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Updated Jul 30, 2021, 10:02 am IST
Stressing the need for urgent regulatory attention, Bhoi said that risks are hidden in a highly digitalised world
 Though the digital divide in India is intense, he said, the digital ecosystem in India is still weak, especially in the rural areas. — Representational Image/DC
New Delhi: Even as the government is vigorously pushing for digitisation of payment in the banking, financial services and insurance (BFSI) sector, many growing challenges on safety and security of common customers of banks need to be met. Several financial regulators, including Reserve Bank of India (RBI), should be ahead of the curve in order to ensure the safety and security of transactions, according to Barendra Kumar Bhoi, former head of the RBI’s Monetary Policy Department.

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