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‘Banks must focus on tech resilience’

The Times of India logo The Times of India 18-06-2021
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Mumbai: With growing dependence on IT, technological resilience for banks has become as important as financial resilience, said RBI deputy governor M K Jain.

Speaking at a webinar on a resilient financial system and governance, Jain said that the banking sector has managed to demonstrate operational and technological resilience during the pandemic. The central bank too managed to successfully implement a business continuity plan by maintaining a separate team in isolation solely to take care of the payment system.

To highlight the importance of cyber risks the central bank had made it mandatory for senior management and those in CXO position to complete a certification programme on cybersecurity. He said that while banks should switch to new ways of doing business to avoid getting marginalised, the banking system as a whole should maintain its heterogeneity. This was important as a homogenous structure would increase risks.

As a proactive supervisory measure the central bank was asking lenders to ensure that their business models, business decisions and strategies were interlinked.

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