Reserve Bank Information Technology Pvt Ltd — The biggest and most important RBI division in future?

One just came across this recruitment page on Indian central bank website. It advertises for opening in one of its subsidiaries called Reserve Bank Information Technology Private Limited or REBIT (website of REBIT here):

Reserve Bank Information Technology Pvt Ltd (ReBIT) has been set up by the Reserve Bank of India (RBI), to take care of the IT requirements, including the cyber security needs of the Reserve Bank and its regulated entities.

ReBIT will focus on IT and cyber security (including related research) of the financial sector and assist in IT systems audit and assessment of the RBI regulated entities; advise, implement and manage internal or system-wide IT projects (both the existing & the new) of the Reserve Bank as mutually decided between the Reserve Bank and ReBIT.

ReBIT will have the following four verticals to support its mission.

  • Cyber Security: To enhance the trust and reliability of RBI’s infrastructure for assurance and resilience. Some of the roles in this vertical are Security engineering, Security operations center and Incident response  
  • Research and Innovation: To empower Indian banking industry through creative technology solutions based on research, and by tapping the synergy among key stakeholders. Chief solution Architect, Cybercrime response, Research Analyst are some of key roles in this vertical
  • Systems Audit: To support validation and enforcement of regulatory guidance on cyber security for the banking sector, through excellence in audit, analytics and forensics. We are looking at Senior VP to lead this vertical along with other openings of Server Auditor and Database auditor
  • Project Management: To leverage lean and agile development capability for creating and operating reliable and empowering systems, and delivering delightful user experience. Few key roles in this vertical are Business Analyst, Enterprise Architect, IT PMO & IT Projects

ReBIT invites skilled and dedicated professionals to contribute to its mission. ReBIT offers the opportunity of working on exciting and important projects.

Given the current environment, will we see this division of RBI as the largest and most important within the central bank? Will we see future chiefs of the central bank as technologists? There is no reason why this might not happen given how pervasive technology has become in banking circles.

Though technology and banking/finance have been co-partners for a long time as information processing is central to latter which is provided by former. However, so far tech was seen merely as a facilitator. But given the recent advances in technology tech is gradually becoming the central player in banking and finance.

Those who have worked in these finance organisations already know that technology is the most important department but somehow financiers continued to dominate. One could see this setting changing very quickly as technology comes from the back office to becoming a front office. Until today you recognised central bankers/bankers from their knowledge on interest rates, loans and deposits. In not very distant future it is things like security features, digital interfaces, applications which will form the major lingo.

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