India

RBI’s Master Direction on IT Governance, Risk, Controls and Assurance Practices 2023 that came into full effect from 1 April 2024, lays out a singular regulatory model for cybersecurity and management of IT infrastructure in Indian banks, major NBFCs, and financial institutions. It makes sure that technical responsibility is directly assigned to the Board of Directors through the creation of IT strategy committees, vendor risk controls, and cybersecurity resilience plans. Through this mandate, it overrides previous circulars and legalizes the operational controls by mandating standardized practices like continuous vulnerability assessments, thorough migration data testing, and disaster recovery plans to ensure no operational hitches and safeguard the banking system from technological risks.