Governor Shaktikanta Das told heads of public and private sector banks on Tuesday that banks need to be extra vigilant due to the generally unfavorable global situation
Post Date – 08:20 PM, Tuesday – July 23rd 11th
New Delhi: Reserve Bank of India (RBI) Governor Shaktikanta Das on Tuesday told public and private sector bank chiefs that banks need to be extra vigilant due to the generally unfavorable global situation.
He sounded a cautious tone at a meeting in Mumbai with the heads of public sector banks, which was also attended by some of the heads of private sector banks. RBI deputy governors M. Rajeshwar Rao and J. Swaminathan were also in attendance, along with several senior central bank officials.
Speaking at the conference, Das pointed out that despite the unfavorable global conditions, banks are performing well, but they need to be extra careful and vigilant.
He also stressed the need for bank governors to strengthen bank governance, focusing on the three pillars of bank stability comprising the compliance, risk management and audit functions.
Issues such as strengthening credit underwriting standards, monitoring large risk exposures, implementing External Benchmark Linked Rate (EBLR) guidelines, strengthening IT security and IT governance, improving write-off account recovery, and timely and accurate information sharing with credit information companies were also discussed. .
