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Future Crime Research Foundation (FCRF) and Bankers Institute of Rural Development (BIRD), NABARD Join Forces to Strengthen Cybersecurity in Rural Banking
Lucknow, 02-09-24: To boost cybersecurity and digital resilience in the rural banking sector, the Bankers Institute of Rural Development (BIRD), Lucknow, and the Future Crime Research Foundation (FCRF) have entered into a Memorandum of Understanding (MoU). This partnership is poised to address emerging threats in the digital landscape, focusing on the unique challenges faced by rural financial institutions, including Non-Banking Financial Companies (NBFCs) and Microfinance Institutions (MFIs).
A Strategic Collaboration to Safeguard Rural Banking
BIRD, a premier institute established by the National Bank for Agriculture and Rural Development (NABARD), has been at the forefront of providing training, research, and consultancy services in agriculture and rural development banking since its inception in 1992.
FCRF, a non-profit organization incubated by IIT Kanpur’s AIIDE-CoE, specializes in cybersecurity, digital crime research, and fraud risk management.
This collaboration leverages the expertise of both organizations to drive meaningful research, policy advocacy, and capacity-building initiatives tailored to the needs of the rural banking sector.
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Key Areas of Focus
The MoU outlines several key areas where BIRD and FCRF will collaborate, including:
- Joint Research and Studies: Conducting in-depth research on the adoption and implications of emerging technologies such as Artificial Intelligence (AI), Machine Learning (ML), and blockchain in rural banking.
- Surveys and Data Analysis: Collecting and analyzing data to understand the legal and regulatory challenges associated with these technologies and their impact on rural financial institutions.
- Whitepapers and Publications: Co-authoring and publishing whitepapers, reports, and research articles to provide insights into policy frameworks and technology adoption in the rural banking sector.
- Capacity Building Workshops and Training Programs: Organizing workshops, webinars, and seminars aimed at enhancing the technical knowledge and cybersecurity skills of banking professionals in rural areas.
- Policy Recommendations and Advocacy: Developing policy recommendations to address technology crime management, data privacy, and data protection in the rural banking sector.
- Cyber Drills and Hackathons: Facilitating cyber drills and hackathons to raise awareness about cyber threats and encourage innovative problem-solving among rural financial institutions.
- Knowledge Exchange and Networking: Promoting regular interactions and knowledge-sharing opportunities between researchers, practitioners, and stakeholders to foster a collaborative ecosystem.
A Milestone for Rural Banking
This partnership marks a significant milestone in the efforts to enhance the cybersecurity posture of rural financial institutions. By combining BIRD’s expertise in rural banking with FCRF’s cutting-edge research in cybersecurity, the collaboration aims to create a safer and more resilient banking environment for rural communities across India.
Quotes:
Dr. Nirupam Mehrotra, Director of BIRD, Lucknow, expressed his happiness about the partnership, stating,
“As digitalization continues to expand within the agriculture and rural banking sectors, the importance of cyber security and hygiene cannot be overstated. Our collaboration with FCRF will equip rural financial institution and other professionals with the necessary skills and knowledge to safeguard against cyber threats, ensuring a secure and resilient banking ecosystem.”
Prof. Triveni Singh, Ex-IPS and Chief mentor of FCRF, added,
“Our collaboration with BIRD is a testament to our commitment to enhancing cybersecurity and fraud prevention in the banking sector. Together, we will work towards creating a safer, more secure financial ecosystem that benefits rural communities across India.”
About BIRD
Established in 1983 for addressing the capacity-building needs of the stakeholders, the Bankers Institute of Rural Development (BIRD), Lucknow, is an autonomous institution promoted by the National Bank for Agriculture and Rural Development (NABARD), the Development Bank of the country. BIRD is a premier institution for providing training, research and consultancy services in the field of agriculture and rural development banking in India and abroad.
About FCRF
The Future Crime Research Foundation (FCRF) is a non-profit organization specializing in cybersecurity, digital crime research, and fraud risk management. FCRF is incubated by IIT Kanpur’s AIIDE-CoE and is committed to advancing research and capacity building in cybersecurity. Future Crime Research Foundation, in partnership with IIMT College of Engineering, has setup a state-of-the-art Center of Excellence in Digital Forensics & Incident Response. Dr. Ram Manohar Lohiya National Law University (RMLNLU) and the Future Crime Research Foundation (FCRF) have signed a Memorandum of Understanding for an innovative partnership focusing on techno-legal matters, cybersecurity, emerging technologies, and policy advocacy.
For media inquiries, please contact:
Shashank Shekhar
Co-Founder
Future Crime Research Foundation (FCRF)
Email: research@futurecrime.org
Phone: +91-9811379924