RBI asks banking supervisors to get abridged with latest tech tools

The Reserve Bank has called upon banking supervisors to get abridged with the latest technological tools so that their capabilities are enhanced enough to meet the challenges of the fast-evolving financial technologies.

As banks adopt new technologies, it is essential for supervisors to be equipped with the necessary knowledge, skills and resources to effectively supervise and regulate these advancements, Reserve Bank deputy governor Mukesh Jain told the 25th SEACEN-FSI conference of the directors of supervision of Asia-Pacific economies here.

Jain, who is in charge of the banking supervision at the central bank, further said this is all the more necessary as in today's rapidly evolving banking landscape, supervisors cannot afford to stay behind the curve and therefore it is essential for banking supervisors to stay abreast of industry developments, enhance their supervisory techniques, and strengthen risk management practices to address emerging challenges.

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