New Delhi, Feb. 7 -- Amid surge in digital frauds, the Reserve Bank of India (RBI) has asked banks and other Non-banking Financial Corporations (NBFCs) to continuously improve preventive and detective controls to mitigate cyber risks. "The rapid digitalisation of financial services has brought convenience and efficiency but has also increased exposure to cyber threats and digital risks, which are getting sophisticated day by day. The surge in digital frauds is a matter of concern, warranting action by all stakeholders," RBI Governor Sanjay Malhotra said in his maiden monetary policy statement. The Reserve Bank has been taking various measures to enhance digital security in the banking and payments system. Introduction of Additional Factor o...