RBI decision highlights the increasing role of ICTs in Banking Sector

RBI has ordered Indian Banks to develop a stronger focus in terms of capabilities to combat cyber crimes. The increasing role of ICTs in the indian banking industry is highlighted in this statement. It is interesting to note that RBI has recently frame the policy which insurance the need for Indian banks to have a dedicated focus for combating Cyber crimes. Indeed this is evident the way recently RBI has his structured its internal organisation to include a CIO heading at its top management who has a very strong focus on cyber security with decades of experience in the domain.As India moves towards digital India and allied initiatives the protection of critical infrastructure, especially that of critical information infrastructure, would play a critical role in the growth of the country especially in sustaining the tempo. Indeed the Government of India is renewing its boost on a technology enabled India, which is in line with the best of practices across developed economies like that of United States of America, United Kingdom, Australia and Hong Kong.

While RBI is holding of the policy rate cut it is focusing on you found focus on improving the existing systems making them more Resilient for a better future. Indeed Raghuram Rajan is focusing on improving the efficiency and effectiveness of the existing policies and Systems rather than showcasing a divergent view for the sake of popularity measures. For the billions although this may not be integrated so brightly this is indeed a welcome change from what has been story of cross the Indian scenario for decades of regularisation.