MUMBAI: President Droupadi Murmu has asked RBI and banks to guard against the risk of financial fraud and cyber threats that are rising with technological advancements.
The President also reminded the central bank that people trust a piece of paper with the RBI governor’s signature because of the central bank’s success in maintaining price stability, economic growth, and financial stability.
“Addressing this growing concern requires constant vigilance, and the RBI has been proactive in strengthening security measures to safeguard the financial system,” said Murmu, speaking at an event to mark RBI’s 90th anniversary. The President’s comments come at a time when a growing number of Indians are falling prey to online cyber frauds.
“While the common man or woman may not have direct interactions with the RBI beyond seeing its name on banknotes, the institution governs all financial transactions through banks and other financial entities. Over the past nine decades, one of RBI’s greatest achievements has been earning and maintaining the trust of the people,” said Murmu.
“As India approaches the centenary of its independence, the vision of Viksit Bharat 2047 calls for a financial ecosystem that is innovative, adaptive, and accessible to all,” the president said. She added that as the guardian of monetary and financial stability, the RBI will play “a defining role in this journey – ensuring a sound banking system, driving financial innovation, and safeguarding trust in our financial ecosystem.”
Noting that the RBI has been instrumental in making India a global leader in digital payments, Murmu said that by continuously modernizing the country’s payment systems, RBI has ensured that digital transactions are seamless, efficient, and secure.
RBI governor Sanjay Malhotra, meanwhile, said, “It will be our endeavour to optimise our regulatory frameworks by balancing the interests of financial stability and efficiency. We will continue to support technology and innovation, we shall remain vigilant, adaptive, and forward-looking.”
Malhotra said RBI will take necessary steps to improve the financial system. “Even as we embrace new technologies and modern regulatory approaches, our core values-integrity, transparency, and commitment to public service-will continue to guide us,” he said.