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RBI plans to set-up IT arm to deal with cyber threat

In order to make Indian banks more efficient in dealing with 4l2O95006AM10242015cyber security and other challenges, the Reserve Bank of India is looking at forming an information technology (IT) subsidiary. It is also planning to hire experts to work on banking technologies. 

The unit could also assist the regulator in monitoring the preparedness of banks to identify systemic vulnerabilities, said RBI Governor Raghuram Rajan.

Across the globe, too much use of technologies in the financial services and banking sector has also led to new threats and risks pertaining to cyber security, Rajan said at the Institute for Development and Research in Banking Technology in Hyderabad.

One of the biggest concerns among the central banking community is whether we understand enough about the possible threats and whether the banking system, financial system, is fully protected against what is going to happen,” he said.

RBI Deputy Governor HR Khan said, the proposed IT subsidiary may become operational over the next six to eight months.

Filed in: News

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