Complete digitisation of the banking system in Kerala
Complete digitisation of the banking system in Kerala

Kerala has became the first state in the nation to completely digitise the banking system in the state. Chief Minister Pinarayi Vijayan has announced this at a local event claiming that this achievement is only been possible by the social intervention of local institutions self-government.

During the event several other people were present including SLBC converner S Premkumar, RBI regional director Thomas Mathew, NABARD Chied general manager Gopakumaran Nair G., State Bank of India chief general manager Venkata Ramana Bayireddy.  

The work for the Kerala Fiber Optic Network (KFON) has been 90% completed with lowering the current digital divide. This project KFON is a state government initative in the state to boost the digital economy. 

Pinarayi Vijayan said at the event, "We won a silver medal for the Ksheerashree portal, a platinum award for the Digital Workforce Management System, and a gold medal for the Kottayam District Administration". Chief Minister has also praised the growth of infrastructure and the technology advancements in the banking industry.

With the rising digitisation in the banking system the concerns for the cyber attacks has risen up simultaneously in the industry. Vijayan has issued a warning to the occupants to be on the lookout for the number of growing cybercrimes which could effect the banking system as it grows. To battle the cyber threats the government has established a department the Economic Offenses Wing  under the state police.  

The project will work as a link between the government office to the networks and arranging over the 2,000 free Wi-Fi hotspots around the state.  

KFON has established the optical fiber network over a distance of 17,155 km from which the public can gain cost-effective internet access, after this projects gets completed. This project has been done under Bharat Electronics Ltd (BEL) who is responsible for the spread of 35,000 km long optical fiber network for the next seven years in the state. 

This project has been funded by the Kerala Infrastructure Investment Fund Board (KIIFB), which is estimated to be a project worth Rs 1,028.20 crore including capital expenditure, administrative overheads and annual operational expenditure of Rs 104.4 crore.

This project comes under the joint venture between Kerala State Information Technology Infrastructure Ltd (KSITIL), Kerala State Electricity board (KSEB) and the State, where the companies are holding the 49% of the share and the state is holding the 2% remaining. 

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