The Reserve Bank of India has evolved a business continuity plan to keep the machinery of the entire financial system running smoothly in the days of uncertainty caused by the coronavirus infection in the country. The plan is intended to ensure continuity of critical services of the RBI. It includes splitting the central bank’s staff into smaller groups operating from separate locations in order to enforce social distancing. The prime focus of the BCP will be the IT infrastructure of the RBI, which is necessary not just for the banking system to keep functioning but also for ensuring uninterrupted business and retail payments, as also government tax and other payments. Under the plan there are 2 batches of officers – one in execution mode and the other in standby to take over when required. A backup replacement pool has also been prepared. Besides, there is a team of 37 officials, comprising key personnel from important functions such as debt management, reserve management and monetary operations. The plan, besides accomplishing other key things, will ensure that the RBI’s data centres function uninterruptedly.
