RBI holds conference on Financial Sector Initiatives, Cyber Security Awareness at Srinagar
Srinagar, | Sept: 19: Reserve Bank of India (RBI) Jammu today organised one-day conference on Financial Sector Initiatives and Cyber Security Awareness at Hotel Taj Dal View, Srinagar.
The conference was attended by Chief Secretary, Atal Dulloo as the chief guest and Rohit Jain, Deputy Governor, Reserve Bank of India as special guest in presence of Prabhakar Jha, Regional Director, RBI Jammu.
The event was also attended by Chandraker Bharti, Principal Secretary, Home Department; M.K. Sinha, ADGP, CID and Administrative Secretaries of Industries & Commerce Department, Housing & Urban Development Department, Planning, Development and Monitoring Department, Information Department, Revenue Department and Labour & Employment Department; Amitava Chatterjee, MD & CEO, J&K Bank; Controlling and Zonal Heads of banks operating in the UT; and other senior officers from UT government, Jammu and Kashmir Police, RBI Central Office (Mumbai), Reserve Bank Innovation HUB, NABARD, NPCI and RXIL.
In his keynote address, the Chief Secretary emphasized the administration’s commitment to developing critical sectors such as Tourism, Agriculture, Hydropower, and MSMEs. He highlighted the importance of leveraging the region’s strengths and facilitating credit access to enhance agricultural lending, transform self-help groups into viable enterprises, and promote handicrafts. The introduction of the RBI’s Unified Lending Interface (ULI) was noted as a significant advancement in credit delivery, akin to the impact of UPI on retail payments. Additionally, he mentioned the Trade Receivables Discounting System (TReDS) as a solution to liquidity challenges faced by MSMEs, and discussed the potential of Central Bank Digital Currency (Digital Rupee) for targeted welfare subsidies. The Deputy Governor of the RBI, in his address, outlined the central bank’s multifaceted role, which extends beyond traditional monetary policy and regulatory functions to include a developmental agenda focused on payment systems and financial inclusion. He reiterated the significance of ULI in facilitating seamless credit access across various economic sectors. While acknowledging the benefits of technology, he also warned of the associated risks of cyber fraud, emphasizing the RBI’s ongoing collaboration with government authorities to address these issues. He introduced innovative solutions aimed at enhancing fraud detection and customer protection, such as MuleHunter.ai and card tokenization, and stressed the necessity of increasing public awareness regarding these initiatives. The conference featured thematic sessions addressing various topics, including the current status and challenges of ULI, the Digital Rupee, and measures for fraud prevention in electronic banking transactions.
