The Reserve Bank of India Governor, D. Subba Rao, on Friday inaugurated a mobile banking security lab set up by the Institute for Development and Research in Banking Technology.
The institute, established by the RBI, supports the Indian banking industry through innovative technology initiatives and interventions.
The security lab will explore solutions to the emerging challenges in mobile banking and security through research and development. Apart from providing guidance to banks in this regard, it will train participants from banks and financial institutions.
The RBI Governor also released the Information Security Framework draft prepared by the institute to help banks in benchmarking their systems against global best standards.
Stringent information security is vital as any breach in this could lead to several financial losses. The institute collaborated with 32 bankers to prepare the common framework and took inputs from ground level practitioners of information security to prepare the “easy-to-use” guidebook.
Rao also launched the Indian Banks’ Technology Consortium that will guide banks in the realm of financial technological developments.