RBI governor acknowledges higher resilience and strength of banking sector

The Governor, Reserve Bank of India held meetings with the MD & CEOs of Public Sector Banks and select Private Sector Banks on July 3, 2024, in Mumbai. These interactions are part of the Reserve Bank's continuous engagement with the Senior Management of its Regulated Entities. The Governor in his remarks noted the continued improvement in banks asset quality, loan provisioning, capital adequacy, and profitability. While acknowledging the higher resilience and strength of the banking sector, he highlighted the importance of further strengthening the governance standards, risk management practices and compliance culture in banks. He also emphasised the need for banks to ensure robust cybersecurity controls and effectively manage third-party risks. He urged them to step up efforts against mule accounts and also intensify customer awareness and education initiatives, among other measures, to curb digital frauds.

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