RBI Unveils Future-Proof Strategies for Cybersecurity and Financial Resilience

The Reserve Bank of India (RBI) outlined its plans to enhance cybersecurity, strengthen governance, and streamline regulations. The annual report emphasized early risk identification and improved resilience of financial institutions amidst global uncertainties. The RBI aims to bolster customer protection in digital payments and review various policies.

The Reserve Bank of India (RBI) has reiterated its commitment to proactively address risks and bolster cybersecurity within the financial sector. With the implementation of inter-regulatory recommendations, the RBI aims to enhance resilience among Supervised Entities (SEs), according to its latest annual report.

In recent years, the central bank has enacted multiple supervisory actions to mitigate vulnerabilities, including business curtailments. The report underscores the importance of proactive risk management, particularly given the global economic uncertainties. The RBI emphasized the need to address trading and banking book risks due to fluctuating interest rates and reduced Net Interest Margins.

Looking forward, the RBI plans to streamline regulations, reinforce governance, and upgrade technology for better complaint management. Initiatives to advance digital payment security and customer protection are also in the pipeline, along with a comprehensive review of the financial inclusion index and priority sector lending directives.

(With inputs from agencies.)