Indian banking industry signs MOU

IIFL.

Activities covered include IT governance, information systems audit, information security and information system risk management, reports Business Standards Technology.

According to IDRBT director Shri B Sambamurthy, information governance is crucial for banks, given that decision-making needs to be information-led, while ensuring the privacy of customer information.

The MOU intends to create and develop resources that will assist stakeholders in understanding and implementing best practices in the above-mentioned areas, according to The Hindu Business Line.

“Banks need to adopt international standards and best practices. This MOU helps in disseminating standards, best practices and frameworks,” said Sambamurthy.