“We have to worry about cyber security issues. Keeping cyber supervision in mind, the board suggested that we focus on an IT subsidiary to help us develop policies as well as capabilities in the areas of IT,” RBI Governor Raghuram Rajan said.
“The changes are so rapid that one of the directors said today we have banking which uses IT but tomorrow we will be an IT company that does banking,” he added.
The proposed IT entity’s precise structure has to be worked out. The issues concerning systems such as cyber security, supervision and new payment banks which are going to be IT-intensive, etc. Would be focused.