Nationwide Bank Transactions Disrupted by Ransomware Attack

A software issue has disrupted online transactions for nearly 300 banks across India, primarily affecting cooperative banks. The National Payments Corporation of India suspects it might be a ransomware attack. Restoration efforts are underway, with significant cooperation from Tata Consultancy Services and State Bank of India.

A software issue has disrupted online transactions for nearly 300 banks, primarily in the cooperative sector across India, for the past three days, officials in Gujarat stated on Wednesday.

The National Payments Corporation of India (NPCI) identified the disruption as a potential ransomware attack, prompting the temporary isolation of the implicated software from retail payment systems. Restoration efforts are in progress, as confirmed in a statement. Dileep Sanghani, Chairman of the National Cooperative Union of India, noted that the issue had impacted online transactions at 17 district cooperative banks in Gujarat, including the Amreli District Central Cooperative Bank (DCCB).

The software in question, 'C-Edge,' is a joint venture between Tata Consultancy Services Ltd and State Bank of India. Banks affected by the disruption are hopeful for a prompt resolution, as technical experts work towards restoring normalcy. Bahediya, CEO of Ahmedabad District Cooperative Bank, mentioned precautionary measures taken to cease online transactions temporarily, while Jyotindra Mehta of the Gujarat Urban Cooperative Banks Federation reassured that virus detection and removal had been completed, with the RBI expected to approve the software's usage soon.