Add as a preferred source on GoogleIndia’s Central Bank Deputy Governor Urges Controls to Keep Pace With Growth
Swaminathan J also cited Silicon Valley Bank’s $42 billion one-day deposit outflow during the 2023 U.S. banking stress.
India’s central bank wants financial institutions to adapt their oversight as they grow and expand digital services, Reserve Bank of India Deputy Governor Swaminathan J said at a Mumbai summit on Oct. 15.
Swaminathan outlined three priorities: keep controls aligned with business growth, protect customer trust and assess resilience by how quickly firms detect problems, make decisions and recover.
His remarks covered digital onboarding, artificial intelligence tools for underwriting and services provided by outside fintech companies. He said outsourcing work does not transfer a regulated institution’s responsibility for it.
“The process may be outsourced, but the responsibility associated with the institution’s licence remains with the regulated entity,” Swaminathan said.
He also cited the $42 billion in deposits that left Silicon Valley Bank in one day during the 2023 U.S. banking stress. The outflow took place on March 9, 2023.
The address did not announce a new rule or implementation date.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.