RBI opens mobile banking security lab in India

Telecom Lead India: The Reserve Bank of India Governor, D
Subba Rao, has 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

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.

RBI also launched the Indian Banks’ Technology Consortium
that will guide banks in the realm of financial technological developments.

[email protected]