SBI MD encourages MFIs to enhance data privacy, cyber security

State Bank of India (SBI) Managing Director Alok Kumar Choudhary on Wednesday said that there is a need to focus on micro finance institutions (MFIs). data privacy And Cyber ​​security Because they deal with a large number of customer data.

Speaking at a conference organized by Sa-Dhan, he said MFIs should also focus on capacity building to meet future challenges.

“The other thing that is very important is integration with emerging regulation, especially when you have data privacy legislation. With huge amounts of data handled by all MFIs, there is a need to pay attention to this particular aspect (data privacy) and have some kind of There is a need to implement the action plan,” he said.

He said that financial institutions need to focus on bringing ease of transactions through digital means and in the changing times, the needs of the customers have to be met as per their convenience and ease.

“For this segment of customers (at the bottom of the pyramid), we need to understand what they want and how their wishes can be easily fulfilled,” he said.

SBI has a significant credit line for MFIs as well as NBFCs that are trying to promote financial inclusion.

Talking about SBI’s participation in the government’s financial inclusion drive, Chaudhary said, the bank alone has opened 36 per cent of the total accounts opened under the PM Jan Dhan Yojana.

Over 50 crore bank accounts have been opened under PM Jan Dhan Yojana in the last nine years and deposits have increased to Rs. 2.03 lakh crore.

Regarding Atal Pension Yojana, he said, SBI has enrolled 32 percent of the total customers under this scheme.

Speaking at the event, S Raman, Chairman and Managing Director, SIDBI, said MFIs should not be complacent about their customer base as there is a lot of digital disruption happening all around.

New players will enter the financial sector and traditional players may move out if the sector does not keep pace with the times, he said.

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