Facing a ransomware attack, transactions worth ₹5,000 crore of 138 co-operative banks in the country have been stopped for the last three days, including 21 banks from Gujarat with stalled transactions worth ₹700 crore.

Transactions of 356 banks were affected, and operations for 138 banks were still in-operational after 48 hours. 

According to reports, the banking services were affected due to the ransomware, following which, the Reserve Bank of India (RBI) and the National Payment Corporation of India (NPCI) have blocked the transactions to avoid losses.

No financial loss

Kanji Bhalala, the vice-president of the South Gujarat Co-operative Bank Association, said, “The digital transactions of the banks have been stopped as per the instructions of the RBI due to a defect in the software used for digital transactions in the banks. No financial loss has been incurred due to the glitch.”