Flagging the rising digital frauds, RBI Governor Sanjay Malhotra on Monday urged banks to place in place strong and proactive techniques to curb such misdoings in addition to improve their oversight of third-party service suppliers to mitigate the dangers.
Mr. Malhotra alongside along with his deputies — M Rajeshwar Rao, T Rabi Sankar and Swaminathan J — met MDs and CEOs of private and non-private sector banks right here on Monday.
The assembly was additionally attended by Reserve Financial institution of India’s Govt Administrators-in-Cost of Regulation and Supervision.
In his remarks, the RBI chief expressed concern over rise in digital frauds and suggested banks to determine strong and proactive techniques to thwart such makes an attempt.
Whereas dwelling upon IT threat administration and cyber safety, the governor urged banks to have enhanced oversight over third-party service suppliers for mitigation of the dangers emanating from them, RBI mentioned in a launch.
“The necessity for RBI and banks to work collectively carefully was emphasised and strategies had been sought from the banks on enhancing the benefit of doing enterprise,” it added.
Additionally, Mr. Malhotra requested the banks to make sure continued monetary stability, deepen monetary inclusion, enhance digital literacy, improve availability and affordability of credit score, strengthen customer support and grievance redress mechanism, and proceed to put money into know-how.
Additional, the RBI chief acknowledged the essential function performed by the banks in constructing resilience of the home monetary system whereas highlighting among the most important vulnerabilities current globally that may pose draw back dangers.
The assembly on Monday was a part of the central financial institution’s steady engagement with the senior administration of its supervised entities. The earlier such assembly was held on July 3, 2024.
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