MUMBAI: RBI Governor Shaktikanta Das emphasised the need for private banks boards to enhance governance practices and remain vigilant in the face of global uncertainties impacting the financial sector.
The RBI governor was addressing the private sector banks’ representatives at a conference in Mumbai themed “Transformative Governance through Sound Boards,”
Das urged bank boards to adopt frameworks that go beyond regulatory requirements by addressing emerging risks, improving customer focus, and maintaining internal governance standards.
Das reiterated RBI’s commitment to fostering discipline within financial services, referencing recent RBI measures like stricter capital adequacy requirements, tightened asset quality review processes, and enhanced cybersecurity regulations.
These actions underscore the RBI’s stance on reducing systemic risks and enforcing accountability in the sector. Technical sessions at the conference addressed governance challenges such as cybersecurity, IT risks, and business risk management.
Discussions also highlighted the role of independent directors, who shared insights on ensuring transparency and resilience within bank governance. The event concluded with an interactive session for bank directors to discuss ongoing challenges with RBI leaders, marking the second annual conference in RBI’s continued effort to engage with and guide boards in India’s private banking sector.
