“We have issued revised guidelines on supervision and operations of financial institutions. These will include the use of advanced data analytics. Along with digital payment security regulatory guidelines, a comprehensive cyber security framework for banks has been formulated to strengthen cyber defences.
Banking is a sector that has a significant impact on maintaining the financial stability of all countries. Current developments in the US are a reminder of the importance of ensuring prudent asset liability management, robust risk management and sustainable growth in liabilities and assets. It also indicates the need to be cautious in the future.
In the banking sector, the Reserve Bank has taken necessary steps. Regulation and supervision of the financial sector and regulated entities has been strengthened. Other matters include implementation of leverage ratio (June 2019), large exposure framework (June 2019), guidelines on governance in commercial banks (April 2021), guidelines on securitization of standardized assets (September 2021). Regulatory (SBR) Framework for NBFCs (October 2021), Revised Regulatory Framework for Microfinance (April 2022), Revised Regulatory Framework for Urban Cooperative Banks (UCBs) (July 2022), Guidelines on Digital Lending (September 22), were also implemented.
Under India’s G20 presidency, it is time for the country to re-emerge as the world’s fastest growing major economy. “There is growing international confidence in India’s ability to contribute positively to rebuilding the global economic order,” he said.
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