The Reserve Bank of India Governor, Raghuram Rajan said that RBI is planning to set up an information technology wing to face the rising challenges coming from the cyber world. Addressing the media after the meeting of Central Board of Directors of the RBI at Benaulim in South Goa, Dr Rajan said that increasing issues about cyber security, cyber supervision were a thing of grave concern. Therefore the board suggested to focus on an IT subsidiary which would help to develop policies as well as capabilities in the areas of IT, he added.He further said that the Board discussed about legislative changes that would be needed to take forward the financial sector. Rajan said, there is some limits on the amount of trading in derivative markets therefore legislative changes are required to allow clarity on these issue. The Board also reviewed the current economic situation and global and domestic challenges and policy responses