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
and regulated entities “should also assess the impact on their balance sheet,” it said.