trending Market Intelligence /marketintelligence/en/news-insights/trending/EIgplYD7cg7ohqfdc6kPZg2 content esgSubNav
In This List

State Bank of Mysore suffers 2 cases of theft

Blog

Banking Essentials Newsletter: January 11th Edition

Blog

Banking Essentials Newsletter December 21st Edition

Blog

The Road to Basel IV: Navigating the challenge facing European banks

Blog

Basel Framework- Utilizing data to analyze the capital position of European banks.


State Bank of Mysore suffers 2 cases of theft

State Bank ofMysore said its online banking system was hacked, resulting in alarge amount of money being taken from customers, The Hindu reported April 7.

The bank said it suspected that hackers siphoned money fromvarious account holders across the Indian state of Karnataka through multipleillegal online transactions amounting to 49 rupees each April 3.

The lender already filed a formal complaint regarding thehacking with the India's Crime Investigation Department and has also initiatedan internal probe on the matter. A bank official declined toprovide the exact amount of money lost or the number of customers affected.

Customers affected have been refunded, bank sources said.

Meanwhile, a head cashier at State Bank of Mysore's branchin Sirguppa, India, has been reported missing after allegedly taking 15 millionrupees in cash from the bank's currency chest, the publication separatelyreported the same day.

The head cashier, named Devireddy, stole the cash March 24and took it away March 25, said R. Chetan, superintendent of police. Devireddyhad also taken leave from the bank. Upon not returning, staff verified bankaccounts and discovered the missing cash. CCTV footage also reportedly confirmedDevireddy's actions.

The bank reported the crime to Sirguppa police, who reportedlymanaged to recover 11 million rupees of the stolen cash from Devireddy's house.An additional 699,000 rupees was recovered from Devireddy's brother after thecashier had given him the money, Chetan said. He added that the case is beinginvestigated and steps are being taken to arrest Devireddy.

As of April 7, US$1was equivalent to 66.66 Indian rupees.