Murmu praises RBI’s role in banking security

President Droupadi Murmu on Tuesday said technological advancements were increasing the risks of financial frauds and underlined the need for an “enduring partnership” between the Central bank and the government for maintaining macroeconomic stability.

Speaking at the closing ceremony of the commemoration of the 90th year of the Reserve Bank of India, Murmu lauded the RBI for taking proactive measures to strengthen and safeguard a secure banking environment.

“With the rapid advancement of technology, the risk of financial fraud and cyber threats is also increasing,” she said, adding that this is a growing concern which demands constant vigil.

The President said the RBI’s “remarkable journey” of the last 90 years has been closely aligned with the vision and policies of the government.

“This enduring partnership has been essential in navigating complex economic transitions, implementing critical financial reforms, and maintaining macroeconomic stability,” she added.

The biggest achievement for RBI over its 90-year existence has been earning the trust of the people, the President said, adding that people “instinctively place” their utmost faith in the financial system overseen by the central bank.