President Urges Vigilance Against Financial Fraud
MUMBAI: President Droupadi Murmu has called on the Reserve Bank of India (RBI) and financial institutions to enhance their defenses against the rising threats of financial fraud and cybercrime. Speaking at the RBI’s 90th anniversary celebration, she emphasized the importance of maintaining public trust in the financial system, which is increasingly challenged by technological advancements. Murmu’s remarks come as incidents of online fraud continue to escalate across the country.
Strengthening Security Measures
During her address, President Murmu highlighted the critical role of the RBI in ensuring financial stability and security. She noted that the public’s trust in the currency, represented by the RBI governor’s signature on banknotes, is a testament to the central bank’s success in managing price stability and economic growth. “Addressing this growing concern requires constant vigilance,” she stated, urging the RBI to remain proactive in enhancing security measures to protect the financial ecosystem.
The President pointed out that while most citizens may not interact directly with the RBI, the institution governs all financial transactions through banks and other entities. Over the past nine decades, the RBI has built a reputation for reliability, which is essential as India moves towards its centenary of independence.
Vision for a Robust Financial Ecosystem
As India aims for a “Viksit Bharat 2047,” President Murmu outlined a vision for a financial ecosystem that is innovative, adaptive, and accessible to all. She emphasized that the RBI will play a pivotal role in this transformation, ensuring a sound banking system while fostering financial innovation. “The RBI must safeguard trust in our financial ecosystem,” she asserted, underlining the importance of the central bank’s role in the nation’s economic future.
Murmu also acknowledged the RBI’s efforts in positioning India as a leader in digital payments. By continuously modernizing payment systems, the RBI has made digital transactions more seamless, efficient, and secure, which is crucial in today’s rapidly evolving financial landscape.
Commitment to Financial Integrity
In response to the President’s remarks, RBI Governor Sanjay Malhotra reiterated the central bank’s commitment to optimizing regulatory frameworks. He emphasized the need to balance financial stability with efficiency while supporting technological advancements. “We will continue to be vigilant, adaptive, and forward-looking,” Malhotra stated, assuring that the RBI will take necessary steps to enhance the financial system.
He also reaffirmed the RBI’s core values of integrity, transparency, and commitment to public service, which will guide its approach as it embraces new technologies and modern regulatory practices. The RBI’s proactive stance aims to fortify the financial system against emerging threats while fostering a secure environment for all stakeholders involved.
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