RBI supervision not meant to be intrusive or punitive: Deputy Governor Jain

Jain, whose 5-year tenure ends today, talks about the importance of technology, customer service and financial inclusion, besides the RBI's focus on governance at banks and every financial institution

It is a false perception that the Reserve Bank of India (RBI) is intrusive and micromanages banks’ affairs. The supervisory intensity is meant to ensure banks remain stable, strong, and resilient, says RBI Deputy Governor M K JAIN, whose portfolio includes supervision. 
 

In a free-wheeling interview with Tamal Bandyopadhyay, Jain, whose five-year tenure ends today, talks about the importance of technology, customer service and financial inclusion, besides the RBI’s focus on governance at banks and financial institutions, and migration to principle-based regulations. Edited excerpts:

You said in a recent speech that banks would have to transform like technology companies, continuously