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Banks must ensure adequate investments in tech, says RBI deputy governor MK Jain

The appointment and removal of heads of oversight and assurance functions in banks should have stringent barriers and they must be independent of executive management, Jain said

March 29, 2022 / 12:20 PM IST

Banks should ensure adequate investments in technology to address risks, Reserve Bank of India (RBI) deputy governor M K Jain said on March 29 while addressing a gathering at the Centre for Advanced Financial Research and Learning.

The boards of banks must start looking at cyber security as an enterprise-wide risk management issue rather than a pure IT security concern due to its firm-wide implications, Jain said.

The comments assume significance in the backdrop of rising instances of cyber frauds and also frequent technical glitches that plague netbanking services.

To combat rising cyber risks, the central bank has mandated awareness training programmes for boards of directors and senior leadership teams to familiarise them with IT and cybersecurity concepts, Jain said.