Andhra Pradesh

Banks need to focus more on cybersecurity: RBI official

RBI Regional Director Subrata Das inaugurating the Corporate Office of Coastal Bank in Vijayawada on Saturday. Bank Chairman K. Venkataraman and MD B. Venu Gopal Reddy are seen.

RBI Regional Director Subrata Das inaugurating the Corporate Office of Coastal Bank in Vijayawada on Saturday. Bank Chairman K. Venkataraman and MD B. Venu Gopal Reddy are seen.   | Photo Credit: V. RAJU

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‘In the eagerness to achieve growth, one should not compromise on systems and procedures’

There is a need for heightening cybersecurity in the banking systems in the wake of cyber attacks, Subrata Das, Regional Director, Reserve Bank of India, Hyderabad, has said.

Mr. Das was addressing a gathering here after inaugurating the Corporate Office of the Coastal Bank, a local area bank, in Gayatri Nagar on Saturday.

“Banks should be more serious about cybersecurity because there are attacks on different banks, including urban cooperative banks in Mumbai, where money from the customers’ account has been taken away. Cyber attacks involving small amounts have also been witnessed in Hyderabad. The RBI has issued detailed guidelines for supervision of cybersecurity,” Mr. Das said.

‘Robust system needed’

“It is a very important aspect as the digital platforms have no human involvement and everything is processed in the background. There should be a robust system so that the money of the people is safe and the banking institutions are sound,” he added.

About goals set by the bankers, Mr. Das said that banking required a solid footing and growth might not be high, but in the eagerness to achieve it one should not compromise on the systems and procedures.

“Growth should be strong and sustainable even if it is achieved at a slow pace,” he said.

Mr. Das said that the Coastal Bank had emerged as one of the best financial institutions in the State and was making financial inclusion possible. The bank was directly under the supervision of the RBI, he added.

He congratulated the Coastal Bank’s Chairman K. Venkataraman and Managing Director and CEO B. Venu Gopal Reddy for establishing the Corporate Office.

Bank Director A.N. Appaiah, General Managers D. Jagapathi, N. Sambasiva Rao, and K.A.V. Raman, and customers were present.

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Printable version | Dec 7, 2019 9:50:53 PM | https://www.thehindu.com/news/national/andhra-pradesh/banks-need-to-focus-more-on-cybersecurity-rbi-official/article30125745.ece

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