RBI Deputy Governor Swaminathan J emphasized that despite rapid digitalisation, customers still expect fairness, transparency and quick solutions | Photo credit:
Swaminathan drew extensively on the “Gentleman’s game”, in the presence of cricket legend VVS Laxman, and said, “In T20 cricket, it is tempting to go for big shots every ball. In Test cricket, patience, discipline and respect for match conditions are more important. Our financial system needs to combine both mindsets.”
Governance at its core
Building on “six deliveries” in his speech “Reading the Pitch: Banking Strategies for a Long Innings”, an annual banking event organized by Standard Chartered Bank, the Deputy Governor emphasized that risk management and governance cannot be a back-office function. They are central to the strategy.
“Senior management and boards need to ask themselves not only, ‘What is our return on capital,’ but also, ‘What risk culture are we building?’” he said.
Swaminathan noted that technology has given financial intermediaries powerful tools to reach customers, simplify processes and make payments and credit easier.
Honest, simple service
But customers’ basic expectations remain very human: they want to be treated fairly.
“Customers want products that suit their needs and are explained in simple terms. They want transparency in prices and terms. And when something goes wrong, they want someone to listen to them and solve their problem quickly.
“In a digital, fast-paced world, the test of customer service isn’t just ‘Did we respond?’ but ‘Have we actually resolved the problem fairly and quickly?’” he said.
Balanced partnerships
The Deputy Governor suggested that partnerships between banks and fintechs could be structured combining the strengths of each safely and sustainably.
“In cricket terms, it is like a good batting partnership where both players complement each other, respect the match conditions and run between the wickets with mutual understanding,” he said.
Stronger digital security
Swaminathan underlined that cyber fraud and digital scams have increased and can cause real hardship for ordinary customers.
“From the customer’s perspective, it’s not about who is legally liable according to the fine print. What matters is whether they feel their bank has stood by them in a moment of stress. In the long run, that perception has more impact on trust than any advertising campaign,” he said.
According to the deputy governor, handling data responsibly is essential. Customers must be able to trust that their data is used carefully, that privacy is respected and that there is no misuse or unauthorized sharing.
Both banks and supervisors may increasingly use advanced analyses, but these tools should support human judgment and not replace it.
Swaminathan warned that banks cannot simply rely on guarantees from service providers. They must understand the technology, the control environment and the concentration risk that arises because many institutions are dependent on the same provider.
“The question is not whether an incident will ever happen. The question is how quickly and effectively the facility can detect, contain and recover from it,” he said.
Swaminathan emphasized that RBI as a regulator sees banks as partners.
Referee-like supervision
“Our role is similar to that of the referee: we set and interpret the rules, monitor the game and occasionally call a no-ball or wide when necessary, so that the game remains fair and safe.
“The onus is on you to score runs by serving customers well, managing risk wisely and supporting growth,” he said.
Published on December 1, 2025
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