India, Jan. 28 -- Reserve Bank of India (RBI) governor Sanjay Malhotra has advised banks to establish robust and proactive systems to curb rising digital frauds in the country.

The RBI governor also urged the financial institutions to enhance oversight over their third-party service providers for mitigation of the risks related to information technology (IT) and cyber security. He also called on the banks to continue investing in technology and improve digital literacy.

The governor made the comments during a meeting with the top executives of both public and private sector banks on January 27 in Mumbai. Besides Malhotra, deputy governors Rajeshwar Rao, T Rabi Sankar and Swaminathan Janakiraman also attended the meeting.

"These interac...