RBI strengthens India's digital banking security with new facility
What's the story
Prime Minister Narendra Modi has inaugurated the Reserve Bank of India (RBI)'s Data Centre and Cybersecurity Training Institute in Bhubaneswar, Odisha. Modi emphasized that a secure banking system requires a strong digital infrastructure, backed by robust data centers and powerful computing systems. He stressed the importance of these facilities in strengthening India's digital financial infrastructure and promoting technological self-reliance.
Financial inclusion
Banking services available 24/7
PM Modi highlighted the improved efficiency of India's banking sector, allowing people to access services 24/7.
He said small entrepreneurs, traditional artisans, street vendors, and unorganized workers have benefited from formal banking services for the first time.
The Prime Minister also criticized the previous Congress-led government for providing banking facilities mainly to the rich and influential while denying easy loan access to poor people, middle class citizens, and women.
Banking evolution
Odisha's potential across sectors
"The past decade was about taking banking to those deprived of it. The coming decade is about making banking more efficient and reliable," PM Modi said.
He also spoke about Odisha's potential across sectors from mines to microchips, creating new opportunities for the state's youth.
Finance Minister Nirmala Sitharaman stressed the strategic importance of resilient infrastructure in ensuring financial stability and supporting sustained economic growth during her speech at the event.
Tech commitment
RBI to train staff on AI advancements
RBI Governor Sanjay Malhotra stressed the central bank's commitment to leveraging emerging technologies, strengthening digital infrastructure, enhancing cybersecurity, developing indigenous technological capabilities and supporting India's aspiration of becoming a developed nation by 2047.
He said cybersecurity is becoming increasingly important in light of AI developments.
Malhotra also emphasized the need for RBI to train not just its own staff but also employees from banks and other financial institutions on advancements in AI, big data analytics, quantum, and blockchain technology.