IT examination of all the level IV UCBs and some select level III UCBs was carried out in the last FY
FinTech BizNews Service
Mumbai, June1, 2024: RBI released its ANNUAL REPORT 2023-24 on 30 May, 2024. The report contains Part I: The Economy: Review and Prospects and Part II: The Working and Operations of The Reserve Bank of India.
Implementation Status
A comprehensive review of existing supervisory assessment model of UCBs was performed during the year 2023-24. Based on the experience, feasibility of risk-based supervision approach for supervisory assessment of UCBs is being examined by an internal committee of the Reserve Bank. The existing SAF for UCBs was reviewed.
IT examination of all the level IV UCBs and some select level III UCBs was carried out during the year. Based on heightened risk materializing through digital channels, select level III UCBs (as per their digital depth) offering mobile and/or internet banking services were advised to get a gap assessment done through CERT-In empaneled auditors vis-à-vis the extant cyber security framework and certain restrictions were imposed on the outlier banks. Based on improvement in compliance position, the restrictions are being removed gradually.
Cyber Security Preparedness
During the year, the Department undertook several initiatives for strengthening the cyber security preparedness of Supervised Entities (SEs), including initiating process of setting-up of cyber range for conducting cyber drill, examining feasibility of implementing S-SOC and conducting phishing simulation exercises for SEs. The cyber reconnaissance exercise for the first year has been completed for public facing applications of 40 SEs.
Agenda for 2024-25 for UCBs
The Department has identified the following goal for supervision of UCBs in 2024-25:
• Strengthening the cyber/IT risks assessment.
