Rs 9900 Crore Credited to Bank of Baroda Gramin Bank Customer in UP: A Wake-Up Call for RBI and Banking Industry

Bhadohi:  A resident of Arjunpur village in the Durgaganj police station area, named Bhanu Prakash Bind, found over 9900 crore rupees credited to his bank account on Friday. The bank has since frozen the account and initiated an investigation.

Bhanu Prakash, who lives in Arjunpur village, was surprised when he saw the huge amount deposited in his bank account at the Bank of Baroda Gramin Bank Branch in Suriyawan. On Thursday, he had checked his balance and found 99,999,945,999.99 rupees (over 9900 crore rupees) credited to his account. Stunned by the unexpected fortune, Bhanu immediately informed the bank officials. Branch manager Ashish Tiwari said that Bhanu Prakash has a KCC (Kisan Credit Card) account and had taken a loan, which had become an NPA (Non-Performing Asset).

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The officials promptly took action to freeze the account, preventing any transactions. They have started an investigation to determine how such a large sum of money was transferred into Bhanu’s account.

Questions Raised

– Who designed the software that caused this?

– What were the vulnerabilities of the said software?

– Did the forensic team reach the bank on time? What was the Composition of the forensic team, and their respective expertise?

– Was VA/PT (Vulnerability Assessment and Penetration Testing) done on the software and what was the result?

– When was the last IS (Information Security) audit of the bank and which empaneled agency conducted it?

Suggestions by Future Crime Research Foundation (FCRF)

A joint team of ReBIT (Reserve Bank Information Technology), IDRBT (Institute for Development and Research in Banking Technology), Cyber HQ, UP Police, I4C (Indian Cyber Crime Coordination Centre), CERT-In (Indian Computer Emergency Response Team), NABARD and NCIIPC (National Critical Information Infrastructure Protection Centre) should conduct a thorough investigation as Smaller amounts may also have been transferred unnoticed.