Indian banking industry signs MOU

The Institute for Development and Research in Banking Technology (IDRBT), the Institute of Banking Technology in India and ISACA have signed a memorandum of understanding (MOU) to carry out joint activities that will benefit the Indian banking and financial sector, according to 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.