The Reserve Bank of India (RBI) remains committed to bolstering consumer protection while optimising regulatory frameworks, to strike a balance between financial stability and efficiency, governor Sanjay Malhotra said on Tuesday.
Speaking at the closing ceremony of the commemoration of the 90th year of the RBI, the governor said, “We remain committed to expanding and deepening financial inclusion. We shall strive to foster a culture of continuous improvement in customer services and strengthening customer protection.”
“It will be our endeavour to optimise our regulatory frameworks by balancing interests of financial stability and efficiency. We will continue to support technology and innovation,” Malhotra said.
He emphasised that the RBI would continue to collaborate effectively with all stakeholders, the government and financial sector regulators.
The RBI will do everything that is required to improve the financial system by expanding its access, enhancing its efficiency and strengthening its resilience in an evolving economic landscape, he said.
“Even as we embrace new technologies and modern regulatory approaches, our core values, integrity, transparency and commitment to public service will continue to guide us. The trust that the people of India repose in the Reserve Bank is our greatest asset. We are determined to preserve it and further strengthen it in the years ahead,” the governor said.
The RBI’s role has expanded significantly beyond its initial mandate, he said. The apex bank now stands at the confluence of tradition and transformation, where imperatives of price stability, financial stability and economic growth intersect with rapid technological advancements, global uncertainties, challenges of climate change and increasing public expectations.
This institution belongs to the nation and the RBI would continue to take each and every decision driven by an unwavering resolve to serve the interests of the people, the financial system and the economy, he said.
“As we conclude this year-long celebrations and step into our centenary decade, we do so with confidence, determination and a clear vision. The journey ahead will demand continuous adaptation and agility, fresh thinking and innovation, collaboration and coordination and an unwavering commitment to excellence and perfection,” Malhotra said.
The RBI remains fully prepared to meet all challenges and seize all opportunities to contribute proactively and vigorously to India’s economic progress, he added.