Protect banking system from cyber robbers, cyber terrorists: PM Modi | Today’s news
Prime Minister Narendra Modi on Sunday urged constant vigilance to protect India’s banking system from cyber threats as the nation grows economically.
“Nowadays, wars are not only fought with weapons. A nation can also be weakened by an attack on its economy. And as India grows economically, we need to protect our banking system from cyber robbers and cyber terrorists,” PM Modi said after inaugurating the Reserve Bank of India’s (RBI) new data center and cyber security training institute, Odhubaneswar.
The Prime Minister said that after a decade focused on expanding banking access for the unbanked, the coming decade will focus on making banking more efficient and reliable.
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“The last decade was about getting banking to the deprived; the coming decade is about making banking more efficient and reliable,” he said.
AFTERNOON Modi said the inauguration of the two facilities was a momentous occasion for Bhubaneswar and would benefit Odisha and the entire country. He emphasized the importance of replacing outdated training tools with modern infrastructure and skilled human resources to deal with evolving cyber threats. “That’s where the role of this new cybersecurity institute becomes crucial,” he said.
Modi also emphasized on expanding banking access through digital services and government initiatives. He said digital banking has connected Indians to round-the-clock banking services and enabled unsecured people to get affordable loans to start work. “Today, digital banking has connected every Indian with 24-hour banking services,” he said.
He said almost 600 million Jan Dhan’s accounts have been opened and he added that government payments have now reached the beneficiaries’ accounts without leakage.
He also highlighted the role of Pradhan Mantri MUDRA Yojana, PM SVANidhi and PM Vishwakarma in providing formal credit to small entrepreneurs, street vendors, traditional artisans and unorganized sector workers. He said 130 million people have become first-time entrepreneurs under the MUDRA scheme. He also said that self-help groups representing 10 million rural women have received bank assistance to the tune of thousands of crores of rupees.
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“They got the benefit of formal banking for the first time,” Modi said, referring to small entrepreneurs, traditional artisans, street vendors and workers in the unorganized sector.
The Prime Minister emphasized the expansion of pension and insurance coverage through government-supported programs. He said the Atal Pension Yojana covers 90 million citizens, including 380,000 in Odisha.
Under Pradhan Mantri Suraksha Bima Yojana, accident insurance cover ₹2 million are available for an annual premium of Rs ₹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 on claims were paid out to families in hard times under these schemes.
He also outlined the government’s approach to development, saying it was driven by a “pro-people, proactive, good governance” model. He said development means equitable progress with opportunities reaching villages and small towns.
Highlighting Odisha’s potential, he said that eastern India could become a strong growth engine for developed India. He pointed to opportunities in semiconductors, electronics, data centers and advanced computing alongside the state’s traditional mineral-based industries. “You will see Odisha, from mines to microchips, a new future is about to be written,” Modi said.
Resilient infrastructure vital: FM
To her address, Finance Minister Nirmala Sitharaman emphasized the strategic importance of resilient infrastructure to ensure financial stability and promote sustainable economic growth. She said the new data center will house RBI’s critical systems, including RTGS and NEFT payment rails, while the training institute will build expertise in cyber security, artificial intelligence and other emerging technologies.
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Meanwhile, RBI Governor Sanjay Malhotra thanked the Prime Minister for attending the event and highlighted the central bank’s commitment to harness emerging technologies, strengthen digital infrastructure, strengthen cyber security, develop its own technological capabilities and support the country’s aspiration to become a developed country by 2047.
