The Reserve Bank of India on Tuesday said it is setting up an information technology (IT) subsidiary to assist in monitoring the preparedness of banks and identifying systemic vulnerabilities along with aiding the apex bank in its own cyber initiatives.
"The Reserve Bank is setting up an IT subsidiary to assist in monitoring the preparedness of banks and identifying systemic vulnerabilities along with aiding the Reserve Bank in its own cyber initiatives," the central bank said in its fourth bi-monthly monetary policy statement.
Noting cyber security has assumed critical importance across the globe, it said: "With the widespread use of new technologies, inter-connectedness and dependency, newer risks, threats and vulnerabilities have emerged."