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Introduction

There are two Sections within the Financial Stability and Cyber Security Division. The Financial Stability Section deals with formulating the policies on financial stability and assisting and working as the Secretariat for the Financial Stability and Development Council (FSDC). The Cyber Security Section deals with the formulation of policies relating to cyber security and strengthening the cyber resilience of the financial sector.

Mandate of the Division

The mission of the FS&CS Division aligns closely with the broader mission of the Department of Economic Affairs, Ministry of Finance (DEA) of accelerating sustainable and inclusive economic growth. It is aimed at ensuring a stable, secure, and resilient financial sector. This mission statement supports the vision of DEA by fostering a well-regulated financial sector that is both inclusive and conducive to the financial sector development and by strengthening the resilience of the financial sector which is equipped to face contemporary and future challenges, particularly in cyber security.

Structure of FSDC

For information on the composition and structure of the Financial Stability and Development Council (FSDC), please visit :

Contact Address of Divisional Head

The Financial Stability and Cyber Security Division comprises the following four work streams

Financial Stability & Development Council (FSDC)

• Aid and support in dealing with issues included in the mandate of the Financial Stability & Development Council, namely
  • Financial Stability
  • Financial Sector Development
  • Inter-regulatory Coordination
  • Financial Literacy
  • Financial Inclusion
  • Macro prudential supervision of the economy including the functioning of large financial conglomerates
  • International interface with financial sector bodies
  • Any other matter relating to the financial sector stability and development referred by a Member/Chairperson and considered prudentconsidered prudent by the Council / Chairperson.
• Organising FSDC meetings, including preparation of agenda,presentation of macro-financial developments having impact on financial stability, preparation of the Record of Discussions and follow-up of Action Points arising out of the FSDC meetings
• Suggesting agenda, preparing briefs and talking points,follow-up of Actions Points pertaining to DEA arising out of FSDC Sub-Committee meetings
• Work relating to Working Groups / Technical Groups under FSDC Sub- Committee.
• Furnishing inputs of DEA for Financial Stability Report

Cyber Security & CSIRT-FIN.

• Computer Security Incident Response Team for the Financial Sector (CSIRT-Fin), its domain-specific Technical/Policy and other related matters.
• Serving the technical group/Committee of CSIRT-Fin.
• Conducting meeting of the Strategic Advisory Committee of the CSIRT-Fin, CERT-In Co-Chaired by Secretary (DEA) and Secretary (MeitY).
• Coordination on Identification and notification of critical information infrastructure in the financial sector.
• Governance of cyber security in the financial sector and providing inputs on strategic and policy matters.
• Strengthening cyber security framework in the financial sector in consultation with regulators and other agencies/Departments concerned.
• Providing inputs on cyber security matters deliberated in international institutions and forums including FSB, G20, World Bank, IMF, BIS, BCBS and IOSCO.
• Monitoring sectoral efforts in the financial sector of India towards maintaining dynamic and modern cyber security resilience including remedial measures being taken to prevent such incidents.
• Engaging regularly with the experts and leading institutions including IITs, Indian Institute of Science, etc. on issues of cyber security in the financial sector and attending to all work relating to cyber issues in the financial sector that may come up in various national forums/institutions/ Departments of the Govt. of India.
• Coordinating with multiple stakeholders in Government, financial sector regulators, and national and global agencies on various issues related to cyber security.

Chief Information Security Officer (CISO)

• Design, implement, monitor, and govern a comprehensive information security program across the organization.
• Conduct necessary information security risk assessments and audits. Oversee risk assessment exercises to identify threats to key assets and collaborate with relevant divisions for risk analysis.
• Formulate policies, procedures, and processes focused on ensuring the confidentiality, integrity, and availability of classified information. Establish mechanisms for accountability, authorization, and non- repudiation.
• Periodically review existing policies, procedures, and standard operating procedures to ensure their effectiveness.
• .Strategically position the security division to enhance its organisational effectiveness.
• Liaise with pertinent agencies to collect intelligence on current threats and best practices in the field.

Financial stability Board, Financial Sector Assessment Programme (FSAP) & RBI Board Meetings

• Handling the Financial Stability Board (FSB) related work,the international body set up by the G20 to work on vulnerabilities assessments, policy development & coordination, implementation monitoring and to act as compendium of international standards and work with various financial sector regulators and other relevant agencies to assist in FSB related matters including
  • Plenary meeting of FSB
  • Meeting of Standing Committee of Standards Implementation (SCSI) of FSB
  • Regional Consultative Groups(RCG) meetings of FSB
  • Implementation Monitoring Network Survey
  • Thematic Peer Reviews
  • FSB Peer Review & Follow-on implementations
• Financial Sector Assessment Program (FSAP) & related & matters
• Follow up on FSAP Recommendations
• Examination of draft report with inputs from regulators and finalisation.
• RBI Board meetings.