In my remarks today, I would like to highlight the need for concerted efforts to enhance the use of technology in the financial sector to ensure efficiency, stability, competition and above all service to the common person. Technology and the RBI I would like to enumerate for record a few technology-related initiatives of the RBI.
We conducted a successful pilot phase in 2016. And now we will implement a long-term solution for all those banks that we directly supervise. As from this summer, they will be required to report all significant cyber incidents. This will help us to assess more objectively how many incidents there are and how cyber threats evolve.