It is shocking to know that many customers of State Bank of Mysore have lost money in their accounts without their knowledge due to a system breach caused by possible hacking by online fraudsters. The loss ranged from Rs. 49 to Rs 50,000 in multiple withdrawals. Interestingly it is in the news that RBI is going to come up with Vision-2018 shortly by the end of April 2016 to make cashless transactions in the society, either by usage of cards or online transactions. Although it may be a good move to arrest black money generation and avoids the risk of handling huge amount of cash and eliminates fake currency notes, incidents like this push the account holders’ confidence on using debit or credit cards into dark. Whatever may be the reason for this incident, all banks and RBI should collectively take strict measures not to happen such incidents in the future, otherwise it may lead a chaos.
Dr S V N Vijayendra, Mysuru