The Reserve Bank of India (RBI) has set in motion the process of establishing an IT (information technology) subsidiary.
Key headsIt has commenced the exercise to recruit key heads for assorted verticals of the proposed subsidiary.
The subsidiary will have advisory committees to provide guidance on cyber security, current and future requirements of entities regulated by the RBI, particularly from the regulatory and supervisory points of view, and to the central bank on its IT systems and projects.
“The IT subsidiary would focus on IT and cyber security (including related research) of the financial sector and assist in IT systems audit and assessment of the RBI regulated entities; advise, implement and manage internal or system-wide IT projects (both the existing and the new) of the Reserve Bank as mutually decided between the Reserve Bank and the subsidiary,’’ the RBI said. The subsidiary will periodically report to apex-level committees of RBI, including the Board for Financial Supervision, the Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) and the RBI’s central board.
Given the need for inter-operability and cross-institutional co-operation, the entity would be expected to play an effective role in setting standards to strengthen RBI’srole as regulator.
