- PM Modi urged stronger cybersecurity, warning of economic vulnerabilities.
- He inaugurated RBI’s data center, cybersecurity training institute in Bhubaneswar.
Prime Minister Narendra Modi on Sunday stressed the need to strengthen India’s cybersecurity infrastructure, warning that cyberattacks could weaken a country’s economy. Speaking in Bhubaneswar, Odisha, he said protecting the banking system from cybercriminals and cyberterrorists had become increasingly important as India continued to grow economically.
PM Modi was speaking at the inauguration of the Reserve Bank of India’s Rs 169-crore data centre and Cybersecurity Training Institute in Bhubaneswar on October 25.
Congress-Era Phone Banking
Recalling the period before 2014, PM Modi alleged that individuals close to the Congress party could secure bank loans worth thousands of crores of rupees, while poor and middle-class families were required to provide guarantees even to open bank accounts.
#WATCH | Bhubaneswar, Odisha: PM Narendra Modi says, “Before 2014, there was once an era of phone banking, but it worked very differently. In Delhi, certain individuals close to the Congress party, could secure bank loans worth thousands of crores. Meanwhile, poor and middle-class families needed a guarantee even to open a bank account. Under the Congress party’s phone banking system, thousands of crores of rupees were made available to the wealthy at any time. This systemic failure left India’s banking sector burdened with non-performing assets (NPAs) and pushed the banking system to the brink of ruin… Today, India’s banking sector is among the most robust in the world. In the past, phone banking benefited only those with access to influential circles in Delhi. Today, thanks to digital banking, families across the country are benefiting from banking services.”
— ANI (@ANI) October 25, 2026
He said the phone banking system had enabled wealthy and influential borrowers to access large sums of money, placing the banking sector under severe strain.
PM Modi claimed that the system contributed to the accumulation of non-performing assets and pushed India’s banking sector to the brink of ruin. He contrasted this with the present system, saying digital banking had expanded access to financial services for families across the country.
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Focus On Cybersecurity
The Prime Minister also stressed the importance of protecting India’s financial infrastructure against evolving cyber threats, warning that attacks on a country’s economy could weaken it even without the use of conventional weapons.
He said India’s growing economic strength made it increasingly important to protect the banking system from cybercriminals and cyberterrorists.
PM Modi argued that emerging threats could not be tackled with outdated systems, training methods or tools. He called for modern infrastructure and skilled personnel, adding that the newly inaugurated Cybersecurity Training Institute would play a vital role in addressing these challenges.
RBI’s Rs 169-Crore Facility
The RBI’s new facility is spread across 18.55 acres at Info Valley-II in Jatni, near Bhubaneswar. Its data centre will host critical payment and settlement systems and other key initiatives, helping improve the reach, efficiency and reliability of digital financial services.
The data centre has received Tier IV certification from the Uptime Institute, a global benchmark for infrastructure resilience. The Cybersecurity Training Institute will support specialised training, research and capacity building in cybersecurity and enterprise technology, with a focus on emerging fields such as artificial intelligence and quantum computing.
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