After some recent cyber security breaches at a couple of state-run lenders. Bengaluru-based Canara Bank faced an attack last week, wherein a hacker allegedly based in Pakistan tried to block its e-payments. At the annual Fibac event, the governor of the RBI said, "There have been cyber incidents in the recent past. I think it would be overly complacent for anyone of us to say we are well prepared to meet all cyber threats,"

"Too many access points are left unmonitored, too many people share passwords or have easily penetrated passwords, and too little surveillance is maintained of vendors and the software they create," Rajan said.

The Governor said at RBI, “the process of setting up an IT subsidiary is on and after hiring a chief executive, the second rung is being hired directly from the market”

"The RBI is working on upgrading the capabilities of its inspectors to undertake bank system audits as well as to detect vulnerabilities in them," he said.

According to media reports, “a similar attack on a large domestic bank was averted due to the presence of mind shown by a counterparty”