Modi Warns of 'Cyber Terrorists' in Banking

Prime Minister Narendra Modi warned of the threat of cyber terrorists to India's banking system, emphasizing the need for stronger cybersecurity measures, while inaugurating the Reserve Bank of India's new data centre and Cybersecurity Training Institute in Bhubaneswar. The new facilities, which cost Rs 169-crore, are expected to play a crucial role in addressing emerging cyber threats.

The Prime Minister stated that India's banking sector is now among the most efficient in the world, with people having access to banking services round the clock. However, he noted that the changing nature of warfare had made cybersecurity an increasingly critical concern, and that the country's economy could be weakened by attacks on its financial institutions.

Modi highlighted the importance of protecting the country's economy from cyber attacks as India grows stronger economically. He also noted that more than half of India's population remained outside the banking ecosystem until 2014, but that the sector has since become more inclusive, with small entrepreneurs, traditional artisans, street vendors, and workers in the unorganized sector benefiting from formal banking services for the first time.

The Cybersecurity Training Institute is expected to provide modern infrastructure and a skilled workforce to confront emerging cyber challenges. The Prime Minister emphasized that the nature of cyber threats is changing, and that outdated systems, old training methods, and obsolete tools are no longer sufficient to address these challenges.

## Why it matters The warning from the Prime Minister comes as India's economy continues to grow, and the country becomes increasingly dependent on digital banking services. The threat of cyber terrorists and cybercriminals poses a significant risk to the country's financial institutions, and the need for stronger cybersecurity measures is becoming increasingly urgent. The new data centre and Cybersecurity Training Institute are part of efforts to address this threat and protect the country's economy from cyber attacks.

The inauguration of the new facilities also highlights the transition of Odisha from a mineral-based economy to a micro-chip manufacturing hub. The Prime Minister noted that the state will write its future in sectors from mines to microchips, and that many doors of opportunity will be opened for the youth.