Business · India Bureau
Central Bank of India reports ₹13.97 crore in unauthorised transactions
The Reserve Bank's settlement account was compromised in an alleged breach of the IFTAS Central SFMS server, with funds illegally routed to accounts across 36 banks. A formal investigation has been initiated.
LSN India ·
Central Bank of India has reported unauthorised transactions totalling ₹13.97 crore following a security breach in its RBI settlement account. The incident involved the compromise of IFTAS's Central SFMS server, a critical infrastructure component used for interbank fund transfers.
According to initial investigations, the stolen funds were systematically routed across settlement accounts maintained at 36 different banks. The multi-institution transfer pattern suggests a sophisticated approach to dispersing the fraudulently accessed money across the banking system.
The central bank has filed a First Information Report to initiate formal criminal proceedings into the breach. Authorities are now working to trace the funds and identify the individuals or groups responsible for the unauthorised access to the settlement system.
The incident highlights vulnerabilities in high-value transaction infrastructure and has prompted heightened scrutiny of security protocols governing interbank payment systems. Banking regulators are expected to review safeguards protecting critical settlement mechanisms used for clearing large-value transfers across the financial system.