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Informist, Monday, Jan. 27, 2025

 

--RBI: Governor Malhotra met MD, CEOs of PSU, private banks on Monday 

--RBI: Governor Malhotra highlighted banks' role in fincl system resilience 

--RBI: Governor Malhotra highlighted downside risks to fincl system stability 

--RBI: Governor Malhotra told banks to up credit availability, affordability 

--RBI: Governor Malhotra told banks to continue to invest in technology 

--RBI: Governor urged banks to enhance oversight over 3rd-party svc providers 

 

MUMBAI – Reserve Bank of India Governor Sanjay Malhotra has urged banks to enhance oversight over third-party service providers, to manage cybersecurity or information technology risks, the central bank said in a press release Monday. Malhotra also said that the central bank needs to work closely with banks to enhance ease of doing business.

 

Malhotra met top officials of state-owned banks and some private banks on Monday as part of its continuous engagement with the senior management of its supervised entities. Deputy Governors M. Rajeshwar Rao, T. Rabi Sankar, and Swaminathan J., along with executive directors-in-charge of regulation and supervision were present at the meeting.

 

Malhotra highlighted the major global vulnerabilities that pose downside risks to stability in the financial system. He also flagged the rise in digital fraud and advised banks to establish strong and proactive systems in place to avoid such attempts while urging banks to continue investing in technology.

 

Malhotra, who took change as the RBI governor on Dec. 11, urged banks to ensure continued financial stability, deepen financial inclusion, and improve digital literacy. He highlighted the need for improving credit availability and affordability, as well as for strong customer service and grievance redress mechanisms.  End

 

Reported by Srijita Bose

Edited by Ashish Shirke

 

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