Beena Parmar Moneycontrol News
Robbery of about Rs 1 crore worth of jewellery and other valuables from a Mumbai branch has led government-owned Bank of Baroda to step up its alert systems. The bank has now decided to install electronic surveillance systems at its branches and ATMs.
“We are initiating process of installing E-Surveillance at our Branches and ATMs. These will generate alert based alarms which will be a big boost to the Safety and Security of the Bank,” a Bank of Baroda spokesperson told Moneycontrol in an emailed response.
Security of bank safes and safety deposit lockers came under scrutiny when one of the biggest, most brazen heists in recent times grabbed headlines last week. A group of robbers were found to have dug a 25-feet deep tunnel into a Bank of Baroda branch in Navi Mumbai, broke open 30 lockers and escaped with valuables worth over Rs 1 crore.
Bank of Baroda CEO and Managing Director PS Jayakumar last week told reporters, “It does raise questions and issues, not so much about us (the bank) but the sophistication in which it is taking place. Therefore, we have to rework the kind of mechanics we have, the kind of alarm systems and upgrade all of them. The investigation is on now. But banks are insured when it comes to lockers and it is not a financial loss to the bank.”
The public sector bank said it is co-operating with the police by providing all relevant information, assistance in carrying out the investigation, and helping the customers.
Bankers are now worried that with the increasing level of new technology and more creative techniques including cyber-crime will need to be looked at again with an aim to strengthen the safety and the security standards at financial institutions dealing with public money and wealth. Also Read: Worried about valuables in safety lockers? Here's what RBI norms say and what you should do
Neeraj Vyas, Deputy Managing Director and Chief Operating Officer at State Bank of India said, "Bank safes are usually well secured, have the highest security standards and the walls and even the floorings are RCC (reinforced cement concrete) which are difficult to break in. But ultimately technology is changing and the cutters that these thieves use have also become sharper and quicker to use. We follow the prescribed security standards and keep reviewing our security policy based on threat perception."
Experts on lockers safety: Are bank safes....well...safe? Only cutting-edge security systems could save the day
The Reserve Bank of India (RBI) has also pressed the need to have active Board involvement and quarterly updates by banks and financial institutions to keep a check on cyber security threats, which is gaining momentum across the world.
The banking regulator has already imposed a fine of Rs 6 crore on private sector lender Yes Bank for failing to report a cyber security breach of its ATM network.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
