Digital fraud Amid the increasing incidents of Reserve Bank of India (RBI) Governor Sanjay Malhotra on Monday directed to increase the monitoring of third party service provider to reduce risks with banks to curb them with strong systems to rein in them. . Malhotra said this in a meeting with managing directors of government and private sector banks and Chief Executive Officers (CEO) here. 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.
Suggestions sought on increasing business ease
The RBI Governor expressed concern over the increase in digital fraud and advised banks to establish a strong and active system to thwart such efforts. According to an RBI release, Malhotra, while discussing the management of information related to information technology and cyber security, urged banks to increase the monitoring of third party service providers to reduce the risks arising from them. In the meeting, the need to work together with RBI and banks was emphasized and suggestions were sought from banks to increase business ease. Along with this, Malhotra said to ensure continuous financial stability from banks, expand financial inclusion, improve digital literacy, increase the availability of debt and strength, strengthen the customer service and grievances and continue investing in technology Said.
The last meeting was held on July 3, 2024
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 negative risk. The meeting was a part of the central bank’s continuous contact with the senior management of its supervised institutions. Such a previous meeting was held on July 3, 2024.
Credit cards more than doubled in 5 years
A report by the Reserve Bank of India (RBI) states that in the last five years from December 2019, the number of credit cards has been more than doubled to about 10.80 crores. During this time the number of debit cards has been relatively stable. The report released on Monday said that in the end of December 2024, the number of credit cards increased to about 10.80 crores more than doubled compared to December 2019.
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