RBI released Cyber Security Vision Framework for UCBs

Current Context: The Reserve Bank of India released Cyber Security Vision Framework for Urban Cooperative Banks(UCBs).

• The central bank has released this vision under the title ‘Technology Vision for Cyber Security for UCBs 2020-2023’. 
• Under this framework of vision, RBI has mentioned 4 guiding principles for UCBs. The guiding principles are formulated because of heterogeneity of UCBs in India in terms of size, region, digital depth and finance capability. 
• In order to prescribe cyber security controls for UCBs, RBI has decided to follow differentiated tier-wise approach. The tiers would be decided by depending on risk exposure of digital services offered by UCBs. 
• The approach will look into that UCBs with high IT penetration and offering all payment services are brought at par with other banks who are having mature cyber security infra and practices.
• Also, the board of UCBs will be assigned to implement the primary responsibilities of cyber security controls.
• As per RBI, the implementation of cyber security framework will be a cost intensive process, therefore responsibility of implementation, monitoring, compliance and response will be assigned from board level to user level.
• Also, RBI has asked the banks to include review on cyber security posture and specific indicators as a part of calendar of reviews, which is to be submitted to the BOD during meetings. This is to be implemented in 2020. 
• Also, RBI has directed that UCBs need to develop their own technology vision document which mentions their plans to use IT solutions in their banking businesses in a secured manner. For UCBs in levels 2 to 4 will have to achieve this by 2021 and for UCBs in level 1, will have to achieve by 2022.   
• The cyber security framework is aimed to achieve its objective like: (1)Governance Oversight (2)Utile Technology Investment (3)Appropriate Regulation (4)Robust Collaboration (5)Developing IT and Cyber security skill sets and infrastructure. 
• Static Part: 
• HQ of RBI: Mumbai
• Governor of RBI: Shaktikanta Das

Question: 

Q.1 Who among the following released Cyber Security Vision Framework for Urban Cooperative Banks (UCBs)?
a. Ministry of Finance
b. SEBI
c. RBI 

d. NABARD