RBI tells banks to put in place biz continuity plans to prevent disruption

The Reserve Bank of India (RBI) told banks on Monday to take stock of critical processes and revisit their business continuity plans to prevent any disruption of services, while encouraging customers to use digital banking. Banks must constitute a quick response team, “which shall provide regular updates to the top management on significant developments and act as a single point of contact with regulators/outside institutions/agencies”, the RBI said. Banks and regulated entities “should also assess the impact on their balance sheet,” it said.