On Friday, the central bank’s Monetary Policy Committee (MPC) cut interest rates by a quarter of a percentage point, looking beyond the rupee’s 5 percentage point pullback against the US dollar.
During his meeting with bank CEOs in Mumbai on Tuesday, the governor also highlighted the growing risks of digital fraud and called for more robust intelligence-led safeguards.
The Governor met with public sector leaders and selected private sector banks in Mumbai. The meetings were also attended by Deputy Governors T Rabi Sankar, Swaminathan J, Dr. Poonam Gupta and SC Murmu, along with the executive directors responsible for supervision, regulation, enforcement, consumer education and financial inclusion.
Continuing RBI’s emphasis on customer service, Malhotra urged banks to focus on reducing complaints and strengthening internal systems.
The meetings are part of the ongoing collaboration between RBI and the entities it regulates. The last such meeting took place almost a year ago on January 27. “He (the Governor) emphasized on better customer service and urged banks to focus on reducing complaints and strengthening internal systems. He highlighted the growing risks of digital fraud and called for more robust intelligence-based safeguards,” RBI said in a statement. “He appreciated the banks’ efforts in the areas of re-KYC and unclaimed deposits and encouraged proactive outreach and sustained awareness campaigns.”
In his post policy statement last week, Malhotra had urged regulated entities to keep customers at the center of their policies and operations, improve customer service and reduce complaints, by announcing a two-month campaign from January 1. The exercise aims to resolve all complaints pending with the RBI Ombudsman for more than a month.
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