In a written reply, Union Home and Cooperation Minister Amit Shah informed that NABARD facilitated the first-ever cyber insurance for 193 Rural Cooperative Banks (RCBs) and Regional Rural Banks (RRBs) in FY 2024-25.
As of now, 231 RCBs, 21 RRBs, and 2 Urban Cooperative Banks (UCBs) are covered under the NABARD-facilitated Cyber Insurance Programme.
To address rising cybersecurity risks in the cooperative banking sector, NABARD has introduced a Comprehensive Cyber Insurance Policy aimed at protecting the digital infrastructure and sensitive financial data of RCBs and RRBs.
This initiative reflects a proactive step to safeguard banks that are increasingly vulnerable to cyber threats in today’s digital ecosystem.
He further added, NABARD has also established a dedicated Cyber Security, IT Examination & Evaluation (CSITE) Unit in 2020, comprising 10 in-house and external specialists. The unit monitors cybersecurity compliance, issues frameworks and advisories, conducts audits through CERT-IN, and guides banks in strengthening their systems.
It also developed a Vulnerability Index on Cyber Security (VICS) and has been observing Cybersecurity Awareness Month every October since 2020 through workshops and training programmes.
“Further, to provide long-term technological support to RCBs, the RBI has given in-principle approval to NABARD for setting up ‘Sahakar Sarathi’, a shared service entity for cooperative banks”, he added.