EXCLUSIVE: What is RBI doing to control cyber fraud? Shaktikanta Das answered

New Delhi:

Governor of the Reserve Bank of India(RBI) Shaktikanta Das by NDTV Had an exclusive conversation with Editor-in-Chief Sanjay Pugalia. During this, he said that reserve Bank An awareness campaign is being run regarding cyber fraud. With technology, dangers have also emerged, however, compared to two years ago, now people have become more aware of such cyber fraud.

RBI Governor Shaktikanta Das said, “Cyber ​​attack is a risk that is increasing with the development of technology. We have worked on creating awareness about cyber risks for customers. We are also creating a public repository for digital lending apps.”

He said that to prevent cyber fraud, RBI is soon launching a website to identify fake and real frauds. The RBI Governor said that cyber crime is a threat to economic stability and national security.

Shaktikanta Das said, “We are in regular touch with banks and NBFCs regarding cyber security, constantly working with them to improve the quality of this security. When Covid started, one of the first measures was to issue clear advice. This was the time when we could expect maximum attacks on IT systems.”

He said that we have released an agenda for RBI in 100 years. Its driving principle is to keep RBI ready for the future. Everything here is a team effort. I want to congratulate the entire team of RBI, and also congratulate all the regulated entities, who have performed very well.

The RBI Governor said, “Serious fintech players understand RBI’s regulatory approach very well. We have had very good bilateral engagement with fintech players and associations. Our fintech department holds regular meetings individually and as a group. Last year, we announced a Fintech SRO, which will act as an interface between the RBI and fintech players.”

He said that RBI’s focus is mainly on ensuring the financial and monetary stability of the country. We are a non-profit organization, so we transfer the surplus to the government every year.

Shaktikanta Das said, “AI and other modern methods are being used to speed up supervision. Through various analytics tools, we are analysing many problems faced by the sector, but this is a continuous process and should be constantly reevaluated.”

The RBI Governor said, “RBI’s action against some institutions is not a punishment, it is a corrective measure. We do on-site and off-site monitoring of the institutions we regulate. Supervision has been developed and it has been used to the best extent. We are keeping an eye on it.”

He said that whenever we find any deficiency, we alert the organizations and ask for a clear roadmap. We expect that in the interest of consumers, they should take action after giving time to the organizations to resolve the issues.

Shaktikanta Das said, “Young Indians are aspirational and there is nothing wrong in it, it is a natural process and in fact a positive development. Our advice to banks is that you should monitor this change carefully. This is not an issue at the moment, but in the future, it may lead to structural liquidity problems.”