RBI Constantly Working With Lenders Over Cybersecurity Issues, Says Governor Das

"We are constantly working with banks to increase cyber security, firewalls and other protective layers," Das said.

He said that the central bank is constantly working with regulated entities to improve the quality of cyber security. During the COVID-19 pandemic, the RBI issued a clear advisory on this matter, as it had expected maximum attacks on information technology systems then.

As cyber security poses the biggest threat to financial stability and national security, banks, the RBI and other regulators and government agencies are working in a coordinated manner to build resilience to potential attacks, he said.

Das emphasised the fact that cybersecurity is a risk that is arising as technology developments continue to expand. He said that the RBI has worked on creating awareness around rising risks from cyber security issues for customers as attempts to hack or attack IT systems have risen.

At the monetary policy announcement earlier this month, the RBI announced creating a public repository for digital lending applications.

This has come as frauds on digital lending apps have risen, prompting the central bank to address the protection of customers' interests, data privacy, concerns about interest rates, recovery practices and misselling.