India's central bank said on Monday its chief has urged banks to tighten their oversight on cybersecurity issues and to have systems in place that can prevent digital fraud.
This is among the first conversations Governor Sanjay Malhotra, who succeeded Shaktikanta Das in December to lead the Reserve Bank of India (RBI), had with banks that has been made public.
"While dwelling upon IT risk management and cybersecurity, the Governor urged banks to have an enhanced oversight over third-party service providers for mitigation of the risks emanating from them," the RBI said in a statement.
Malhotra was in conversation with top bosses of state-run and some private banks, which is a regular exercise that the central bank conducts with lenders it regulates in the country.
The statement did not mention which private banks participated in the conversation with Malhotra.
Malhotra also flagged the rise in digital fraud and advised banks to establish "robust and proactive systems" to thwart such attempts, the statement added.
