Reserve Bank Of India [RBI] — rbi should mandate two-step verification for every internet banking system

This is a general appeal to all banks in india. If there’s a banking governing body like rbi, i raise this concern with rbi.

With digital india being promoted, government expects more and more cashless, online and such practices. Online banking has been in existence in india for last several years with internet becoming available to most of the citizens.

There are still are several banks (Like icici, citibank etc) that offer internet banking but have not mandated mobile based two-step verification to further secure the access to internet banking.

Now that big vulnerabilities in computer processors chips being disclosed and proven (Spectre and meltdown) it’s easier for malicious code to trick your browser and steal your sensitive information without you being aware. Computer industry will take its own time to overcome the issue hopefully but during which all computer systems are vulnerable and unfortunately this is a trigger to hackers to implement such bad practices in reality.

Even if your password is stolen, unless you authenticate yourself thru mobile based two-step verification, hackers won’t be easily able to transact on your account. At least in theory.

I appeal to all banks in india to tighten their login procedures and introduce a mandatory two-step verification thru mobile otp in addition to user name password. Some banks are doing it but not all. Rbi should set a mandate on such technical practices. Hence this post and appeal to rbi.

Thanks.