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Transacting Within Boundaries of Security and Compliance

Explore Central Bank dilemmas in promoting secure yet efficient payment systems like NEFT and RTGS. Learn about RBI initiatives and strategies for ensuring secure and compliant transactions. Join experts from Kotak Mahindra Bank, SBI, and ICICI Bank in a discussion on balancing user-friendly transactions with stringent security measures.

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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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