taken precautionary steps to restrict C-Edge Technologies from accessing NPCI’s retail payment systems. This would prevent it going any further and ensure that it does not have wider implications for the overall payments system.
“Customers of banks serviced by C-Edge will not be able to access payment systems during the period of isolation,” NPCI said in a statement.
Impact On Small Banks
Lawmakers have confirmed that about 300 small banks in India have been cut off from the country’s broader payment system. The purpose of this action is to prevent any widespread problems. While these affected banks are primarily small businesses with limited operations outside major cities, only about 0.5 percent of the country’s total payment system is expected to be affected.
Ongoing Audit And Cybersecurity Policies
India’s NPCI is now conducting an audit to prevent the spread of this cyberattack, which has affected some of the country’s 1,500 cooperative and regional banks These banks operate mainly in urban areas. Recently, the Reserve Bank of India and Indian cyber authorities had warned banks about possible cyber-attacks. The companies have confirmed that these cautions were issued in recent weeks.
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Moving Ahead
As the situation is still growing, NPCI and the affected banks are making efforts to resolve the matter and restore normalcy in payment systems. Customers are also requested not to panic as their respective banks keep them updated about the status of UPI and IMPS services.
The incident highlights the increasing threat from cyber-attacks and the importance of having strong cyber security measures in order to protect our financial infrastructure.
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