CURRENT AFFAIRS : BANKING & FINANCE
RBI Releases Comprehensive Guidelines for IT Governance in Banks and NBFCs
- The Reserve Bank of India (RBI) has issued comprehensive guidelines on information technology (IT) governance and controls for banks and non-banking financial companies (NBFCs).
Key Focus Areas of IT governance :
- Strategic alignment: Ensuring that IT strategies align with the business goals.
- Risk management: Managing IT-related risks, including cybersecurity risks.
- Resource management: Efficient allocation and management of IT resources.
- Performance management: Monitoring and improving IT system performance.
- Business continuity/disaster recovery management: Ensuring the resilience of IT systems and infrastructure.
- These guidelines are outlined in the final document titled “Reserve Bank of India (Information Technology Governance, Risk, Controls, and Assurance Practices) Directions, 2023.”
