India’s prime minister has called for stronger cyber defences and specialist training to protect the country’s increasingly digital banking system from cyber terrorists and fraudsters.
Prime Minister Narendra Modi has warned that modern conflict is increasingly aimed at economies as much as battlefields, saying India must treat cyber security as a core element of national strength. Speaking in Bhubaneswar after inaugurating the Reserve Bank of India’s new data centre and Cybersecurity Training Institute, Modi said the banking system had to be shielded from cyber terrorists and other digital threats.
The prime minister linked that warning to India’s broader push to build more resilient financial infrastructure, saying the new facilities would support both Odisha and the wider country. According to reports from The Economic Times and other Indian outlets, he said India’s banking network had become one of the world’s most efficient, with round-the-clock access now available to millions of people.
Modi also used the occasion to underline the political and social case for wider financial inclusion. He said small business owners, traditional craftsmen, street vendors and workers in the informal economy had gained formal access to banking services, while credit and debit cards, once treated as luxury products, were now commonplace. He contrasted that with what he described as an earlier era in which banking was accessible mainly to the wealthy and well connected.
The remarks came amid rising concern in India over digital fraud and banking-related cyber crime. In a separate monthly radio address earlier this year, Modi urged citizens not to share one-time passwords or Aadhaar details, and to remain alert to fraudsters posing as bank officials or senior government figures. His latest comments suggest the government wants to pair mass banking access with tighter defences, stronger computing systems and more specialised training as India’s financial system becomes ever more digital.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
