RBI Conference on Financial Sector Initiatives, Cyber Security Held in Srinagar , Chief Secretary Calls for Greater Credit Flow to Priority Sectors, Highlights ULI and TReDS
SRINAGAR, SEPTEMBER 19: The Reserve Bank of India (RBI), Jammu, organised a one-day conference on Financial Sector Initiatives and Cyber Security Awareness at Hotel Taj Dal View here on Saturday.
Chief Secretary Atal Dulloo attended the conference as the chief guest, while RBI Deputy Governor Rohit Jain was the special guest. RBI Jammu Regional Director Prabhakar Jha was also present.
The conference brought together senior officials from the Jammu and Kashmir administration, police, banking and financial sectors, including Principal Secretary, Home Department, Chandraker Bharti; ADGP CID M.K. Sinha; Administrative Secretaries of various departments; J&K Bank MD and CEO Amitava Chatterjee; controlling and zonal heads of banks operating in the Union Territory; and representatives of RBI Central Office, Reserve Bank Innovation Hub, NABARD, NPCI and RXIL.
In his keynote address, Atal Dulloo said the UT administration has accorded priority to sectors including tourism, agriculture and allied activities, hydropower and MSMEs. He called for greater channelisation of institutional credit towards these sectors to strengthen agriculture term lending, facilitate the transformation of SHGs into viable enterprises and promote handicrafts and niche products.
The Chief Secretary highlighted the potential of RBI's Unified Lending Interface (ULI) in streamlining credit delivery, saying the initiative could bring about a transformation in lending similar to the role played by UPI in retail payments.
He also highlighted the role of the Trade Receivables Discounting System (TReDS) in addressing liquidity constraints faced by MSMEs and supporting their expansion. He said the Central Bank Digital Currency (Digital Rupee), including its programmability feature, could provide opportunities for targeted delivery of subsidies under welfare schemes.
On cyber security, Dulloo stressed the need for coordinated efforts by all stakeholders to prevent and reduce cyber fraud. He called for the development of actionable roadmaps based on the deliberations of the conference to strengthen the financial ecosystem in Jammu and Kashmir.
RBI Deputy Governor Highlights Technology, Cyber Security Measures
RBI Deputy Governor Rohit Jain, in his special address, outlined the central bank's role beyond monetary policy, regulation and supervision, highlighting its developmental responsibilities in areas such as payment and settlement systems, financial inclusion and market development.
He said the ULI initiative was aimed at facilitating seamless and frictionless access to credit for different sectors of the economy.
Jain also underlined the emerging cyber risks accompanying technological advancement and said the RBI was working with government authorities to address such challenges. He highlighted technology-driven measures including MuleHunter.ai for fraud detection, card tokenisation, the introduction of the bank.in domain, unified calling numbers and the compensation framework for unauthorised electronic banking transactions.
He emphasised the need to further strengthen public awareness about these initiatives to protect customers and maintain confidence in the banking system. He also appreciated the UT administration's participation in the conference.
The conference featured thematic sessions on ULI and its rollout in J&K, Digital Rupee (e₹), MuleHunter.ai, supervision of digital lending applications, card tokenisation, the bank.in domain and unified calling numbers, compensation mechanisms for small-value fraudulent electronic banking transactions, cybercrime trends and modus operandi in J&K, fraud prevention measures for UPI payments, and TReDS and its challenges in the Union Territory. ANB
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