DFS to review PSBs' digital security, AI preparedness amid rising fraud

The Department of Financial Services will hold a high-level meeting with Public Sector Bank heads to review their digital ecosystem, AI readiness, and measures against digital fraud, alongside financial performance, NPAs, and credit flow.

The Department of Financial Services (DFS) will convene a comprehensive review meeting of Public Sector Banks (PSBs) today, with Financial Services Secretary M. Nagaraju chairing the high-level gathering that will bring together the top brass of the country's government-owned banking institutions.

Focus on Digital Ecosystem and Fraud Prevention

In a significant signal of the government's priorities, Secretary Nagaraju will review the preparedness of PSBs digital ecosystem with a key focus on AI and digital frauds. With cybercrime targeting bank customers rising sharply, the ministry is understood to press bank heads for concrete action plans to protect depositors in an increasingly digital banking environment.

Review of Financial Performance and Asset Recovery

The meeting will cover a wide range of agenda items critical to the health of India's banking sector and the government's financial inclusion agenda. The DFS Secretary will review financial performance, asset quality of PSBs and the National Asset Reconstruction Company Limited (NARCL).

Bank chiefs are expected to present updates on non-performing assets (NPAs) and recovery progress, two parameters that the Finance Ministry has been closely monitoring.

Recovery through DRT (Debt Recovery Tribunals) and BAANKNET also featured on the agenda, reflecting the government's continued push to accelerate the The resolution of stressed assets.

Assessing Credit Flow and Financial Inclusion

The meeting will also review the credit flow to agriculture, progress on Regional Rural Banks (RRBs), and the status of the Jan Samarth Portal the government's unified platform for credit-linked subsidy schemes.

Credit flow to MSMEs and progress on financial inclusion programmes will be similarly examined, underlining the government's resolve to extend banking services to the last mile.

DFS Secretary will launch the revamped website of the Department of Financial Services steps aimed at improving public interface and transparency.

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