India Making Cashless Economy a Reality

Ravi Gupta

The Information and Communication Technology (ICT) is greatly catalysing India’s aspirations for universal financial inclusion, and transforming the way people access financial services.

If demonetisation marked a watershed moment in the digitisation process of the Indian BFSI sector, new initiatives like BharatQR code, UPI and BHIM app are likely to alter the banking and payment landscape in the country.

Our cover story ‘E-Payments Paving the Way for Digital Revolution’, in this latest issue of the magazine highlights the latest push by the Narendra Modi-government to digitally connect the BFSI sector with the masses to bring efficiency into the entire system and deliver financial services at the fingertips of the common man.

The surge in digitisation process of this proportion, however, comes with its own set of challenges. Therefore, there is a need for banks to stay abreast and develop stable digital security infrastructure in view of ever increasing self services by customers.

Our special feature — ‘Securing Online Banking Transactions in Digital India’ — underscores how privacy of customer data, a robust security infrastructure, and a strong security and privacy law hold the key to prevent phishing and piecemeal attacks on the BFSI sector.

Setting aside their apprehensions, financial services institutions are now increasingly using cloud technology to manage the flow of data. However, it entails a plethora of challenges like the issue linked to privacy as cloud technology transforms the ownership of data that traditionally belonged to the individual. It calls for a need to developing standards required both by the financial institution as well as the cloud providers.

Similarly, security concerns owing to systemic bot attacks, viruses that change and mutate to create chaos within operating devices, thus posing identity threats, also need to be addressed with utmost urgency.

In order to raise these issues that are crucial for digital transformation of India to be effective, the Banking & Finance Post organised a Data Centre & Cloud Summit in Mumbai, on March 2. The latest issue carries a conference report of the summit that served as a huge platform for industry leaders from the BFSI domain to deliberate and discuss in length the key concerns of the sector and provide a way forward.

We hope our bouquet of interviews with industry leaders in this issue will bring more value to our readers in terms of raising their awareness on the key developments affecting the BFSI sector and help them scale new heights.

Looking forward to our readers’ invaluable feedback.

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