Team Blitz India
NEW DELHI: In a bid to fortify the security and operational resilience of financial institutions, the Reserve Bank of India (RBI) unveiled a set of comprehensive, tough guidelines focusing on information technology (IT) governance and controls. The guidelines aim to bolster strategic alignment, risk management, resource management, performance evaluation, and business continuity and disaster recovery management for banks and Non-Banking Financial Companies (NBFCs).
The final guidelines known as the Reserve Bank of India (Information Technology Governance, Risk, Controls, and Assurance Practices) Directions, 2023 were released on November 8.
These regulations are set to take effect from April 1, 2024. According to the latest directives, regulated entities (REs) are mandated to establish a robust IT Service Management Framework, ensuring the operational resilience of their entire IT environment.
One significant aspect highlighted in the directions is the necessity for REs to develop a documented data migration policy. This policy should outline a systematic process for data migration, ensuring data integrity, completeness, and consistency throughout.
