News & Media 20th Oct 2023

Why are banks and financial services firms in RBI’s line of fire?

Authors

Mukesh Chand Senior Counsel | Mumbai

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The Reserve Bank of India’s decision to ban the Bank of Baroda state-owned lender from onboarding new customers on its mobile app aligns with the Central Bank’s actions against other financial sector firms in recent years. The move reflects RBI’s concern that the pace at which these entities are setting up technology and governance is much slower than the rate at which consumers adapt to digital financial services.

Our Senior Counsel Mukesh Chand talks to Business Standard in its late feature, “Why are banks and financial services firms in RBI’s line of fire?” on the same issue.

Tune into the story here