Informist, Friday, Sep 27, 2024

NEW DELHI – Reserve Bank of India Deputy Governor Swaminathan J. today exhorted small finance banks to be "vigilant and proactive" in identifying and mitigating emerging risks, the central bank said in a release. At a conference in Bengaluru for directors on the boards of small finance banks, Swaminathan underscored the importance of sustainable business models.

He also highlighted the significant role of governance in guiding small finance banks towards sustainable growth with stability, the central bank said. "He emphasised the need for strengthening cybersecurity to safeguard against digital threats, and urged a stronger focus on financial inclusion, customer service and grievance redressal to ensure a broader reach of banking services," the RBI said in the release.

The conference was part of a series of supervisory engagements that the central bank has been organising with the directors of supervised entities. The central bank held a similar conference for the directors on the boards of public sector banks and private sector banks in May 2023 and for urban co-operative banks in August 2023 and June this year.

RBI Executive Directors S.C. Murmu, Rohit Jain, and R.L.K. Rao, along with other senior officials of the central bank were also present at the conference. End

Reported by Shubham Rana

Edited by Tanima Banerjee

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