Recent challenges for supervision for the central banks have been the rising complexity of compliances in the financial services industry. Increased cyber threats, data privacy concerns, and the rise of digital transactions are keeping regulators busy to ensure effective oversight. The COE performs risk-based supervision of regulated entities with security audits and incident analysis. This includes an evaluation of the cyber security posture of supported entities (SEs), compliance assessments, digital forensics, and cyber fraud analysis. As a Standards Development Organization (SDO), the COE is defining API standards for account aggregators (AA), FIUs, and FIPs.
Reserve Bank Information Technology Private Limited (ReBIT) has been set up by the Reserve Bank of India to serve its IT and cybersecurity needs and to improve the cyber resilience of the Indian banking industry.