Banks were asked to be extra careful and vigilant in view of the adverse global developments

The Governor of the Reserve Bank of India Mr. Shaktikanta Das held meetings with the MD & CEOs of Public Sector Banks and select Private Sector Banks on July 11, 2023, in Mumbai. The meetings were also attended by Deputy Governors, Shri M. Rajeshwar Rao and Shri Swaminathan J., along with a few senior officials of the RBI.

Das in his introductory remarks, while noting the good performance of the Indian banking system despite various adverse global developments, stressed that it is in times like these, banks need to be extra careful and vigilant.

Mr.Das also emphasized the need for MD&CEOs to pay special attention to strengthening the governance in the banks and focus on the tripod of banking stability consisting of compliance, risk management, and audit functions.

The issues relating to strengthening credit underwriting standards, monitoring of large exposures, implementation of External Benchmark Linked Rate (EBLR) Guidelines, bolstering IT security and IT governance, improving recovery from written-off accounts, and timely and accurate sharing of information with credit information companies were also discussed.