The Reserve Bank of India, India’s central bank and banking regulator, has released new policies detailing requirements for IT risk and resilience requirements for banks. The measures, which come into force from 1st April 2024, include prescriptive requirements for ensuring operational resilience.
Banks will be required to develop a business continuity plan and disaster recovery policy, which include semi-annual disaster recovery drills, regular scenario testing and the minimisation of system recovery times.
The announcement also includes efforts to address the risks associated with third-party technology vendors, such as measures to minimise concentration risk and ensure high service availability.
Full announcement available here.
