RBI To Enhance Consumer Protection And Streamline Banking Services, Says Governor

The Reserve Bank of India (RBI) is set to enhance customer service and protection while ensuring financial stability and efficiency, Governor Sanjay Malhotra said on Tuesday. Speaking at the closing ceremony of the RBI’s 90th-anniversary celebrations, he underscored the central bank’s evolving role in an increasingly dynamic financial landscape.

Over the years, the RBI has expanded its authority to meet rapid technology improvements and rising public expectations. Malhotra underscored the importance of the coming decade. “The next decade will be crucial in shaping the financial architecture of our economy. We remain committed to expanding and deepening financial inclusion while balancing financial stability and efficiency,” he said.

The RBI stated that enhancing customer service and protection will be a priority. “We shall strive to foster a culture of continuous improvement in customer services and strengthening customer protection,” Malhotra said, emphasizing the need for fair treatment and effective grievance redressal mechanisms for consumers.

A key aspect of this transformation is refining regulatory frameworks to maintain a balance between financial stability and growth. Malhotra noted that as digital banking and fintech adoption expand, regulations must evolve to support technological advancements while ensuring consumer trust and financial integrity. He emphasized that policies will be continuously assessed to promote efficiency in financial institutions while safeguarding consumer rights.

Malhotra emphasized that the RBI would continue to work closely with the government and financial sector regulators to strengthen the financial system and adapt to evolving challenges. By reaching underprivileged regions and bolstering the financial system's resilience, RBI aims to promote equitable and sustainable economic growth.

As the RBI approaches its 100th anniversary, Malhotra reiterated the organization's dedication to upholding public confidence. "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," he stated.

The President Droupadi Murmu, Governor C.P. Radhakrishnan of Maharashtra, Chief Minister Devendra Fadnavis, and business executives attended the event, reflecting on the central bank’s journey. RBI has a clear vision for the future and is ready to take opportunities, overcome obstacles, and create a more resilient and customer-focused financial system.