Small Finance Banks To Prioritise Risk Management And Cybersecurity: RBI Deputy Governor

9/28/2024 2:09:46 PM

(MENAFN- KNN India) New Delhi, Sep 28 (KNN) The Reserve bank of India's Deputy Governor, Swaminathan J, on Friday urged the directors of small finance banks (SFBs) to remain vigilant and proactive in identifying emerging risks within the sector.

Speaking at a conference for the boards of SFBs, Swaminathan emphasised the critical role of governance in steering these banks towards sustainable growth while maintaining stability.

He also stressed the importance of adopting business models that are not only profitable but sustainable over the long term.

Swaminathan further underscored the need for strengthening cybersecurity measures to safeguard these institutions from rising digital threats.

In addition, he called for greater focus on financial inclusion, enhanced customer service, and efficient grievance redressal mechanisms, which are crucial for expanding the reach of banking services to underserved segments of the population.

The conference saw participation from RBI's senior leadership, including Executive Directors S C Murmu, Rohit Jain, and R L K Rao, alongside officials from the Supervision, Regulation, and Enforcement departments of the central bank.

(KNN Bureau)

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