Drawing attention towards rising digital frauds, the Reserve bank of India (RBI) Governor Sanjay Malhotra has asked banks to establish robust and proactive systems for addressing and preventing rising digital frauds and misdoing.
Additionally, he also asked banks to improve supervision on third-party service providers, for mitigation of the risks arise from them, emphasizing cyber security and IT risk management. While highlighting some of the main vulnerabilities present globally that can pose downside risks, Malhotra acknowledged the significant role played by the banks in building strong financial system.
The RBI governor also asked the banks to ensure continued financial stability, deepen financial inclusion, improve digital literacy, enhance availability and affordability of credit, strengthen customer service and grievance redress mechanism, and continue to invest in technology. Besides, RBI Governor highlighted the need for RBI and banks to work together closely while seeking suggestions from banks for improving ease of doing business.
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