Business
RBI orders security audit of all commercial banks to protect FD and savings accounts
The Reserve Bank of India has instructed every commercial bank to conduct a special cybersecurity audit after recent cyber attacks, aiming to safeguard customers’ fixed deposits and savings accounts.
The Reserve Bank of India (RBI) has issued a directive for all commercial banks in the country to undertake a special cybersecurity audit. The move comes in response to a series of recent cyber attacks that targeted the banking sector.
The audit will focus on the security of customers’ fixed deposit (FD) and savings accounts, ensuring that banks have robust safeguards against unauthorized access and data breaches. RBI officials have asked banks to complete the audit within a stipulated timeframe and submit detailed reports.
Banking regulators say the exercise is intended to restore public confidence and prevent potential financial losses. Banks are expected to cooperate fully and implement any corrective measures recommended by the RBI.
The central bank has also warned that non‑compliance could attract regulatory action, underscoring the seriousness of protecting depositor information in an increasingly digital environment.
The audit will focus on the security of customers’ fixed deposit (FD) and savings accounts, ensuring that banks have robust safeguards against unauthorized access and data breaches. RBI officials have asked banks to complete the audit within a stipulated timeframe and submit detailed reports.
Banking regulators say the exercise is intended to restore public confidence and prevent potential financial losses. Banks are expected to cooperate fully and implement any corrective measures recommended by the RBI.
The central bank has also warned that non‑compliance could attract regulatory action, underscoring the seriousness of protecting depositor information in an increasingly digital environment.