Hi Abhijit,
  I have admit upfront, I haven't done any analysis for Indian Banks. But from 
what ever I have seen e.g. They use two factor authentication( I have one from 
them). From my conversations with folks in security in India other this, they 
gave me the impression, other banks have similiar levels of security.
Anish
PS:- disclimer I live and work in UK :)
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