The Working Group on Information Security, Electronic Banking, Technology Risk Management and Cyber Frauds (Chairman Shri G Gopalakrishna, ED, RBI), has recommended the formation of a 'FSTC' (Financial Services Technology Consortium) like body under the aegis of IDRBT consisting of representatives from Financial services, Technology firms, Academic institutions, Government agencies to provide guiding light to banks in the area of Financial Technological Developments. IDRBT has examined these recommendations and is considering setting up a similar body.
Charter Suggested by Working Group
- To Pioneer New Technologies with PoC
- To focus on Collaborative Research in Technology Development
- Resolution of Shared Problems & Challenges in Banking Technology
Activities of the proposed body
- To discuss and research technology issues
- Work collaboratively
- To solve shared problems and challenges
- Pioneer new technologies that benefit banks
- Collaborative research projects
- Technology development pilots
- Proof-of-concept tests
The Way Ahead
The Institute plans to follow a gradualist approach in building the body under the IDRBT umbrella. To begin with, a small core group is working on taking the idea forward.