New Delhi: The Reserve Bank India will issue a detailed guideline on December 31, which will mandate third-party service providers to implement several checks. The guideline will include strengthening the process of deployment and changes in application software in the ecosystem, continuous surveillance and implementation of controls, etc.
Several banks depend on these third-party service providers for shared services for ATM Switch applications.
A number of commercial banks, urban cooperative banks and other regulated entities are dependent upon third-party application service providers for shared services for ATM Switch applications. Accordingly, it has been decided that certain baseline cybersecurity controls shall be mandated by the regulated entities in their contractual agreements with these service providers to strengthen the systems, the Governor said in his statement after the fifth bi-monthly monetary policy.
As many as 61 ATM frauds have been reported in Kolkata in the past one week.