Chand, the bank’s managing director and chief executive, said the financial system must put substantially more resources into helping people understand finance and use digital services. His remarks focused on literacy as part of the response to rising cyber fraud.

He pointed to weaknesses on both sides of the banking relationship: within banks and among customers. That places the issue beyond customer awareness alone. The concern he outlined covers vulnerabilities at banks as well as gaps affecting the people who use their services.

Alongside the call for stronger literacy efforts, Chand highlighted investment in cybersecurity and the use of artificial intelligence in underwriting. The supplied report does not explain how these investments are being deployed or describe any specific results from them.

The report gives no spending target, implementation schedule or details of a new literacy programme. It also does not state whether Chand’s remarks will lead to particular changes at Bank of Baroda. The central message is a call for greater investment, rather than a detailed operational announcement.