In the first phase, the focus will be on PSU banks because they have more vulnerable systems than private banks.There are 27 state-owned, 30 private and 40 foreign banks in India. The RBI did not respond to an email seeking its response for this story.“RBI is looking at international standards when it comes to protecting itself and banks from cyber-attacks. The team consists of young ethical hackers and some former senior police officers.The team would be headed by Nandkumar Sarvade, a retired IPS officer and an expert in bank fraud and terrorism cases. RBI has sought outside help from experts on several occasions earlier too.The top 51 banks in India have lost Rs 485 crore from April 2013 to November 2016, finance ministry data showed. Of this, 56% was lost due to net-banking thefts and card cloning.

Source: Economic Times January 23, 2017 04:10 UTC