RBI Governor acknowledged that banking sector has witnessed broad-based growth

Reserve Bank of India (RBI) held its half-yearly meetings with the Managing Directors and Chief Executive Officers of Public Sector Banks and select Private Sector Banks in Mumbai yesterday. In his opening remarks, the RBI Governor acknowledged that the banking sector has witnessed broad-based growth and he urged the banks to continue to meet the needs of all segments and sections of the economy with renewed vigour and prudence. He suggested banks to leverage advanced technologies, including AI, to expand their reach, improve operational efficiency, reduce costs and enhance customer experience, while ensuring robust cybersecurity, strong internal controls and safeguards against fraud and data misuse. He also stressed the need to cultivate a passion for excellence in customer service by placing customers at the heart of banking operations. Other matters discussed included CKYCR, early detection of FICN, adoption and/or popularisation of MuleHunter, CBDC, ULI, Account Aggregator, FX Retail, Retail-Direct, etc.

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