Why it is in news?
- With banks failing to upgrade software in automated teller machines (ATM) despite repeated reminders, the Reserve Bank of India (RBI) has now directed the banks to complete the process in a phased manner latest by June 2019.
- The banking regulator pointed out that many ATMs were still running on Windows XP and other unsupported software.
- According to banking industry sources, there could be 30% of the present 2.2 lakh ATMs that still use old software.
- RBI said the vulnerability arising from the ATMs operating on unsupported version of operating system and non-implementation of other security measures, could potentially affect the interests of customers and the banks’ image.
- RBI warned banks of penalty if they failed to adhere to the deadline.
Source
The Hindu