State Bank of Mauritius' India operations hit by cyber fraud on October 2

India operations of State Bank of Mauritius were hit by cyber fraud on October 2, according to a statement.

In a statement, SBM Holdings (SBMH) said that no loss has been caused to customers and the Indian business operations would continue as normal.

On October 2, the India operations of SBM Bank (Mauritius) Ltd was the subject of cyber fraud with a maximum potential loss of USD 14 million, it added.

According to the statement, an internal inquiry has been initiated and the matter reported to the relevant authorities for investigation.

The SBM Group remains well capitalised and has sufficient liquidity to continue to finance its future plans, it added.

SBM Bank is part of the group.