The Hindu

Udupi, Aug 26: Union Minister of State for Labour and Employment Oscar Fernandes said on Monday that banks should take steps to prevent hacking of their data.

He was speaking a function organised for the merger of the Janatha Co-operative Bank Ltd. with Abhyudaya Co-operative Bank Ltd., Mumbai, here. Mr. Fernandes said that technology had its own advantages in the banking sector. It had resulted in the creation of ATM and credit card services, which had helped the customers in many ways. But hackers were using technology for wrong purposes, which made it incumbent on banks to be cautious. Mr. Fernandes said that banks should provide loans to people and encourage their entrepreneurial endeavours. “Banks should give importance to micro-financing and help small enterprises to grow,” he said.

Home Minister V.S. Acharya said that it was necessary to encourage small savings accounts.Interest of the depositors of Janatha Co-operative Bank Ltd would be fully protected, a release said.