Banking sector needs to address governance gaps to meet upcoming challenges: RBI Dy Guv
Also, he said, while we collectively aspire for an efficient financial intermediation with positive spillover to the real sectors, these aspirations are set in an increasingly competitive, diverse, and interconnected world.
India's banking sector needs to address gaps in the governance frameworks and assurance functions in a bid to gear up to meet the future challenges as the country strives to become a developed nation by 2047, RBI Deputy Governor M Rajeshwar Rao said.
Addressing a conference of directors of banks organised by the Reserve Bank of India last month, he emphasised that financial institutions will need extraordinary amounts of financial resources to support growth to realise the visions for a brighter tomorrow.
"Raising these resources would not be a constraint for financial intermediaries with robust governance frameworks as they can command a governance premium. It is important in this context to gain and retain the trust of other stakeholders such as depositors and various providers of financial resources," he said.
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