Banking to become more dependable in next decade: PM Modi

File photo: Prime Minister Narendra Modi

NEW DELHI: Having focused on providing access to banking to everyone over the last 10 years, Prime Minister Narendra Modi has said that coming decade will focus on making it more efficient and dependable, for which cybersecurity must play a critical role.“If we are to keep the banking system secure, its digital infrastructure must also remain protected. For this reason, we require robust data centres and empowered computing systems. We all understand that modern warfare is not waged solely with weapons. Weakening a country can also be attempted by striking at its economy. As India gains financial strength, safeguarding our banking system against cyber criminals and cyber terrorists is equally imperative.

The nature of cyber threats is evolving today. We cannot counter such emerging challenges using outdated systems, obsolete training modules or legacy tools. This necessitates modern infrastructure alongside skilled human resources. It is precisely here that the role of this new Cybersecurity Training Institute becomes critically important,” he said after inaugurating RBI facilities in Bhubaneswar on Sunday.

The comments come days after SBI acknowledged a data security incident. Several other banks have also faced threats in recent months and there are several incidents of customers being duped.In his address, PM said his govt had cleaned up Indian banks and ended the era of “phone banking”. “Today, India’s banking sector stands among the strongest in the world. Earlier, through phone banking, only those with access to a privileged family in Delhi benefited.

Today, through digital banking, every household across the nation has become a beneficiary.”Recalling former PM Rajiv Gandhi’s comment in Odisha of only 15 paise out of the Re 1 released reaching the people, Modi said: “That was one era, and this is today. Today, when one rupee leaves Delhi, the entire one rupee reaches the bank account of every beneficiary. As Nirmala ji (finance minister Nirmala Sitharaman) mentioned just now, this has been made possible solely because of the approximately 59 to 60 crore Jan Dhan accounts opened in the country.

”He said that today small entrepreneurs, artisans and street vendors and had access to loans and citizens had access to credit and debit cards, thanks to the efforts of those working in the sector, including RBI.