M K Jain

He also said that the supervisors need to examine IT issues holistically to determine whether banks have the capacity to develop robust IT systems that align with their business strategies

Outsourcing, lack of succession planning and staff skilling also areas of concern, Jain says

The central bank's deputy governor says RBI has endeavoured to find a middle ground trying to balance between the innovation brought by fintechs and the unique risk they introduce

Concerned over deposit growth lagging high credit offtake; seeks views on collection, IT infra, DBUs

Experts had pointed out that in light of these directions against one entity, recovery activities of NBFC sector could get impacted as a majority of NBFCs rely on outsourced agents for loan recovery

SFBs were advised to continue to evolve in tune with the differentiated banking licence given to them with proportionate growth in their capital base.

'There is no blanket ban on opening of current accounts', said M Rajeshwar Rao

RBI now functions with three deputy governors - B.P. Kanungo, M.K. Jain and Michael Patra

For small and marginal farmers, institutional credit at reasonable costs can act as a catalyst and convert them into vibrant commercial farmers, Jain added

He is expected to be put in charge of banking supervision, among other duties