RESERVE BANK OF INDIA PLANS TO SET UP IT WING TO CHALLENGE CYBER CRIME

RESERVE BANK OF INDIA PLANS TO SET UP IT WING TO CHALLENGE CYBER CRIME As Governments around the world are gearing up against cyber-crime, Indian Government supreme bank has started an initiative. Reserve Bank of India has revealed their plan of setting up an IT team to fight cyber-crime and to gear up for cyber challenges. They have already suggested all the legislative changes towards this financial reform. Raghuram Rajan spoke of the need to keep Banking abreast of IT ‘s changing dimensions and challenges. IT department is a subsidiary of RBI which will be formulated to supervise cyber security and crime. The subsidiary will focus on developing policies and finding opportunities in IT area. The RBI governor addressed media after the central board meeting of monetary authority where they discussed about future plans and cyber challenges. With time Banking is changing its face as of today it is bank using IT services but in few years down the line, it will be IT companies doing Banking. Rajan also added to his interview , IT structure will be focusing on issues concerning systems such as Cyber Security , supervising technical capabilities , new IT payments and future of online Payments which will be IT intensive. In past , RBI has noticed a surge in cybercrimes where hundreds of naïve people are conned by crooks as they steal their credit card and debit card information to use them for online transactions and frauds. They even send out RBI logos to fool customer about authenticity, Cyber thieves are getting smarter as days passes by. They know each and every trick and they search about their targets online to know their shopping and expenses pattern. Around the world, cyber-crime snatches a million dollar out of people’s pocket every year. Islamic State of the Levant and Iraq , the most threating terror group has send an email to Raghuraman Rajan.