and development of our country by ; • opening more branches, especially among our rural communities ; • installing more atms ; • providing more loans that will increase the productivity of our economy ; and • encouraging more zambian to open bank accounts through provision of easily accessible and affordable products and services. these developments, ladies and gentlemen, will greatly contribute to the expansion of economic activities, which will have a positive bearing on poverty alleviation. i am pleased to observe standard chartered ’ s commitment to growth and reinvestment. however, you will all agree with me that those who have more should do more. i therefore look forward to seeing more from standard chartered bank zambia, as it is one of the leading banks in the country. mr chairman, let me conclude by thanking you for inviting me to officiate at this important event. it ’ s now my pleasure to officially open the new branch of standard chartered bank zambia at crossroads shopping mall. thank you.

is important for banks to be vigilant against similar events and alert the appropriate authorities if necessary. another area of concern that has emerged relates to fraudsters soliciting information by directing unsuspecting customers to a website purported to be that of an authentic institution, through a link in the email. this has also happened when mails were received by members of the public that a huge amount was received in their name and held with the reserve bank of india. they were provided with a link which masqueraded as rbi website and inviting them to provide their bank account details. while rbi has cautioned the public through advertisements in the media, banks also need to be watchful. but an important question that begs an answer here is that in many of these cases money has been paid by the unsuspecting public into bank accounts from where the funds have been withdrawn. how did these accounts get opened in the first place? are banks lax in observing kyc requirements? is monitoring getting increasingly lackadaisical once the machines have taken over the work hitherto done manually? another challenge faced by the industry is handling of systems, data and processes by third party vendors, which is a necessity today, and the need to have effective control over the actions of these vendors / service providers. this is in addition to the internal threats as often computer criminals are employees of the same organization. so, while still aware of outside threats, banks have a new threat, inside violations concerning data at rest. today ’ s employees are able to easily export sensitive files and information via email, ftp or by copying data to portable media. banks have to control over where their sensitive information is, how it is used, and who obtains it. ( e. g customer data being compromised at citi account online, hyundai capital and sony ) banking industry has been conscious of the challenges to security and appreciable efforts are being made by all the stakeholders in the context, viz. governments, regulators, banks and technology providers. as you know, a working group was constituted by rbi under the chairmanship of shri. g. gopalakrishna, ed, rbi on information security, electronic banking, technology risk management and cyber frauds which provides detailed bis central bankers ’ speeches suggestions in areas relating to it governance, information security, it operations, information system audit, cyber frauds, business continuity planning, customer education and legal issues arising out of use of it. the group has given recommendations that need