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The Governor of the Reserve Bank of India (RBI) held meetings with the Managing Directors and Chief Executive Officers of Public Sector Banks and select Private Sector Banks today in Mumbai. The interactions form part of RBI’s ongoing engagement with the senior management of its supervised entities. Deputy Governors Shri M. Rajeshwar Rao, Shri T. Rabi Sankar, and Shri Swaminathan J., along with Executive Directors-in-Charge of Regulation and Supervision, also attended. The previous meeting was held on July 3, 2024.
In his opening remarks, the Governor acknowledged the critical role of banks in maintaining the resilience of India’s financial system, while cautioning against global vulnerabilities that could pose downside risks. He emphasized the importance of financial stability, deepening financial inclusion, improving digital literacy, and enhancing credit availability and affordability.
A key focus of the discussion was digital banking risks. The Governor flagged the rise in digital frauds and urged banks to implement robust and proactive systems to prevent cyber threats. He also highlighted the need for enhanced IT risk management and cybersecurity, particularly in overseeing third-party service providers, to mitigate associated risks.
The Governor further stressed collaboration between the RBI and banks to enhance operational efficiency and sought suggestions on improving the ease of doing business in the banking sector.
[RBI]