RBI to open technology wing

MUMBAI, INDIA: In a bid to keep itself abreast of cyber security threats, the Reserve Bank of India (RBI) is planning to set up an information technology wing.

Confirming the development, Raghuram Rajan, Governor, RBI, said, "We have to worry about increasing issues. We have to worry about cyber supervision and with that in mind, the Central Board suggested that we focus on an IT subsidiary which would help us develop policies as well as capabilities in the areas of IT."

Rajan informed that besides addressing security challenges, the new wing will also supervise the nature of technical capabilities of banks, payment gateways, well as the small finance banks.

Asserting the need for the IT wing, he said, "The changes are so rapid that one of the directors said today we have banking which uses IT but tomorrow we will be an IT company that does banking."