Governor of the Reserve Bank of India Shaktikanta Das conducted meetings with the Managing Directors (MDs) and Chief Executive Officers (CEOs) of public sector banks as well as select private sector banks in Mumbai on Tuesday. These meetings were attended by Deputy Governors M Rajeshwar Rao and Swaminathan J, along with several senior officials from the RBI. During his opening statement, the Governor acknowledged the commendable performance of the Indian banking system despite unfavorable global developments. He emphasized the crucial importance for banks to exercise increased caution and vigilance during such times. The Governor further highlighted the significance of MDs and CEOs prioritizing the enhancement of governance within their respective banks. He urged them to focus on the three pillars of banking stability, which include compliance, risk management, and audit functions.The issues relating to strengthening of credit underwriting standards, monitoring of large exposures, implementation of External Benchmark Linked Rate (EBLR) guidelines, bolstering IT security and IT governance, improving recovery from written-off accounts, and timely and accurate sharing of information with credit information companies were discussed.
