Protect banking system from cyber looters, cyber terrorists: PM Modi

Prime Minister Narendra Modi on Sunday urged constant vigilance to safeguard India’s banking system against cyber threats as the nation grows economically stronger.

“Nowadays, wars are not fought with weapons alone. A nation can also be weakened by attacking its economy. And as India grows economically stronger, we must protect our banking system from cyber looters and cyber terrorists,” PM Modi said after inaugurating the Reserve Bank of India’s (RBI’s) new data centre and cybersecurity training institute in Bhubaneswar, Odisha.

The prime minister said that following a decade focused on expanding banking access to the unbanked, the coming decade will focus on making banking more efficient and reliable.

“The past decade was about taking banking to those who were deprived of it; the coming decade is about making banking more efficient and more reliable,” he said.

PM Modi said the inauguration of the two facilities was a significant occasion for Bhubaneswar and would benefit Odisha and the country. He stressed the importance of replacing outdated training tools with modern infrastructure and skilled human resources to address evolving cyber threats. “Right here, the role of this new cybersecurity institute becomes crucial,” he said.

Modi also highlighted the expansion of banking access through digital services and government initiatives. He said digital banking had connected Indians to round-the-clock banking services and enabled people without collateral to access affordable loans to start their own work. “Today, digital banking has connected every Indian to 24-hour banking services,” he said.

He said nearly 600 million Jan Dhan accounts had been opened, adding that government payments now reached beneficiaries’ accounts without leakages.

He also highlighted the role of the Pradhan Mantri MUDRA Yojana, PM SVANidhi, and PM Vishwakarma in extending formal credit to small entrepreneurs, street vendors, traditional artisans and workers in the unorganised sector. He said 130 million people had become first-time entrepreneurs under the MUDRA scheme. He also said self-help groups representing 10 crore rural women had received thousands of crores of rupees in bank assistance.

“For the first time, they have received the benefit of formal banking,” Modi said, referring to small entrepreneurs, traditional artisans, street vendors and workers in the unorganised sector.

The prime minister highlighted the expansion of pension and insurance coverage through government-backed schemes. He said the Atal Pension Yojana covered 90 million citizens, including 380,000 in Odisha.

Under the Pradhan Mantri Suraksha Bima Yojana, accident insurance cover of ₹2 lakh is available for an annual premium of ₹20, while the Pradhan Mantri Jeevan Jyoti Bima Yojana provides life insurance cover at an annual premium of less than ₹450, he said. He said more than ₹25,000 crore in claims had been disbursed under the schemes to families during difficult times.

He also outlined the government’s approach to development, saying it was driven by a ‘pro-people, proactive, good governance’ model. He said development meant equitable progress, with opportunities reaching villages and small towns.

Highlighting Odisha’s potential, he said eastern India could become a powerful growth engine for a developed India. He pointed to opportunities in semiconductors, electronics, data centres and advanced computing alongside the state’s traditional mineral-based industries. “You will see, Odisha, from mines to microchips, is going to write a new future,” Modi said.

Resilient infrastructure vital: FM

In her address, finance minister Nirmala Sitharaman underscored the strategic importance of resilient infrastructure in safeguarding financial stability and supporting sustained economic growth. She said the new data centre will house RBI’s mission-critical systems, including the RTGS and NEFT payment rails, while the training institute will build expertise in cybersecurity, AI and other emerging technologies.

Meanwhile, RBI governor Sanjay Malhotra expressed gratitude to the prime minister for participating in the event, and highlighted the central bank’s commitment to leveraging emerging technologies, strengthening digital infrastructure, enhancing cybersecurity, developing indigenous technological capabilities and supporting the country’s aspiration to become a developed nation by 2047.

About the Author

Harsh Kumar is a policy reporter at Mint (HT Media Group), where he covers the Ministry of Commerce and Industry along with key departments of the Ministry of Finance, including the Department of Economic Affairs (DEA) and the Department of Financial Services (DFS). With over five years of experience in business and economic journalism, he has developed strong expertise in tracking policy developments and their wider economic impact.<br><br>He has previously worked with Business Standard, Moneycontrol, and Outlook Money, where he reported extensively on banking, financial services, and the broader economy. Over the years, he has built a reputation for delivering accurate, insightful, and impactful stories, supported by a keen eye for detail and a consistent track record of breaking exclusive news.<br><br>An alumnus of Jamia Millia Islamia, Harsh closely follows regulatory changes and key economic trends shaping India’s financial and industrial landscape. His reporting aims to simplify complex policy issues for a wider audience while maintaining depth and credibility.<br><br>Outside of work, he enjoys tracking policy developments, finding scoops, and travelling, reflecting his curiosity about how economic decisions shape everyday life.