Reserve Bank of India Urges Banks to Enhance Cybersecurity Measures

The Reserve Bank of India (RBI) has urged banks to tighten their oversight on cybersecurity issues and have systems in place to prevent digital fraud. This is among the first conversations Governor Sanjay Malhotra, who succeeded Shaktikanta Das in December, has had with banks that have been made public.

Governor Malhotra’s Conversation with Banks

Governor Malhotra was in conversation with top bosses of state-run and some private banks, which is a regular exercise that the central bank conducts with lenders it regulates in the country. The RBI said in a statement that Malhotra urged banks to have an enhanced oversight over third-party service providers for mitigation of the risks emanating from them.

Digital Fraud and Cybersecurity

Malhotra also flagged the rise in digital fraud and advised banks to establish "robust and proactive systems" to thwart such attempts. The RBI statement did not mention which private banks participated in the conversation with Malhotra.

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The article was published on January 28, 2025, at 10:42 AM IST.

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