(MENAFN- KNN India)
Mumbai, Jan 29 (KNN) In a strategic engagement with banking sector leaders, Reserve bank of India Governor Sanjay Malhotra emphasised the critical need to combat rising digital fraud threats while acknowledging the banking sector's role in strengthening domestic financial resilience.
The directive came during high-level meetings with Managing Directors and CEOs of public sector and select private sector banks held in Mumbai on January 27, 2025.
The governor's agenda focused prominently on cybersecurity concerns, with particular emphasis on enhanced oversight of third-party service providers.
Malhotra urged banking institutions to implement robust preventive systems against digital threats, highlighting the necessity for closer collaboration between the RBI and banking entities to streamline business operations while maintaining security protocols.
During his opening address, Malhotra outlined comprehensive strategic priorities for the banking sector.
These encompassed maintaining financial stability, expanding financial inclusion initiatives, enhancing digital literacy programs, improving credit accessibility and affordability, strengthening customer service mechanisms, and sustaining technological investments.
The governor also highlighted potential vulnerabilities in the global financial landscape that could pose downside risks to the domestic banking sector.
The high-level consultation, which included Deputy Governors M Rajeshwar Rao, T Rabi Sankar, and Swaminathan J, along with executive directors overseeing regulation and supervision, represents a continuation of the Reserve Bank's ongoing engagement with its supervised entities.
This meeting follows a previous consultation held on July 3, 2024, demonstrating the central bank's commitment to regular dialogue with banking sector leadership.
In response to recent market conditions, where banking system liquidity deficits reached multi-year highs, the RBI announced significant monetary measures.
The central bank has scheduled open market operations (OMOs) totaling Rs 60,000 crore, to be executed in three tranches of Rs 20,000 crore each on January 30, February 13, and February 20, demonstrating its proactive approach to managing system-wide liquidity challenges.
(KNN Bureau)
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