RBI Governor Sanjay Malhotra’s banks to take action to stop digital fraud

Digital Fraud: Amid the increasing incidence of digital fraud, Sanjay Malhotra, Governor of the Reserve Bank of India (RBI), has asked banks to curb them. The RBI Governor has also urged banks to increase the monitoring of third-party service-providers to reduce the risks with strong and active systems for this.

After taking over as RBI Governor, Sanjay Malhotra has a meeting with CMD and Chief Executive Officers (CEOs) of public and private sector banks in which he has said or said. During this, RBI Deputy Governor- M Rajeshwar Rao, T Rabi Shankar and Swaminathan J were also present. Executive Director in charge of Regulation and Supervision of the Reserve Bank of India also attended the meeting.

The RBI Governor expressed concern over the increase in digital fraud and has advised banks to establish a strong and active system to thwart such efforts. RBI issued a press release stating that, while discussing the management of information related to information technology and cyber security, Sanjay Malhotra urged banks to increase the monitoring of third party service providers, so that the risks arising from them Can be reduced In the meeting, the need to work together with RBI and banks was emphasized and suggestions were sought from banks to increase business ease.

Sanjay Malhotra said to ensure continuous financial stability from banks, expand financial inclusion, improve digital literacy, increase the availability and strength, strengthen customer service and grievance redressal mechanisms and continue investing in technology Where are you In addition, the RBI chief accepted the important role played by banks in making the domestic financial system combative and highlighted some of the main weaknesses present at the global level that can pose a negative risk.

The meeting was a part of the central bank’s constant contact with the senior management of its supervised institutions. Such a previous meeting was held on July 3, 2024.