Add as a preferred source on GoogleIndia's Central Bank Deputy Governor Urges Banks to Strengthen Tech Resilience
Swaminathan J cited cybersecurity, data protection and oversight of outside service providers in an Oct. 23 address in Chennai.
Reserve Bank of India (RBI) Deputy Governor Swaminathan J urged banks to strengthen operational and technology resilience as digital payments, artificial intelligence and data analytics change banking.
“Operational and technological resilience has become far more relevant and is as important as credit or market risk,” Swaminathan said at the Leadership Conference of Indian Bank in Chennai on Oct. 23.
He identified cybersecurity, data protection, business continuity and oversight of outside service providers as priorities for bank planning. He also discussed fintech companies and technology platforms as factors changing banking.
The remarks follow Swaminathan’s earlier call for controls to keep pace with growth at an Oct. 15 summit in Mumbai. There, he urged financial institutions to align oversight with expanding digital services, protect customer trust and assess how quickly they can detect problems and recover.
The RBI published the Chennai address Nov. 3.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.