Nahhh - some banks have some parts of the infrastructure in COBOL. Specifically larger retail banks often have their ledgers in COBOL. Most of them want rid and are actively getting rid. Most places have had programs to root COBOL out since before 2000, but there are residual implementations remain. The ledgers are the hardest place to deal with because of the business case as well as the awkwardness. Basically there's not much of an advantage (or at least hasn't been) in modernizing so keeping the thing going has been the option. Now people want to have more flexible core systems so that they can offer more products, although not so sure that customers want this or can consume it. Still - it supports the idea of modernisation so not many people are keen to challenge.
The most common big implementations I come across are in Java.
Anyway point remains, electronic transactions with no internet or electricity is a solved problem, and banks don't want to solve it or they can't due to incompetency or maliciousness.
Currency transactions worth their weight in gold, it is of utmost importance for transactions to always be published to a central authority right away. If they don't have to be published, they should not exist at all. Imagine people buying stuff without anyone knowing right away! That should never, ever exist, for any reason.
[1] https://thenextweb.com/news/ancient-programming-language-cob...