‘Banks need to create robust security systems’

Building trust is crucial: speakers at meet

The need for banks to upgrade security measures and put effective risk assessment measures in place was discussed at a conclave in Mumbai on Monday.

The BIS Security Conclave 2019 was organised by the Bureau of Indian Standards and Godrej Security Solutions amid the ongoing Punjab and Maharashtra Cooperative (PMC) Bank crisis. It was attended by officials from the banking sector as well as representatives from BIS and Godrej.

“Awareness about physical security will help institutions develop a robust system. This will not only protect the valuables that consumers trust the banks with but also the reputation that they have built over the years,” said Rakesh Patney, chief security officer, Bank of India.

Only 350 e-surveilled

Out of 50,000 branches of various banks in India, only about 350 had e-surveillance systems, he said. “Everyone should be sensitised at an individual level and punitive measures should be taken against every bank official for violations of security standards.”

Retired IPS officer K.P. Raghuvanshi, who has served as chief of the Maharashtra ATS and been a security advisor for the RBI, said workplaces face plenty of security challenges. “A systematic application of technology should be ensured in order to check the advancing landslides and potential landslides,” Mr. Raghuvanshi said.

In July last year, Minister of State for Finance Santosh Kumar Gangwar had told the Rajya Sabha that the State Bank of India lost ₹30 crore in 344 instances of robbery, theft and burglaries in the previous three financial years, while the Bank of Baroda lost ₹13 crore in 188 cases.

Various measures to build a sustainable ecosystem, wherein industry stakeholders work towards creating a secure space for both consumers and employees, were discussed. BIS spokesperson Rajneesh Khosla said, “A holistic standards framework helps security solutions providers develop the right products for the industry, which meet the most stringent standards and live up to consumer trust. It also imparts requisite information to decision makers and keeps them abreast of the latest trends and challenges to anticipate, plan, and minimise security risks at their institution.”

Pushkar Gokhale, vice president and head of B2B — Godrej Security Solutions, said the issues discussed at the conclave were in line with their recent consumer preference study.

“Our study had revealed that over 53% of consumers trust bank lockers to secure their primary valuables like jewellery and important documents. It is, therefore, prudent on the part of the banking industry to make concerted efforts to enable adoption of BIS standards and deploy stringent security measures to minimise risks and uphold the trust bestowed upon these institutions by consumers,” Mr. Gokhale said.