RBI Needs Fresh Thinking and Commitment To Excellence: Governor Malhotra

Mumbai, Apr 2 (KNN) The Reserve Bank of India (RBI) is committed to enhancing financial access, efficiency, and resilience in an evolving economic landscape, said Governor Sanjay Malhotra at the central bank’s 90th commemoration ceremony on Tuesday.

“We at the Reserve Bank remain fully prepared to meet all challenges and seize all opportunities,” Malhotra stated, emphasising the institution’s expanding role beyond its initial mandate.

“The RBI’s journey ahead demands continuous adaptation, fresh thinking, and unwavering commitment to excellence,” Malhotra said, reaffirming that public trust remains the institution’s greatest asset.

He highlighted the need to balance price stability, financial stability, and economic growth amid technological advancements, global uncertainties, and climate change challenges.

Malhotra pointed out that financial inclusion is a key focus area, noting that over 551 million bank accounts have been opened under various schemes.

The RBI’s Financial Inclusion Index rose to 64.2 in March 2024 from 60.1 in March 2023 and 43.4 in 2017, reflecting significant progress in access, quality, and usage of financial services.

“It will be our endeavour to optimise our regulatory frameworks by balancing financial stability and efficiency,” he added, reaffirming the RBI’s commitment to responsible regulation.

The governor underscored the importance of embracing technology and innovation to strengthen the financial sector.

The RBI aims to remain vigilant, adaptive, and forward-looking, collaborating with stakeholders, governments, and financial regulators to enhance the banking ecosystem.

As the Indian economy gears up for a crucial decade, the central bank’s focus will be on striking the right balance between regulation and growth, ensuring a robust and inclusive financial system for the future.

(KNN Bureau)