Punjab & Sind Bank is boosting cybersecurity as per PM Modi's call. CEO Swarup Kumar Saha said the bank is using AI for fraud management and has launched a Neo Banking Pod for faster, more convenient customer onboarding.
Punjab & Sind Bank is strengthening its cybersecurity and data-protection measures in line with Prime Minister Narendra Modi's call for stronger safeguards in India's rapidly expanding fintech ecosystem, the bank's Managing Director and Chief Executive Officer Swarup Kumar Saha said on Wednesday.
Aligning with Government on Cybersecurity
Speaking to ANI on the sidelines of the Global Fintech Fest 2026 in Mumbai, Saha said public sector banks were aligned with the government's push to strengthen cybersecurity and protect customer data. “These are very, very important guidance that the honourable prime minister has given. I think we are all working on this. And every bank is strengthening its own measures on cybersecurity, data privacy etc. And we are on the same page with the government,” Saha said.
He said Punjab & Sind Bank has already designated a data protection officer and is working on measures aimed at preparing the bank for emerging technology-related risks. “The bank will take all these necessary measures to protect the customers' data. And in overall, the cyber ecosystem should be strengthened,” he said.
Prime Minister Narendra Modi had on Tuesday called on India's fintech industry to strengthen cybersecurity, adopt ethical data-protection standards, deepen regulator-industry innovation and develop a Fintech Consumer Protection Index for transparent company ratings. Addressing the Global Fintech Fest 2026, Modi said the financial technology industry should set clear priorities as emerging technologies such as Agentic AI, tokenisation and quantum computing open new possibilities in the financial sector. “First, we have to make cybersecurity in India top-notch. Second, our industry should have its own ethical data-protection standards. Third, we have to build a strong fintech regulator-industry innovation ecosystem. And fourth, we should have a Fintech Consumer Protection Index, on the basis of which every company can be rated transparently,” Modi had said.
Embracing Artificial Intelligence
Saha said Punjab & Sind Bank is also expanding the use of artificial intelligence across different areas, including customer acquisition, employee training, collections and fraud-risk management. “AI is used for training programs of staff members. AI is used for Improving collections within the bank. AI used for fraud risk management, a great enabler for that. So there are multiple segments in which we are working on,” he said.
The bank has also created a dedicated AI innovation hub and formulated an AI policy, Saha said, adding that AI systems need to be customised according to the requirements of individual organisations.
Innovating with Neo Banking Pod
At the event, Punjab & Sind Bank also showcased a Neo Banking Pod aimed at making customer onboarding faster and more convenient.
Saha said the system allows a potential new customer to complete the account-opening process through a voice-interactive interface instead of approaching a bank official.
The system supports multiple languages and also has provisions for persons with physical disabilities.
“I understand that the entire process can be completed in eight minutes, including printing of a passbook and also generating our own customized debit card for the customer with our own name printed on it,” he said.
Neo Banking Pod which was launched today is made by KiyaAI for Punjab and Sind Bank. It is aligned with the RBI Digital Banking Unit (DBU) guidelines.
The KiyaAI Neo Banking Pod is designed to sit inside a branch, hub or DBU footprint and answer that framework across each of its main heads.
The Pod provides bilingual self-service kiosks and a mobile-plus-web experience for walk-in customers, while the branch RM cockpit gives an assisted mode for those who prefer human handholding, both drawing on the same customer 360 view.
Strategic Focus on Growth and Younger Customers
Saha said such innovations could help public sector banks attract younger customers, particularly Gen Z, as banking services become increasingly digital.
He also said public sector banks have been discussing ways to attract customers between the ages of 16 and 29 as part of their broader strategy aligned with the Viksit Bharat 2047 goals.
“A big way public sector banks will be creating a campaign, how to attract new customers in the banking system, public sector banks, between the age of 16 to 29 years of age,” Saha said.
Other areas discussed by public sector banks include agriculture financing, credit card business, global capability centres, digital capital raising and deposit mobilisation, he added. (ANI)
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)