300 Indian Banks Hit by Ransomware Attack Payment Systems Crippled

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India: A significant ransomware attack targeting a banking technology service provider has led to the temporary shutdown of nearly 300 small banks across India. The attack, which affected C-Edge Technologies—a key provider of banking systems for small banks—has caused widespread disruptions in payment systems.

The incident has prompted an urgent audit by the National Payment Corporation of India (NPCI), which has taken steps to isolate C-Edge Technologies from the broader payment network to prevent further spread. According to NPCI's advisory issued late Wednesday, this isolation means that customers of banks serviced by C-Edge will currently be unable to access payment systems.

C-Edge Technologies, which has not yet responded to requests for comment, provides essential banking technology services to numerous smaller banks across the country. The Reserve Bank of India (RBI), the main regulatory body for banking and payment systems, also did not respond to inquiries regarding the incident.

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NPCI's precautionary measure aims to contain the attack's impact, which, according to sources, affects about 0.5 percent of India's total payment system volumes. The majority of the impacted banks are small, cooperative, and regional banks primarily operating outside major urban centers.

The RBI and Indian cyber authorities had recently issued warnings about potential cyber threats, underscoring the ongoing risks to financial institutions. The current situation highlights the vulnerability of banking technology systems and the need for robust cybersecurity measures.

As authorities conduct their audit and work to restore full payment capabilities, the incident remains a critical point of concern for both regulators and affected banks

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