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in many of these cases money has been paid by the unsuspecting public into bank accounts from where the funds have been withdrawn.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

to 2022 - 23 ), followed by fixed investment and government consumption. during the post - pandemic recovery, private consumption contributed an average of 66. 0 per cent to gdp growth during 2021 - 22 and 2022 - 23. 3 at the same time, structural reforms related to banking, digitalisation, taxation, manufacturing, etc., have laid the foundation for a strong and sustainable growth over the medium and long term. 11. on the supply side, while the agricultural and the industrial sectors are maintaining their underlying momentum with renewed focus on manufacturing, a major part of the india ’ s growth is coming from the services sector which again largely depends on domestic demand. with crucial transformations underway, india ’ s services sector is expected to lift its future trajectory of growth with a major impetus coming from rapid digitalisation of the economy, which could be a game - changer for economic development. the external demand for india ’ s services is also 3 in other comparable large emerging markets ( ems ), the contribution of private consumption to growth was lower, e. g. 60. 0 per cent in china, 40. 0 per cent in brazil, and 31. 0 per cent in indonesia during 2021. increasingly gaining significance with services exports growing rapidly on the back of rising competitiveness in niche areas. india ’ s services exports are diversifying from information technology ( it ) related services to other professional services such as business development, research and development, professional management, accountancy and legal services. domestic services are also undergoing a steady shift from low - skill consumer - oriented services towards more technology - enabled business services. the newly emerging start - ups are largely concentrated in the services sector. capitalising on india ’ s impressive public digital infrastructure 4, many of these start - ups function as service providers for other businesses by offering services ranging from facilitating digitization and improving access to credit. managing inflation 12. as in the case of growth, there are some nuances in india ’ s experience in managing inflation vis - a - vis other countries. the nature of inflation shocks throughout much of 2020 and 2021 in india were largely supply side shocks, coming from covid - 19 lockdowns and adverse weather events. as lockdowns were withdrawn and the impact of weather disturbances waned, forces of inflation correction began to operate. the monetary and fiscal support provided during the pandemic were measured and targeted. consequently, demand - led inflation pressures in india were much less compared to several other economies. the monetary policy