Has More Than 65 Crores been Hacked at People’s Bank?

Subscribe to our WhatsApp Channel

Hacking incidents targeting government and government-affiliated institutions have become a widely discussed topic in recent times. Against this backdrop, a social media post claiming that hackers had infiltrated People’s Bank’s systems and carried out financial fraud circulated online. But was it really an incident of hacking or something else? Let’s find out.

Social Media Posts :

A social media post claimed that over 65 crores had been overpaid after hackers infiltrated People’s Bank systems.

Facebook | Archived Link

We set out to verify this claim.

Fact-Check :

Considering the seriousness of the claim, we first examined whether any mainstream media outlets had reported such an incident. However, we were unable to find any news reports about hackers infiltrating People’s Bank’s systems. We also checked the bank’s official social media accounts but found no statement or report about such an incident.

On investigating the reason behind such posts, we found that an official statement had been issued regarding a technical error in a foreign remittance system, which resulted in a group of customers being paid more than the correct amount, totaling Rs. 656 million.

The bank clarified that this error occurred between May 2023 and March 2026 due to an exchange rate conversion error involving a single currency unit, and that the issue had been identified only recently. The statement made no mention of hackers infiltrating People’s Bank’s systems.

The bank further stated that the estimated financial impact of Rs. 656 million caused by this incident had already been included in its financial statements published during that period. According to the banks’ assessments, no further financial impact is expected.

The bank also noted that the process of recovering the excess payments from the customers linked to these transactions had already commenced and was being carried out successfully.

The bank further informed all customers and stakeholders that its day-to-day operations, digital banking services, and customer services continued to operate normally. Facebook | Archived Link

To further verify this matter, we contacted the People’s Bank Head Office. They confirmed that the issue was due to a technical error in the foreign remittance system, and steps have already been taken to recover the overpaid sum.

Join us to learn more about our fact-check investigations.

Conclusion :

Our investigation therefore shows that the claims alleging over 65 crores had been overpaid due to hackers infiltrating People’s Bank’s systems are misleading. People’s Bank stated that a technical error in its foreign remittance system resulted in a group of customers being overpaid by Rs. 656 million, and confirmed that this was not the result of hackers infiltrating its systems or any fraudulent activity.