RBI Working Group On Information Security, Electronic Banking, Technology Risk Management and Cyber Frauds

RBI has recently directed that all banks would have to create a position of Chief Information Officers (CIOs) as well as Steering Committees on Information Security at the board level at the earliest. This direction was provided through the Information Technology Vision Document for 2011-17 (IT Vision 2011-17) and the recent notification of the draft report. This document has suggested many technological as well as legal reforms for banking sector of India.

Although the direction to have CIOs and Steering Committee is very clear yet till now banks in India has failed to comply with this direction. Perry4Law and Perry4Law’s Techno Legal Base (PTLB) have been analysing these issues for long and they have been providing their suggestions in this regard. We believe that RBI must play a more pro active role in analysing whether its Policies and Recommendations are duly complied with. It seems the Recommendations of the Working Group constituted by RBI have still not been implemented. A “Progress Report” must be sought from Banks of India in this regard by RBI as soon as possible.

See ICTPS Blog for more.