Reserve Bank of India (RBI) Governor Sanjay Malhotra has said that while digitalisation has greatly enhanced efficiency, access and innovation in financial services, it has also changed the nature, speed and transmission of risks.
According to a press release issued by the RBI today, the Governor said this while inaugurating the third Annual Global Conference of the College of Supervisors in Mumbai on Friday.
Addressing the event, the RBI Governor stressed that regulation and supervision must be adaptive, vigilant, ecosystem-aware and outcome-oriented.
He emphasised the need to improve the quality, availability and use of data and to leverage technology for better supervisory analytics to strengthen oversight while ensuring fairness and preserving customer trust.
The conference, organised by the Reserve Bank of India, was also addressed by Deputy Governors Swaminathan J and S C Murmu and featured panel discussions on technology and trust, international banking regulation and open banking.
