India''s first online data recovery system for banks launched

Mumbai: Euronet Services India Ltd, the industry leader in processing secure electronic financial transactions has announced the successful commissioning of its online data recovery system (DRS). The system is Basell II- compliant, says the industry leader in processing secure electronic financial transactions.

The company says it has set up two DRS in Mumbai and one in Bangalore to provide back up and mirroring of data to help banks comply with the RBI directive to all banks to set up their 'business continuity plan' (BCP) to tackle serious business disruptions, which makes BCPs and DRS mandatory.

Loney Antony, managing director, Euronet Services India, said, "We are proud to be India's first third-party provider to put in place such a robust and scaleable DRS. It will be our continuous endeavour to service the Indian Banking community with products that meet international best practice and standards."

In February 2005, the Reserve Bank of India (RBI) released its Draft Guidelines for Implementation of the New Capital Adequacy Framework. The RBI document is based on the implementation of the new Basell II Capital Accord in India.

A sound disaster recovery / business continuity plan (BCP) for a bank's ATM Network is essential to protect the well being of the overall business of the bank, as ATMs have emerged as an important delivery channel.