wordpress blog stats
Connect with us

Hi, what are you looking for?

RBI establishes ReBIT for its IT & cyber security requirements

The Reserve Bank of India has set up the Reserve Bank Information Technology Pvt Ltd (ReBIT) to take care of its IT requirements, including the cyber security needs of the bank and its regulated entities.

ReBIT will focus on IT and cyber security including research for the financial sector and assist in IT systems audit and assessment of RBI regulated entities, in addition to implement and manage internal or system wide IT projects. The agency will have four main verticals it will work in – cyber security, research and innovation, systems audit and project management.

For now, the RBI is looking to hire for various roles in cyber security, administration, project management, system audio and research and innovation. It’s not clear by when the agency will go live. Note that Reserve Bank’s regulated entities include other banks, NBFCs, wallets, ATM operators and payments banks, and as such, ReBIT will be responsible for ensuring cyber security enforcement of almost all online/digital transactions. However, it’s not clear if this will cover the UPI as well.

With digital payments on the rise, and digital heists and frauds becoming common, the establishment of such an arm has been long time coming. Just a few months ago in October, over 3.2 million debit card details were likely stolen by hackers hackers from ATMs and POS machines on YES Bank’s network, days after Axis Bank and SBI confirmed security breaches in its servers. To avoid such incidents, and to recover quickly in cases of attacks, it’s important for the bank regulator has its own IT plan in place, and setting up an arm for IT requirements is a good place to start.

You May Also Like

News

Mobile number porting requests increased by 20% to 8.2 million requests in December 2020, compared to 6.8 million porting requests reported in November 2020....

News

The Reserve Bank of India (RBI) will soon publish a policy paper detailing its Central Bank Digital Currency (CBDC) or ‘Digital Rupee’ ambitions, RBI...

News

Fino Payments Bank has been a designated as a bank in the Second Schedule to the Reserve Bank of India Act, 1934, the Reserve...

News

Amazon is joining hands with ICICI Bank and Axis Bank and several others to create a national payments network that will rival the National...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ