Reserve Bank of India Experiences a Technical Glitch; NEFT and RTGS Go Down for Half a Day!

Electronic money transfer is something that has changed the way people used to transact. It has offered a way more convenient method that goes along the lines of modernity and the need of recent times.

The most widely used and popular mediums of transferring money between bank accounts in India are NEFT and RTGS. While NEFT has neither minimum nor maximum limits, RTGS is designed for heavier sums of money with 2 lac being the minimum amount and 10 lac being the maximum per day.

Per reports, National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) were disrupted for more than half a day. The signs of this started to show from Monday midnight.

Sources mention that this happened because of a technical glitch in the systems of the Reserve Bank of India. Nevertheless, NEFT and RTGS have been reinstated after inactivity of 12 hours.

Several reports reveal that the main issue allegedly was grappled by the Indian Financial Technology and Allied Services (IFTAS), which is an RBI affiliated branch when the “disaster recovery site” was being moved from locale A to B.

Sources impart that the NEFT transactions have as of now been brought back. The “end-of-day” RTGS transactions of the previous day are being worked on to get them to reach completion but the “start-of-day” for RTGS hasn’t ensued yet. Still, the restoration of RTGS is expected soon.

The setup for NEFT was established and supported by the Institute for Development and Research in Banking Technology. People will now be able to use this medium for online transferring of funds and money 24x7. Meaning that holidays or weekends would never come in the way of money transfers and funds would be transferred any day and at any time at all.

NEFT and RTGS are the most commonly used routes for online transfer of funds.

The former medium facilitates a provision for limitless one-to-one transfer of money from and to individuals and corporates with an account in any bank branch in the country. The latter, however, has the aforementioned limits and is a continuous and real-time settlements of fund transfers.

source https://www.ehackingnews.com/2020/02/reserve-bank-of-india-experiences.html

Comments

Provider Volia reported to the cyber police about the intense cyberattacks on the server

Cable provider Volia appealed to the Cyber Police on the fact of fixing a DDoS attack on the Kharkov servers of the company, which has been ongoing since May 31. "For three days, from May 31 to today, the Volia infrastructure in Kharkov is subjected to cyberattacks. At first, they were carried out only on subscriber subsystems, later they switched to telecommunications infrastructure. As a result, more than 100,000 subscribers experienced problems using the Internet, IPTV, multi-screen platform, and digital TV," said the company. In total, the complete lack of access to Volia's services, according to the provider, lasted 12 minutes on May 31, 45 minutes on June 1. There was also an attack on the website volia.com, but it was managed to neutralize. "DDoS attacks were massive and well-organized. The type of attack is UDP flood and channel capacity overflow with the traffic of more than 200 GB. UDP is a protocol used for online streaming services - streaming, te...

Information security experts have warned Russians about bonus card fraud schemes.

Fraudsters several thousand times tried to illegally take advantage of discount bonuses of Russians in 2019. Some attackers gained access to customers' personal accounts, and then bought the products using bonuses, said Alexey Sizov, head of the anti-fraud department of the Application Security Systems Center at Jet Infosystems. According to him, a fraudster can register a personal account on a card that was issued to another person. The victim will accumulate points without knowing about the existence of his profile, and the attacker will write off bonuses, said Sizov. The expert added that this is mainly done by novice scammers. According to him, loyalty programs are poorly protected, unlike banking operations. He said that they are estimated at 50 billion rubles ($760 milliard) for the 30 largest retailers. Alexey Fedorov, Chairman of the Business Russia Trade Committee, said that in 2019, the number of bonus and discount thefts "increased significantly." ...

Apple Plans to Expand Cloud-Based Services, Enters Cloud Computing Space

Apple is planning to invest more in streamlines and increasing its cloud-based and software services like iCloud, Newsplus, and Apple Music. The expansion will go along with devices like iPads, MacBooks, and iPhones. To be entirely sure about the reliability of the cloud-based service on all the Apple devices, the company has decided to rely on AWS (Amazon Web Services) and the cloud division. AWS, as you might know, is a subunit of Amazon that offers cloud-space solutions. According to CNBC's findings, Apple is said to pay Amazon $30 Million monthly for its cloud-based services. It also means that Apple is one of the biggest customers of AWS. Nevertheless, Apple hasn't confirmed whether it uses Amazon's cloud services besides its iCloud. According to experts, Apple also has some of its cloud services on Google. Amazon transformed the management of the data center and hosting of the applications when it brought the AWS. Being the first one to offer services like these,...

Hacking and Cyber Security News

Search This Blog