RBI Deputy Governor Urges Banking Sector to Embrace Technological Agility
In a seminar hosted by the Indian Banks’ Association, RBI Deputy Governor T Rabi Sankar highlighted the pressing need for the banking sector to adapt to technological advancements swiftly. Sankar stressed that such adaptations must consider the impending changes in the legal landscape, particularly with the forthcoming implementation of the Digital Data Protection Act.
He cautioned against adopting a one-size-fits-all approach to new technologies, noting the distinct nature of artificial intelligence and quantum computing. Sankar urged vigilance, emphasizing that complacency regarding technology adoption is unwarranted, especially given the uncertain trajectory of required skill sets.
Cyber risk emerged as another focal point, with Sankar underscoring the necessity for banks to fortify their defences against potential breaches. He acknowledged the inevitability of cyber threats and advocated for comprehensive preparedness strategies to mitigate potential damages.