IDBI Bank Introduces Digital Signature based authentication

Business

oi-Sneha

By Sneha B K

Published: Friday, March 15, 2013, 12:21 [IST]

IDBI Bank has partnered with eMudhra Consumer Services Ltd. (eMudhra), a licensed Certifying Authority (CA), to implement Digital Signature based authentication solution to strengthen and further secure its Corporate Inet Banking channel, the bank said in the press release.

The solution builds trust and enhances security in the electronic banking system thereby enhancing comfort and confidence of both, the customer and the Bank while undertaking Third Party Funds Transfers and Bulk Transaction uploads.

Digital Signature Certificate (DSC) is a PKI based asymmetric cryptography technology using 2048 bit advanced encryption standards.

The information, which is digitally signed using a DSC, ensures authenticity, non-repudiation, confidentiality and integrity of the data transmitted. IDBI Bank Corporate Inet Banking users now have the option to use a DSC, procured from a Certifying Authority, to authenticate and digitally sign online transactions, added further.

IDBI Bank has taken the lead to expeditiously implement the solution following recent directives from RBI to Banks emphasizing upon digital signature enabled electronic banking transactions.

Shares of the bank were seen trading at Rs 89.20 lower by 0.94% on BSE at 12.20 pm IST.

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