The Indian Public Sector Bank, Corporation Bank, has become first ever Indian banking entity to implement the world class authentication tool, Public Key Infrastructure (PKI), for its customers. The bank has adopted the eMudhra PKI solution from 3i Infotech Consumer Services Ltd. (3i CSL). On Tuesday, during a joint announcement in Bangalore, with 3i Infotech, B R Bhat, General Manager of the Bank announced that the eMudhra solution would first be available to its corporate online banking customers, but would soon be offered to all customers.
“With the stupendous growth of Internet and online transactions, security is always a concern to the netizens for doing financial transactions. We are proud to announce launching of world class online banking security. This layer ensures an additional security to all online banking transactions and one can be rest assured that their online transactions are more secure”, Mr Bhatt said.
“While there are number of authentication methods such as One Time Passwords, Virtual Key Board, Dual Passwords being implemented and in vogue, PKI based authentication of transaction using one’s Digital Signature Certificate is the only one that provides legal sanctity to the transaction besides providing additional security. This is in line with the recommendation by RBI in its Internet Banking guideline and Information Technology Act 2000”, he added.
Ravi Jagannathan, MD & CEO, 3i Infotech Consumer Services Ltd. Said,” With the increasing threat due to phishing and other online crime incidents, it is logical for banks in India to also adopt the time tested PKI security for their internet banking. Ware glad that our eMudhra online banking authentication solution has played a significant part in this historical initiative by Corporation Bank”.
3i Infotech Consumer Services Ltd. (3i CSL) is a fully owned subsidiary of 3i Infotech Ltd., a leading Indian IT Company which is licensed to issue digital signature certificates to Indian consumers. under its eMudhra brand name (www.e-mudhra.com ). Corporation Bank, founded in 1906 and nationalized in 1980 has over 3500 Banking Service Outlets branches across India.
Tech note on e-mudhra:
e-Mudhra offers end-to-end solutions for the banking sector that authenticates and secures highly sensitive information through every node of the data transmission route. These solutions integrate seamlessly with existing banking applications and can be configured to digitally sign and encrypt data at every step of the online workflow.Some of the key areas of internet banking that can benefit with e-Mudhra digital signatures for authentication and non-repudiation are:
Account log-ins and inquiries
Fund transfers and remittances
Electronic payments with credit and debit cards through payment gateways
Electronic Statement generation and distribution
Capture of sensitive customer information through online forms
June 23 2010