President flags financial fraud, cyber threat risks as technology evolves

President Droupadi Murmu speaks during celebrations of the RBI’s 90th foundation day, in Mumbai, Tuesday, April 1, 2025.
| Photo Credit: PTI

President of India Droupadi Murmu on Tuesday (April 1, 2025) cautioned about the risk of financial fraud and the increasing cyber threats in an era of rapid advancement of technology. 

While speaking at the 90^th anniversary function of the RBI held in Mumbai, the President said, “This growing concern demands constant vigilance and the Reserve Bank of India (RBI) has been taking proactive measures strengthening safeguards and ensuring a secure banking environment.”

She also complimented the Central Bank for taking innovative steps to promote sustainable finance. 

“As the government leads the transition to a greener economy, the RBI has complemented this vision through measures such as the Green Deposit Framework, which directs first towards environmentally sustainable projects and the inclusion of green finance and priority sector lending to encourage banks to support eco-friendly initiatives,” the President said. 

She said over the last 90 years the RBI has closely aligned with the vision and policies of the government and this partnership has been essential in navigating complex economic transitions, implementing critical financial reforms and maintaining micro-economic stability. 

Ms. Murmu said the path ahead for India would present new complexities and challenges, yet with a steadfast commitment to stability, innovation and inclusivity. The RBI would continue to be a pillar of strength, reinforcing trust and steering India towards a future of prosperity and global leadership. 

“As the guardian of monetary and financial stability, RBI will play a defining role in this journey, ensuring a sound banking system, driving financial innovation and safeguarding trust in our financial ecosystem,” she said.

Stating that RBI has emerged as one of the most critically important institutions in the nation, she said its biggest achievement is trust. 

“The RBI earned this trust by steadfastly maintaining its mandate of price stability, growth and financial stability. Also, it has continuously adapted to meet the evolving needs of our growing nation. Its swift responses to key challenges, from economic liberalisation in the 1990s to the COVID-19 pandemic, highlights its resilience and adaptability,” she said.

“In an increasing globalising world, it has also ensured that India’s financial system remains resilient in the face of any adverse international trends. It is not obvious the RBI sees itself as more than a central bank and has played a pivotal role in financial inclusion and institutional building initiatives,” the President remarked. 

Emphasising that the RBI has played a key role in making India a global leader in digital payments by continuously modernising the country’s payment instrument infrastructure, she said it had ensured that digital transactions were not only seamless and efficient but also simple. 

She said innovations such as UPI had revolutionised financial access deepening financial inclusion. “Beyond payments, RBI has nurtured a vibrant fintech ecosystem. As India’s transaction towards an increasingly technology-driven financial ecosystem, RBI continues to strengthen its consumer protection framework, adapting to emerging challenges while upholding the trust and stability that form the bedrock of our financial system,” she said.