Electronic frauds in next decade

The next decade is going to be the decade of electronic frauds, Regional Director of the Reserve Bank of India, Vijay Bhaskar said here on Saturday.

He was speaking during the valedictory programme of the UGC sponsored conference on “Indian Banking System: Challenges Ahead” organised by SDM College of Business Management.

He said that the spread of information communication technology would lead to a spurt in electronic frauds in the coming decade. He also said that another challenge that the banking sector would face in future competition would increase on a massive scale. “Competition will be the order of the day. We will not be able to sit in such a relaxed manner,” he said, adding that the Reserve Bank is in the process of issuing licenses to new banks.

Mr. Bhaskar said there would be a paradigm shift in the banking sector as the 50 per cent of people who are still not covered by banking services come under its net in the coming years. He said that the financial inclusion plan of the government would cover more rural people but it remained to bee seen whether the sector could cope with the rise. He also said that Karnataka is a model state in the implementation of the financial inclusion programme of the RBI.

Lamenting the present education system, he said that adequate debate is not generated in the universities nad colleges of the country. He urged bankers associations to take the lead in discussion issues of importance to the sector.

Director of SDM College of Business Management Devaraj K, and Chairman of Karnataka Bank Ananthakrishna were also present.