J&K administration prioritised development of key sectors: Chief Secy

Srinagar, Sep 19: Reserve Bank of India (RBI) Jammu Saturday organised one-day conference on Financial Sector Initiatives and Cyber Security Awareness at Hotel Taj Dal View, Srinagar.
The conference was attended by Chief Secretary, Atal Dulloo as the chief guest and Rohit Jain, Deputy Governor, Reserve Bank of India as special guest in presence of Prabhakar Jha, Regional Director, RBI Jammu.
The event was also attended by Chandraker Bharti, Principal Secretary, Home Department; M.K. Sinha, ADGP, CID and Administrative Secretaries of Industries & Commerce Department, Housing & Urban Development Department, Planning, Development and Monitoring Department, Information Department, Revenue Department and Labour & Employment Department; Amitava Chatterjee, MD & CEO, J&K Bank; Controlling and Zonal Heads of banks operating in the UT; and other senior officers from UT government, Jammu and Kashmir Police, RBI Central Office (Mumbai), Reserve Bank Innovation HUB, NABARD, NPCI and RXIL.
In his keynote address, the Chief Secretary highlighted that the UT administration has prioritised the development of key sectors such as Tourism, Agriculture and allied activities, Hydropower and MSMEs. He stressed the need to leverage their inherent strengths and channelise credit to these sectors to expand agriculture term lending, upgrade existing SHGs into meaningful enterprises, and develop handicrafts and niche products in the UT. He added that the RBI’s Unified Lending Interface (ULI) would accelerate credit delivery and accomplish for credit delivery what UPI accomplished for retail payments.
Further, Atal Dulloo said that Trade Receivables Discounting System (TReDS) would work towards resolving the liquidity issues of MSMEs and enable their further growth. Central Bank Digital Currency (Digital Rupee) and its programmability feature would offer possibilities for targeted state subsidies for welfare schemes, he added.
Emphasising upon the continued focus of Government of India and the UT administration on reducing cyber frauds, the Chief Secretary advised all stakeholders to act collectively. Further, he encouraged all stakeholders to draw actionable road maps based on the conference for the progress of the UT.
The Deputy Governor RBI, in his special address, highlighted the role of RBI as a full-service central bank. He underscored that apart from core functions like handling Monetary Policy, Regulatory and Supervisory functions etc., RBI has developmental agenda focusing on Payment and Settlement Systems, Financial Inclusion, development of markets etc. He emphasised that Unified Lending Interface (ULI), an initiative of RBI, would help in achieving seamless and frictionless credit to diverse sectors of the economy, thus improving overall well-being.
He stated that though technology bring sufficiency but also brings about risks of cyber frauds. He apprised that RBI consistently engages with the Government authorities to overcome these challenges. Further, innovative technology-driven solutions such as MuleHunter.ai for strengthening fraud detection, card tokenisation, introduction of bank.in domain, unified calling numbers and the compensation framework for unauthorised electronic banking transactions would create a financial ecosystem which would protect customers and retain their trust in the banking sector, he added. He also stressed upon the need to scale up efforts to increase public awareness for these initiatives. He expressed the gratitude towards UT government for their active involvement in the conference.
The conference had thematic sessions on Unified Lending Interface (ULI): Present Status & Challenges (including Rollout in J&K); Digital Rupee (e Rupee) – CBDC; Brief on Mule Hunters.AI and its implementation; Supervisory approach to Digital Lending Apps; Card Tokenisation, ‘.bank.in’ domain and Unified Calling Numbers; Compensation framework for small value fraudulent Electronic Banking Transaction (EBTs); Indian Cybercrime Coordination Centre (I4C)/ State Cyber Crime Coordination Centre (S4C)&Modus Operandi of Cybercrime in UT J&K; Fraud prevention measures for UPI payments and Trade Receivables Discounting System (TReDS): Challenges in J&K.