Modi warns of cyber threats to banks, says wars now target economies

Prime Minister Narendra Modi on Sunday warned that modern wars were no longer fought with weapons alone, saying attacks on a country’s economy could also weaken it. He stressed the need to protect India’s banking system from cybercriminals and what he called “cyber terrorists”.

Modi was speaking after inaugurating the Reserve Bank of India’s (RBI) ₹169-crore data centre and Cybersecurity Training Institute in Bhubaneswar, Odisha.

“As India grows economically stronger, it becomes equally important to protect our banking system from cybercriminals and cyberterrorists,” he said, adding that evolving cyber threats required modern infrastructure, updated training methods and skilled personnel.

He said the new cybersecurity institution would play an important role in strengthening the country’s ability to respond to emerging threats.

The Prime Minister also highlighted the expansion of banking services, saying India’s banking sector had become more efficient and enabled people to access services around the clock.

Small entrepreneurs, traditional artisans, street vendors and workers in the unorganised sector had benefited from access to formal banking for the first time, he said.

Criticising the Congress-led governments of the past, Modi said banking facilities and loans had previously been accessible mainly to wealthy and influential people, while the poor, middle class and women faced barriers. He said the situation had changed after 2014, with banking services and debit and credit cards becoming more widely available.

Referring to direct benefit transfers, Modi recalled a former Prime Minister’s observation that only 15 paise of every rupee sent from Delhi reached the intended beneficiaries. He said the system had since changed, with funds now reaching beneficiaries’ bank accounts directly.

“The past decade was about taking banking to those deprived of it. The coming decade is about making banking more efficient and reliable,” he said.

Modi also outlined development opportunities for Odisha, saying the state could shape its future across sectors ranging from mining to microchips, creating new opportunities for young people.

He added that development should ensure balanced growth across the country and create opportunities for people in villages and small towns.