I refer to the open letter to the IBA Chairman sent on 13th April 2010 where in we had requested IBA to take notice of the adjudication decision in the case of Umashankar Vs ICICI Bank and ensure that Banks upgrade their security in the interest of the Banking public.

Unfortunately, so far there has been no response from the IBA. There is also no news from any of the Banks about any new initiative to secure the Banking operations.

We Indians are now in the midst of the IPL controversy and public are rightly asking questions about what did BCCI do to prevent the misdeeds which are now surfacing. Similar questions will be asked of IBA and RBI if they fail in their duty to take appropriate action which includes immediate mandating of digital signatures in Internet Banking transactions.

I hope that this matter would be discussed during the information security seminar which  IBA and DSCI  have organized on 26th April 2010 at Mumbai.

I will be keenly looking forward to the outcome of the seminar and in case the seminar fails to discuss the need to change the current attitude of Banks to consider that “Customer is a Bakra .. and exploit him” then a more serious public effort may be called for to make regulators see reason.

I hope that at least DSCI would strongly put across to Bankers in Mumbai that Indian Banking public have waited for too long expecting that the regulators would take care of their interests and it is time for some positive action now.

Please refer : http://www.bloggernews.net/124319 and http://www.bloggernews.net/124304 for background information.

Naavi

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