A client of Punjab National Bank in Chennai has reported that the Bank has suspended sending of SMS alerts for Internet Banking transactions as is required under RBI guidelines.
The reason is reported to be some malfunctioning of some software.
If this is a problem in all branches of the Bank, it puts all the customers of the Bank at a serious risk of losing money in cyber frauds.
RBI should immediately take note of the situation and suspend the Internet Banking facility of PNB until the problem is sorted out.
The IT Secretary of Tamil Nadu who is also the “Adjudicator” for the State of TN should suo moto take cognizance of the development which places the citizens of the State at great risk and demand an explanation from the Bank.
I suggest all customers of PNB to walk into their branches and obtain a written confirmation about the availability of the SMS alert system and if the Bank confirms that the system is not available, the customers should suspend their Internet Accounts until the Bank sets right it’s system.
They may also send their complaints to the RBI in this regard.