Shaktikanta Das, the governor of the RBI, has pushed banks to improve their compliance, risk management, and governance procedures. Meetings with the MDs and CEOs of a few public and private sector banks resulted in this call to action.
RBI Chief Shaktikanta Das Urges Stronger Bank
During his introductory speech, Das mentioned that banks had improved their capital adequacy, asset quality, loan provisioning, and profitability significantly. Even while the financial industry has demonstrated greater resilience, he stressed, improved governance and risk management procedures are still required.
Several important topics were discussed, including:
- The difference in the increase of deposits and credit
- Concerns with asset-liability management (ALM) and liquidity risk management
- Patterns in retail unsecured lending
Das also emphasized the significance of strong cybersecurity defenses and efficient third-party risk management. In order to reduce digital fraud, he asked banks to step up their efforts against “mule accounts” and raise client awareness.
Other subjects covered were: RBI Chief Shaktikanta Das Urges Stronger Bank
- Increasing the usage of the Indian Rupee for cross-border transactions; –
- Strengthening assurance functions; –
- Credit flows to MSMEs
- The involvement of banks in the innovation activities of the RBI
Executive directors in charge of oversight and regulation, as well as RBI Deputy Governors M Rajeshwar Rao and Swaminathan J, were present at the meetings.
The previous meeting between the RBI and top bank management took place on February 14, 2024, and these discussions are a continuation of that relationship.
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