Reserve Bank of India releases Technology Vision for Cyber Security for Urban Co-operative Banks

Reserve Bank of India releases Technology Vision for Cyber Security for Urban Co-operative Banks. The Reserve Bank of India has released the Technology Vision for Cyber Security’ for Urban Co-operative Banks (UCBs) – 2020-2023.  The main aim of this is to enhance the cyber security posture of the Urban Co-operative banking sector against evolving IT and cyber threat environment. RBI has planned to achieve this objective through its five-pillared strategic approach ‘GUARD’.

About GUARD:

G – Governance Oversight

U – Utile Technology Investment,

A- Appropriate Regulation and Supervision

R – Robust Collaboration

D – Developing necessary IT, cyber security skills set.

The Technology Vision Document for Cyber Security for Urban Co-operative Banks, with its 12 specific action points, aspires to

(a) Involve more Board Oversight over Cybersecurity;

(b) Enable UCBs to better manage and secure their IT Assets;

(c) Implement an offsite supervisory mechanism framework for UCBs on cyber security-related controls;

(d) Develop a forum for UCBs so that they can share best practices and discuss practical issues and challenges

(e) Implement framework for providing awareness/ training for all UCBs.

About RBI:

  • Governor: Shaktikanta Das
  • Headquarters: Mumbai
  • Founded: 1 April 1935, Kolkata.

Related Questions:

1) Who has been appointed as New Administrator of PMC Bank by RBI? – AK Dixit

2) RBI Mandate Banks to fully automate NPA Recognition Process by – June 30, 2021

3) Whose panel recommendations are accepted by RBI on Specifies Parameters for Loan Restructuring? – Kamath Panel

4) Recently, RBI announced additional OMO of how many crore rupees to ensure orderly market conditions? – Rs 20,000 crore

5) As per RBI Annual Report India’s Growth Projected at what per cent in 2019-20?  -4.5%

6) RBI signed USD 400 mn currency swap facility with which country? – Sri Lanka

7) Name the Book which is authored by Former RBI Governor Urjit Patel? – Overdraft Saving the Indian Saver

< < Read More Static GK Article 2020 > >

 

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