Initiative of the year: Reserve Bank of India
By mandating a domain name for the country’s lenders, the RBI has struck a blow against cyber fraud
Digitisation has transformed all aspects of financial infrastructure – from the ways in which individuals and businesses make and receive payments, to the ways in which investment capital is allocated and the performances of individual securities are monitored in real time. But it has come with a cost: a large increase in cyber crime.
In emerging economies such as India’s, where digitisation is seen as a key tool for financial inclusion, the threats posed by cyber crime are particularly acute.
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