Connect with us

Hi, what are you looking for?

Digital Transformation

RBI will enable accommodating new disruptive innovations: Das

Banking beyond tomorrow would necessitate significant investment in technology and organisational capability

Due careshould be taken to protect the stakeholders from digital frauds, data breaches and cybercrimes. At the end of the day, banking is a service, and enhanced customer protection and experience should be given the primacy it deserves, aid Shaktikanta Das, Governor, Reserve Bank of India on Friday. He was speaking at the Bank of Baroda’s annual banking conference, with ‘Banking Beyond Tomorrow’ as the theme.

From the regulator’s perspective, the Reserve Bank is fully committed to building an enabling environment for accommodating the new disruptive innovations in a sustainable manner, while preserving financial stability. History suggests that when technology, market participants and regulators join hands, revolutionary innovation and growth would follow. I hope our banks of tomorrow make it come true, Das added.

“Going beyond regulatory prescriptions in terms of capital, liquidity and provisioning norms, and even exceeding them, would be a sign of good governance and robust risk management. This will future-proof the banks and enable them to fall back on their own balance sheet during situations of stress. While shareholders’ interest is important in the business of banking, even more important is the interest of depositors. The presence of the human touch in traditional branch banking would still be relevant for customers in many respects,” Das added.

Das added: ‘To stay relevant, banks would need to embrace newer and tested technologies for effective and timely business decision-making, understanding the needs of their customers and delivering personalised services to them. Banking beyond tomorrow would necessitate significant investment in technology and organisational capability. Unlike other developed countries, India has embraced a hybrid model where both the regulator and the market have collaborated for the development of open banking. Simplifying disclosures and access to information and innovative deployment of tools such as chatbots to help customers navigate through the websites and mobile applications will greatly enhance the banking experience. The analysis of social media use has the potential to help banks in reviewing their strategies in terms

of customer segmentation, customer acquisition and furthering financial inclusion plans.”

“Indian rupee is holding up well relative to both advanced and EME peers, because our underlying fundamentals are strong, resilient and intact, the RBI Governor said.

PR Newswire


Copyright © Glocal Infomart Pvt Ltd. All rights reserved. Usage of content from website is subject to Terms and Conditions.