PM Modi Predicts Enhanced Reliability in Banking Sector Over Next Decade
NEW DELHI: Prime Minister Narendra Modi emphasized the need for enhanced efficiency and reliability in India’s banking system during a recent inauguration of RBI facilities in Bhubaneswar. He stated that the next decade will focus on improving banking services, with a critical emphasis on cybersecurity. Modi highlighted that as India strengthens its financial position, safeguarding the banking system against cyber threats is essential.
Modi pointed out that modern warfare extends beyond traditional weapons, with economic destabilization being a significant concern. He stressed the importance of robust data centers and advanced computing systems to protect the digital infrastructure of the banking sector. The Prime Minister noted that outdated systems and training methods are inadequate to address evolving cyber threats. He introduced the new Cybersecurity Training Institute as a vital component in building a skilled workforce to tackle these challenges.
The Prime Minister’s remarks come in the wake of a recent data security incident acknowledged by the State Bank of India, alongside other banks facing similar threats. Modi also reflected on the transformation of the banking sector, stating that his government has eliminated the era of “phone banking,” allowing digital banking to benefit every household in the country. He cited the significant number of Jan Dhan accounts—approximately 59 to 60 crore—as a key factor in ensuring that financial assistance reaches beneficiaries directly.
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