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Transacting Within Boundaries of Security and Compliance

Transacting Within Boundaries of Security and Compliance. Central Bank’s Dilemmas. Central Banks confront dilemmas on several fronts; In the case of payment systems, On one hand, the central banks have to encourage faster and easier payments exploiting the technology

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Transacting Within Boundaries of Security and Compliance

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  1. Transacting Within Boundaries of Security and Compliance

  2. Central Bank’s Dilemmas • Central Banks confront dilemmas on several fronts; In the case of payment systems, • On one hand, the central banks have to encourage faster and easier payments exploiting the technology • On the other, the central banks have to ensure that payments are secure in the interest of the participants and the system

  3. RBI’s Initiatives • Implementing payment systems like MICR, NEFT, ECS and RTGS • Setting up institutions like IDRBT and NPCI • Encouraging internet banking, mobile payments • Working Group on information security, electronic banking, technology risk management and cyber frauds (Chairman : Shri G Gopalakrishna, ED, RBI) • IT Vision of RBI 2011-17

  4. Questions • How does a bank ensure that all transactions are secure and compliant? • What is the present status of security policies and practices of a bank? What are the steps taken to ensure that there is an overall awareness of importance of such security policies and practices – among employees and among customers? • In the process of making transactions secure, is a bank losing on services, opportunities, innovations and flexibility? • What is the strategy a bank is adopting to make the transactions "user-friendly" to the customer – and still secure? • What are the challenges in implementation of such a strategy?  

  5. Approach • Ms. Aruna Rao, CTO, Kotak Mahindra Bank • Shri R K Saraf, CGM – IT, State Bank of India • Shri Vikas Tandon, MLRO, ICICI Bank • After a presentation by each one of them for about 10-12 minutes, we can have interactive session

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