The recent report of frauds in the Credit card system in India has given rise to a discussion on how safe is Indian Banking system and whether there is a systematic attempt to suppress threat information from public and give them a false sense of safety.
Mr Dinesh, a security expert shares his views in this article in informationweek.in
Naavi has been pointing out that major Banks are the culprits and RBI is unable to control those rogue banks.
When the full impact of the Cyber Crime frauds hits the Indian Banking industry, RBI may find itself in a situation where its own intentions and ability to regulate the Indian Banking industry may be questioned.
Unless RBI is able to raise above IBA and exercise its control on the Banks even if IBA is not in favour of the RBI regulations or control measures, Indian Banking customers continue to face the risk where a few of the top Banks may be wiped out of the market along with the adverse consequences which will also have political implications on Mr Chidambaram as the supreme controller of the national banking system.