Banking

30 major banks to undergo IT examination

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BL8_RBI_MUMBAI_858119fThe Reserve Bank of India (RBI) has plans to conduct IT examination in 30 major banks of the country during 2016-17.

The apex bank of the country has set up an expert panel on IT Examination and Cyber Security, drawing experts from the industry as members to conduct the examination. The panel is hoped to provide assistance in IT examination/cyber security initiatives of banks, review examination reports and suggest actionable items.

 The central bank in its latest annual report stated a detailed IT examination was initiated in two banks in October and December 2015.

“It is proposed to roll out the IT examination in 30 major banks during 2016-17. Furthermore, it is proposed to carry out IT examination in all banks by 2017-18,” the report said.

The apex bank has also proposed to set up a Cyber Security Lab for the purpose of assisting IT examiners to conduct analysis of banks’ cyber security.

During the supervisory cycle of 2016-17, the RBI said it will bring the remaining 26 banks under the Supervisory Programme for Assessment of Risk and Capital (SPARC) framework, thus bringing all scheduled commercial banks (excluding regional rural banks and local area banks) under the risk-based supervision.

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