Customers' money safe, assures Cosmos Bank

ST Correspondent
Tuesday, 14 August 2018

Chairperson of Cosmos Bank Milind Kale has assured that customers will not be impacted by the cyber attack and there is no need for customers to panic.

Pune: Following the alleged cyber attack on Cosmos Bank, where Rs 94.42 crore was illegal transacted through 14,849 transactions from different bank account holders of the bank, panic has spread among its customers.

Chairperson of Cosmos Bank Milind Kale has assured that customers will not be impacted by the cyber attack and there is no need for customers to panic. While the bank has shut all its ATM machines and online transactions and moved to manual banking mode, it has led to long queues in all Cosmos Bank branches.

"We cannot say as of now when we will be in a situation to start our ATM machines. We will be testing the new payment switch and then start our ATM machines," added Kale.

One of the account holders of the banks, Umesh Vispute, said that despite having Rs 34,000 in his bank account, his ATM card was not functional at different restaurants on Saturday. 

"It was then that I got an alert. Luckily, I had another account and I was able to pay at the restaurant. When I reached the bank on Monday, I was told by the bank officials that all online banking services are down and I can withdraw money only through cheque. It took me about 2.5 hours to withdraw money through cheque," added Vispute.

Another account holder, Parshuram Patil, said that he received a message from the bank about the shutdown of bank services. "As it was a holiday on Sunday, I decided to withdraw money on Monday," added Patil.

Kale said that they have deployed extra resources at bank branches and customers will not face any issue to avail banking services at the branches. "Customers should continue to have trust and faith in this 112-year-old institution," added Kale. 

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