Compiled from reports by The Pioneer, Siasat and The Navhind Times. See the original articles linked below.
Prime Minister Narendra Modi said on Sunday that India's banking system needs protection from cyber threats, as he opened a new Reserve Bank of India facility in Bhubaneswar, Odisha. The Pioneer reported that the Rs 169-crore project consists of a data centre and a Cybersecurity Training Institute.
Warning on economic warfare
Press Trust of India, in a report carried by Siasat, said Modi told the audience that a country can be weakened by striking at its economy. The Pioneer wrote that he described modern wars as not being fought with weapons alone, and it quoted him calling for the banking system to be guarded against cybercriminals and "cyber terrorists".
The Navhind Times reported that Modi presented economic attacks as a form of warfare and said that as India's economy expands, its banks become a more likely target. According to Siasat's PTI account, he said India's cyber challenges require modern infrastructure, updated training and skilled personnel. The Pioneer added that he described the new institute as a way to strengthen the country's capacity to respond to emerging threats.
Banking access and political remarks
The Pioneer reported that Modi spoke about the widening of banking access, saying small entrepreneurs, artisans, street vendors and unorganised workers had gained formal banking for the first time. It quoted him as saying the past decade was about taking banking to people who had been left out, and the coming decade is about making it more efficient and reliable. The paper also said he pointed to direct benefit transfers that reach beneficiaries' accounts.
Both Siasat and the Navhind Times said Modi criticised earlier Congress governments. According to those reports, he claimed that most people were denied banking access during that period, that loans went to well-connected individuals and that this contributed to non-performing assets. They said he credited the BJP government, in office since 2014, with extending access through Jan Dhan accounts and other measures. The Navhind Times added that he linked the new facilities to development in eastern India. The Pioneer said he also outlined opportunities for Odisha in areas such as mining and microchips.
Finance minister and opposition response
Siasat reported that Finance Minister Nirmala Sitharaman described UPI as the world's largest real-time payment system and said the new RBI campus will host critical payment systems and develop expertise in cybersecurity and artificial intelligence.
Siasat also reported a response from the Odisha Congress chief, who accused the government of imposing hidden charges on poor account holders and of failing to protect people from cyber fraud.
The three outlets agree on the venue, the Rs 169-crore cost and the nature of the facility. The Pioneer's report was published on 25 October, while the Siasat and Navhind Times versions followed on 26 October. Only Siasat reported the finance minister's and the Congress leader's remarks.
Sources
- Modi warns of cyber threats to banks, says wars now target economies (The Pioneer, 2026-10-25)
- PM Modi warns of economic warfare, cyber threats to banks (Siasat, 2026-10-26)
- Need to protect banks from cyber terrorists: PM (The Navhind Times, 2026-10-26)
This article was compiled with AI assistance from the reports listed above and reviewed by GMA before publishing.