House panel to banks: devise systems to thwart cyber crimes

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Mumbai, Sep 10: The parliamentary standing committee on personnel, public grievances, law and justice on Wednesday asked public sector banks to devise a special monitoring system to check cyber crimes and strengthen the present vigilance system to curtail corruption. The committee observed that the present banking set up was not equipped to tackle cyber crimes, which are quite familiar at the international level. The committee was concerned about effects of cyber crimes on the Indian banking system.

These recommendations were revealed by the committee during its interaction with the top brass of Bank of India, Dena Bank, Central Bank of India, Bank of Baroda, Union Bank of India and Bank of Maharashtra. The committee at length discussed various other measures to contain corruption and strengthen vigilance mechanism to detect frauds. It is expected to prepare a report on these issues by November.

Committee chairman E M Sudarsana Natchiappan told reporters that it will interact with the central vigilance commission, Central Bureau of Investigation (CBI), the finance ministry and the department of personnel and training to thrash out various measures to curb cyber crime and corrupt practices in the banking system. It has already held meetings with 30 public sector banks. Natchiappan said that CBI must be further equipped to handle cyber crimes in the banking sector.