- The Governor of the Reserve Bank of India (RBI), Sanjay Malhotra, has called on the Institute for Development & Research in Banking Technology (IDRBT) in Hyderabad to develop a smart strategy aimed at reducing and preventing digital fraud.
- During his visit to IDRBT on Thursday, Mr.
- Malhotra emphasized that this initiative is crucial for maintaining the public’s trust in digital banking.
- He suggested that the Institute should also prioritize creating practical solutions that enhance security and user-friendliness for customers.
- He mentioned the need to strengthen operational workflows to ensure that users have control over their information and can easily access it.
The Governor of the Reserve Bank of India (RBI), Sanjay Malhotra, has called on the Institute for Development & Research in Banking Technology (IDRBT) in Hyderabad to develop a smart strategy aimed at reducing and preventing digital fraud.
During his visit to IDRBT on Thursday, Mr. Malhotra emphasized that this initiative is crucial for maintaining the public’s trust in digital banking. He suggested that the Institute should also prioritize creating practical solutions that enhance security and user-friendliness for customers. He mentioned the need to strengthen operational workflows to ensure that users have control over their information and can easily access it.
With the growing demand for training bankers to thrive in a digital environment, Mr. Malhotra pointed out that IDRBT needs to ramp up its training programs. This could include a mix of on-campus and online delivery methods to effectively meet the needs of the industry.
The RBI Governor highlighted key focus areas while acknowledging the significant impact the Institute has made over the years in enhancing the IT infrastructure within the banking sector, as stated in a release following his discussion.
Earlier, Mr. Malhotra received a comprehensive overview of the Institute, particularly its role as the domain registrar for Bank.in. To date, 889 domains have been registered by 747 distinct banks. While most banks have successfully migrated, a few multinational and cooperative banks are still in the process of making the switch.
The Institute has also introduced the Indian Bank Center for Analysis of Risks and Threats (IBCART 3.0), aimed at addressing outdated threats and boosting resource efficiency. This platform is being enhanced with AI capabilities to forecast potential risks. Another key initiative is the cyber range for supervisory assessment, where IDRBT offers scenario-based training for business, IT, and cybersecurity teams within a secure, sandboxed environment. The Institute has curated over 30 scenarios specifically tailored for the banking sector.