RBI to focus on better customer service and protection, says governor Malhotra

Mumbai: The Reserve Bank of India (RBI) will push for wider financial inclusion and enhancing customer service and protection, governor Sanjay Malhotra said on Tuesday.

“We shall strive to foster a culture of continuous improvement in customer services and strengthening customer protection,” Malhotra said at an event commemorating 90 years of the central bank.

“The next decade will be crucial in shaping the financial architecture of our economy,” he said.

RBI will endeavour to optimize its regulatory frameworks by balancing the interests of financial stability and efficiency, Malhotra added.

In January, the Economic Survey, presented in Parliament, had said that financial sector regulation must balance growth and stability. Regulation should encourage financial sector growth while ensuring stability and resilience, the survey had said a day before the Union Budget.

“As we mark this milestone, we recognize that the Reserve Bank's role has expanded significantly beyond its initial mandate,” said Malhotra, adding that today the central bank stands at the confluence of tradition and transformation.

“…where the imperatives of price stability, financial stability, and economic growth intersect with rapid technological advancements, global uncertainties, challenges of climate change and increasing public expectations,” he said.

Malhotra said that RBI’s journey ahead will demand continuous adaptation and agility, fresh thinking and innovation, collaboration and coordination, and an unwavering commitment to excellence and perfection.

“We, at the Reserve Bank, remain fully prepared to meet all challenges and seize all opportunities, to contribute proactively and vigorously to India's economic progress,” he said.

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According to Malhotra, even as RBI embraces new technologies and modern regulatory approaches, its core values - integrity, transparency, and commitment to public service - will continue to guide the institution.

“The trust that the people of India repose in the Reserve Bank is our greatest asset. We are determined to preserve it and further strengthen it in the years ahead,” he said.

Tuesday’s event was attended by President of India Droupadi Murmu, Maharashtra governor C.P. Radhakrishnan, and chief minister of Maharashtra Devendra Fadnavis among others.

Besides, former RBI executives, heads of several banks, including HSBC India chief executive Hitendra Dave, Axis Bank chief executive Amitabh Chaudhry, and Kotak Mahindra Bank founder and non-executive director Uday Kotak, attended the event.