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SBI launches first branch Sabha. Of those attacks, 205 were in pri- In the article, the authors argued that
vate banks and 41 in state-owned. The a gradual approach to the privatisation
dedicated to start-ups
remaining two were at foreign banks. of the public sector banks (PSBs) in In-
SBI will soon open up its first premium dia is better than the big bang ap-
The Reserve Bank of India (RBI) has a
dedicated branch for start-ups in the proach. It said, "During such stress
Cyber Security Framework for Sched-
country in Bengaluru. The bank while periods if stronger PSBs had not ex-
uled Commercial Banks, which requires
making the announcement said that isted, the destabilising impact on the
banks to implement cyber/IT (Informa-
the new branch will facilitate and sup- banking sector and the economy would
tion technology) controls to prevent
port start-up companies in the city. have been much greater."
data leakage. Banks have been di-
SBI Chairman, Dinesh Khara, launched rected to strengthen their information However, the clarification said, "The
the branch which is located in technology (IT) risk governance frame- researchers are of the view that in-
Koramangala near HSR Layout and work that mandates an active role by stead of a big bang approach, a
Indiranagar which are the biggest their chief information security officers. gradual approach as announced by the
start-up hubs in the city. The board and IT committee of banks Government would result in better
must also be actively involved to ensure outcomes."
The new branch will act as a hub with
compliance with the required stan-
several stakeholders assisting in provid-
dards, the upper house of the Parlia- Banks wrote off loans
ing solutions acting as spokes and sup-
ment was informed.
porting the hub branch in enabling the worth Rs. 10 trillion in
startups to avail themselves of end-to-
PSB privatization article past 5 years
end financial and advisory services.
Banks have written off loans worth about
sparks row
Private banks reported Rs 10 lakh crore in the last five financial
The Reserve Bank of India (RBI) issued
years, Parliament was informed.
most data breaches during a clarification notification stating that
During 2021-22, the write-off amount
the views expressed in its recent ar-
2018-22 came down to Rs 1,57,096 crore com-
ticle, "Privatisation of Public Sector
Private banks reported the most data pared to Rs 2,02,781 crore in the pre-
Banks: An Alternate Perspective, " do
breaches between June 2018 and vious year, Minister of State for Fi-
not represent the views of the bank
March 2022 in attacks that stole busi- nance Bhagwat K Karad said in a writ-
and are of the authors. It also said that
ness and personal information, said a ten reply in Rajya Sabha.
the authors are of the view that the
minister.
government's approach to privatisation In 2019-20, the write-off was worth Rs
All banks reported 248 data breaches in of PSBs would result in better out- 2,34,170 crore, down from Rs 2,36,265
the four-year period, Minister of State comes. The article was authored by the crore, the highest in five years re-
for Finance Bhagwat Karad told Rajya researchers at RBI. corded in 2018-19.
BANKING FINANCE | SEPTEMBER | 2022 | 5