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RBI Planning to Introduce Comprehensive IT Outsourcing Framework

Published on May 27, 2022
Current Context: India’s Central Bank planning to set up a Community Cloud architecture i.e Indian Banking Community Cloud (IBCC) for state-run banks. This is meant to be the first step toward comprehensive information technology (IT) outsourcing framework so that they can be aligned with a new privacy bill.
RBI Planning to Introduce Comprehensive IT Outsourcing Framework
  • This could be developed under the aegis of the National Payments Corporation of India (NPCI) or the Institute for Development and Research in Banking Technology.
  • Whatever the observation made on IT and outsourcing protocols of RBI-regulated entities at the time of their annual inspections could be consolidated under the new outsourcing framework.
  • Apart from that RBI’s Cyber Security and IT Examination Cell in the Department of Banking Supervision to play a significant role in outlining the new framework.
  • They follow high-level Principles-based regulation and objectives to set the standards through which entities must conduct business.
  • It is also been suggested that while drafting regulations there must be a body that supervises the use of technology used in Cloud adoption by digital lending companies so that no misuse should happen.
  • This step of RBI is considered to be a part of providing Enhanced Access and Service Excellence reforms which were discussed by Union Finance Minister Nirmala Sitharaman in August 2021.

Question:

Q.1 Community Cloud architecture of RBI will work under which of the following department?
a. Cyber Security and IT Examination Cell
b. Consumer Education and Protection Cell
c. Department of Supervision.
d. Enforcement Department
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