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Banks urged to have enhanced oversight over third-party service providers

During a meeting with the MDs and CEOs of the public sector and private sector banks in Mumbai, RBI Governor Sanjay Malhotra flagged the rise in digital frauds and advised banks to establish robust and proactive systems to thwart such attempts.

While dwelling upon IT risk management and cyber security, the Governor urged banks to have enhanced oversight over third-party service providers for mitigation of the risks emanating from them. The need for RBI and banks to work together closely was emphasised and suggestions were sought from the banks on enhancing the ease of doing business.

The Governor, in his opening remarks, acknowledged the important role played by the banks in building the resilience of the domestic financial system while highlighting some of the main vulnerabilities present globally that can pose downside risks. He exhorted the banks to ensure continued financial stability, deepen financial inclusion, improve digital literacy, enhance availability and affordability of credit, strengthen customer service and grievance redress mechanism, and continue to invest in technology.

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