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RBI’s IT subsidiary takes shape to tackle cyber threat

RB monetary policy

 Mumbai : Flagging cyber security as a critical area, RBI today said it will set up an IT subsidiary to deal with newer risks and vulnerabilities emerging from greater use of technologies.

In its fourth bi-monthly monetary policy statement, RBI said cyber security has assumed critical importance across the globe.

With the widespread use of new technologies, inter-connectedness and dependency, newer risks, threats and vulnerabilities have emerged.

“The Reserve Bank is setting up an information technology (IT) subsidiary to assist in monitoring the preparedness of banks and identifying systemic vulnerabilities along with aiding the Reserve Bank in its own cyber initiatives,” the central bank said.

RBI further said it has received 90 applications for financial assistance under the Depositor Education and Awareness Fund Scheme, 2014.

“The names of successful applicants will be announced by October 1, 2015. The window for inviting applications for availing financial assistance from the fund shall be re-opened,” it said.

The scheme has been established by transfer of bank deposits and other credit balances that have remained unclaimed for more than 10 years. It envisages grant of financial assistance to applicants selected on the basis of proposals intended to promote depositors’ interests.

To align HTM (held-to-maturity) and SLR (statutory liquidity ratio), RBI said it has been decided to bring down the ceiling on SLR securities under HTM from 22 per cent to 21.5 per cent with effect from the fortnight beginning January 9, 2016.

“Thereafter, both the SLR and the HTM ceiling will be brought down by 0.25 per cent every quarter till March 31, 2017,” it said.

The Reserve Bank also said it will update all its master regulations and streamline the required procedure for compliance with the regulations by January 1, 2016.

“All master regulations will be fully updated and placed online. The Reserve Bank will also work to improve clarity in regulatory communications,” the central bank said.

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