Banks are averse to conducting e-surveillance; strong measures needed to maintain security standards: Experts

In August 2018, the RBI had issued a circular advising banks to do a central monitoring system.

FP Staff November 04, 2019 18:58:47 IST
Banks are averse to conducting e-surveillance; strong measures needed to maintain security standards: Experts
  • In August 2018, the RBI had issued a circular advising banks to do a central monitoring system and out of 50,000 bank branches in India, less than 350 branches did e-surveillance

  • The BIS Security Conclave aims to build a sustainable ecosystem wherein all industry stakeholders work towards creating a secure space for both consumers and employees alike

  • Rajneesh Khosla, BIS spokesperson, said that a holistic standards framework helps security solutions providers develop the right products for the industry

The banking industry needs an overhaul in terms of setting security standards across branches. There is an antipathy to adopt technology and upgrade to strong security systems that pass risk assessment tests. Security is often considered a drain on the resources by organisations, said Rakesh Patney, chief security officer, Bank of India.

Speaking at the BIS Security Conclave 2019 held in partnership with the Bureau of Indian Standards (BIS) and Godrej Security Solutions, Patney said while reflecting upon the existing security challenges and emerging needs in the banking and non-banking sector, the awareness about physical security will help institutions develop a robust system. This will not only protect the valuables that consumers trust the banks with but also the reputation that they have built over the years, he said while speaking at the session titled: Creating a sustainable security ecosystem.

Banks are averse to conducting esurveillance strong measures needed to maintain security standards Experts

Representational image. Reuters

In August 2018, the Reserve Bank of India (RBI) had issued a circular advising banks to do a central monitoring system. Yet, out of 50,000 bank branches in India,  less than  350 branches did e-surveillance, Patney said. Everyone should be sensitised at an individual level and punitive measures should be taken against every bank official or the OEM manufacturer for violations of security standards, he added.

The BIS Security Conclave aims to build a sustainable ecosystem wherein all industry stakeholders work towards creating a secure space for both consumers and employees alike. Over 100 speakers and delegates who partook in the second edition of the conclave unequivocally concurred on the need for ushering in a security standard for the banking and non-banking sector.

Patney during his session discussed security challenges in existing bank branches, while Ashutosh Sirothia, chief security officer at Union Bank of India elaborated upon the emerging security needs of banks.

At the event, K P Raghuvanshi, former ATS chief presented the security challenges in workplaces and mitigation mechanisms. Offering a different perspective, Sabyasachi Ray, executive director at The Gem & Jewellery Export Promotion Council, spoke on the new security needs in the gems and jewellery industry. In a detailed presentation, Prashant Chouthkanthiwar, EVP – Design Godrej Security Solution, deliberated upon the latest security risks, technology trends and a range of innovative solutions created for Indian markets.

Commenting on the event, Rajneesh Khosla, BIS spokesperson, said, “A holistic 'standards' framework helps security solutions providers develop the right products for the industry which meet the most stringent standards and live up to consumer trust. It also imparts requisite information to the decision markers and keeps them abreast of the latest trends and challenges to anticipate, plan, and minimise security risks at their institution.”

Highlighting the importance of conclave, Pushkar Gokhale, vice president and head of B2B - Godrej Security Solutions, said, “The discussions at the event were in line our recent consumer preference study (India’s Security Solution Quotient) which revealed that over 53 percent of consumers trust bank lockers to secure their primary valuables like jewellery and important documents. It is, therefore, prudent on the part of the banking industry to make concerted efforts to enable adoption of BIS standards, deploy stringent security measures to minimise risks, and uphold the trust bestowed upon these institutions by consumers.”

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

RBI chief Shaktikanta Das says economic recovery 'stronger than expected', but warns of downside risk due to recent COVID-19 surge
India

RBI chief Shaktikanta Das says economic recovery 'stronger than expected', but warns of downside risk due to recent COVID-19 surge

The central bank which has introduced many unconventional measures to aid recovery apart from cutting key rates by 1.15 percent, expects the Indian economy to shrink by 9.5 percent in FY21

Ex-World Bank economist says RBI's proposal to allow businesses into banking is 'good-looking' step in 'bad direction'
India

Ex-World Bank economist says RBI's proposal to allow businesses into banking is 'good-looking' step in 'bad direction'

Kaushik Basu added that there is a good reason that all successful economies have a clear line between industries and corporations on one hand, and banks and lending organisations on the other

Laxmi Vilas Bank, DBIL merger effective from 27 Nov, says RBI after Cabinet nod
Business

Laxmi Vilas Bank, DBIL merger effective from 27 Nov, says RBI after Cabinet nod

The moratorium imposed on the crisis-ridden lender will be removed on Friday and depositors of LVB will be able to operate their accounts as customers of DBS Bank India from that day, said the Central bank