The Reserve Bank of India (RBI) has issued a new comprehensive master direction for banks and NBFCs on information technology (IT) governance, risk, controls and assurance practices. Key focus areas of IT governance will include strategic alignment, risk management, resource management, performance management, business continuity and disaster recovery management.

These directions will be called the Reserve Bank of India (Information Technology Governance, Risk, Control and Assurance Practices) Directions, 2023 and will be effective from April 1, 2024. The latest instructions state, “REs (Regulated Entities) shall establish a robust IT service management framework to ensure the operational resilience of their entire IT environment (including DR sites) and to support their information systems and infrastructure ”

It further states that the RE shall have a documented data migration policy that shall specify a systematic process for data migration and ensure data integrity, completeness and consistency. “The policy will inter alia include provisions relating to signoff from business users and application owners at each stage of migration, maintenance of audit trails, etc.,” the Reserve Bank said.

As per RBI guidelines every IT application that can access or impact critical or sensitive information must have necessary audit and system logging capabilities and provide audit trails.

These guidelines will strengthen the transmission channel, key lengths, algorithms, cipher suites and applicable protocols used in data processing and authentication purposes. REs shall adopt internationally accepted and published standards that are not unsafe/unsafe and the configuration involved in implementing such controls shall conform to existing laws and regulatory directives.

To prevent unauthorized modification of data as per instructions, RE should ensure that there is no manual intervention or manual modification while transferring data from one process to another or from one application to another in respect of critical applications. yes.

The latest instructions also state that the risk management policy of REs shall include IT related risks including cyber security related risks and the Risk Management Committee of the Board (RMCB) in consultation with ITSC shall from time to time at least on an annual basis. Will review it.

RE should analyze cyber incidents (through forensic analysis if necessary) to determine their severity, impact and root cause. The central bank said REs should take corrective and preventive measures to mitigate the adverse impact of incidents on business operations.

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In today’s time, everyone keeps their deposits in the bank only. Not only for depositing deposits, but we also like to keep our expensive jewelry, house-shop and all the important documents in the bank itself. People keep things safely in the bank locker, but do not break it for a long time. If you have also kept your belongings in the bank locker, but have not broken it, then this is news of your work.

Even in this situation your locker can be inactive.

If the bank locker has not been opened for a long time, then you must check once whether the locker has been de-activated. Recently, in the new guidelines issued by RBI regarding bank locker, some amendments have been made in the old locker rules. It has been said in this that if the locker is not broken for a long time, then it gets closed automatically, even if you are paying the rent regularly. In this, guidelines have also been given regarding the deactivated bank locker.

Locker will be closed in this time

According to RBI, if someone has not opened the bank locker within 7 years, then such locker will be deactivated. In such a situation, the bank will first wait for the claim of that customer. If he does not claim but pays the regular rent, then the locker will be dismantled by the bank itself.

The rule of breaking the deactivated locker

will be first transferred by the bank to the nominee or legal heir of the locker as per RBI guidelines. In case the nominee is not traceable, the bank will first inform the bank locker-hirer. Along with this, an alert message will be sent to the email and mobile number. If the letter sent by the bank is returned or the person is not traceable, then the bank has to inform in the daily newspaper.

Bank issues information

This information article is given in English and another in the local language. Any person who is interested in the same has to respond to the bank. If even then no one claims, then the locker is broken by the bank.

Locker breaking process Video recording of the whole process is done in the presence of two witnesses after

the bank official breaks the locker and takes out the goods. If there is a smart vault, then the vault administrator uses the password to break the locker. After opening the locker, it is handed over to the senior officer.

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The Reserve Bank of India has also prepared guidelines for mutilated notes. Mutilated notes can be exchanged from any bank anywhere in the country. For this it is not necessary that you go to the home branch only. If you bank branch refuses to change the note, then action can be taken against that bank. However, it is also important to keep in mind that the worse the condition of the note, the lesser will be its value.

Know what are the important rules related to changing notes?

1. Notes of small value-

Small notes like torn notes of 5,10,20,50 whose at least fifty percent part is safe, you will get these notes in return.

2. High denomination notes-

If the number of torn notes is more than 20, and the value of other notes is more than 5000 rupees, then you will have to pay a fee for this.

3. Security Sign-

It is an essential rule to change the note that the security sign such as serial number, Gandhiji’s watermark, governor’s signature etc. are visible, then the bank cannot refuse to exchange such note.

4. Write to RBI-

If the notes you have are too torn, in many pieces, then you will have to send these notes to the RBI branch by post. Where it is necessary to give information like account number, IFSC code, how much the note is worth etc.

What happens to torn notes?

RBI removes these notes from use, it is also the responsibility of Reserve Bank of India to print new notes instead of these notes. These notes are recycled by grinding them into small pieces, which are later used to make other paper items.

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Along with this, UPI payment for online shopping, hotel booking, OTT platform subscription has been made easier than before. The Reserve Bank of India (RBI) has said that it will increase the number of users for UPI payments. The RBI governor has said on 7 December 2022 that once the UPI customer gives consent to block money in his bank account, the merchant will be allowed to debit multiple times up to the maximum amount instead of allowing one payment at present.

The new changes in UPI will make it easier for customers to keep money for investment purposes such as stock market purchases, online shopping, hotel bookings etc. According to the new rules, UPI customers can make recurring payments for mutual fund SIPs, subscriptions to OTTs such as Netflix, Disney+ Hotstar, music streaming apps Spotify and Apple Music.

This is possible through the UPI Autopay facility. UPI payment system can also be used to make payments on e-commerce platforms Amazon, Flipkart. For this, either a virtual payment address has to be entered or payment can be made by scanning the QR code available on the online shopping platform. The merchant needs the customer’s consent to block the amount in the customer’s bank account for recurring payments or one-time payment orders.

After the change in the new rules, the merchant will be able to debit the maximum amount multiple times after the permission. Explain that at present, once the consent is obtained from the customer, a merchant can do only one debit to get the payment. While after the new change, the merchant will be able to do multiple debits from the customer’s bank account. This can be done after obtaining the consent of the customer for the maximum amount sanctioned.

Example,

if you book a hotel now, then you will have to pay the booking amount first and then make the second payment after staying in the hotel. However, after the implementation of the new rules, the hotel can create an order to receive payments through UPI. The Hotel can debit Your Bank Account at any point of time up to the maximum amount permitted by You without the need to open the Payment App again and again.

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