RBI talks tough on electronic security

The Reserve Bank of India (RBI) would adopt a strict approach towards banks that don’t implement the recommendations of the Gopalakrishna Committee report on electronic security. "The banking regulator expects reasonable compliance. RBI will take serious action against those banks that do not implement the recommendations of the committee. By October 2012, banks will have to implement the recommendations. At present, some banks do not have proper security policy, methods to monitor the service level agreements with third parties and inadequate audit trail," G Gopalakrishna, executive director, RBI, said on Friday.

Source: Financial Express