RBI Chief Calls for Stronger Measures Against Digital Frauds

RBI Governor Sanjay Malhotra urged banks to strengthen measures against increasing digital frauds, highlighting the need for better oversight of third-party service providers. During a meeting with top banking officials, Malhotra emphasized enhancing financial stability, digital literacy, and technology investment.

RBI Governor Sanjay Malhotra has raised alarms over the rising tide of digital frauds, urging banks to implement robust and proactive strategies to curb these financial misgivings. The call for heightened vigilance comes amidst concerns over the oversight of third-party service providers, which are integral to banking operations.

During a high-profile meeting attended by RBI's deputies and leading executives of public and private sector banks, Malhotra stressed the importance of bolstering financial systems to prevent fraud and protect consumers. He underscored the necessity of collaboration between the RBI and banking institutions to ease business operations and ensure financial stability.

The RBI's focus on digital literacy and technology investment was evident in Malhotra's appeal for continued advancement in these areas. By improving customer service and credit availability, the central bank aims to enhance financial inclusion while addressing global vulnerabilities that could impact the domestic financial landscape.

(With inputs from agencies.)