CHENNAI: The Reserve Bank of India (RBI) will act against banks that do not implement its guidelines on electronic security of their transactions and operations by October 2012, a senior official said Friday.

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A working group, under the chairmanship of RBI Executive Director G. Gopalakrishna , has recommended strengthening the informattion technology architecture of banks and security measures to tackle cyber fraud. A working group, under the chairmanship of RBI Executive Director G. Gopalakrishna , has recommended strengthening the informattion technology architecture of banks and security measures to tackle cyber fraud. "The banking regulator expects reasonable compliance. RBI will take a serious action against banks that do not implement the recommendations of the committee. By October 2012, banks will have to implement the recommendations," Gopalakrishna said here.

RBI to act against banks not beefing up cyber security - Times of India