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Mumbai (Maharashtra) [India], May 31 : Reserve Bank of India (RBI) Deputy Governor MK Jain said that effective risk management, governance and compliance practices are "essential in safeguarding the banks' reputation, financial stability, and long-term viability"."Moreover, the board must ensure that the bank's business model, strategy, and operations are sustainable and create long-term value for all stakeholders," Jain said in a statement on Wednesday.These remarks were made by RBI deputy governor Jain at the Conference of Directors of Banks, organised by the RBI for public sector banks on May 22 in New Delhi. He also addressed private sector banks on May 29 in Mumbai.In this way, the deputy governor said, "Finally, the Board (of the bank) must remain vigilant, adaptive, and continuously assess the bank's performance, risks, and opportunities, and take timely and informed decisions," during his speech.The deputy governor said board members to embrace these principles to drive the bank towards sustainable growth and stability while safeguarding the interests of depositors and maintaining the stability and integrity of the banking system all the time.The deputy governor reiterated that the role of the board of directors in ensuring sustainable growth and stability of the banking sector cannot be overstated. "As custodians of the interests of various stakeholders, including depositors, shareholders, regulators, and the wider society, Boards must adopt a proactive and strategic approach," he said.MK Jain said the future of banking is expected to be shaped by advancements in technology "leading to greater business and process automation, changing customer expectations, and evolving regulatory landscapes".To prepare for the future, the deputy governor said Indian banks would need to focus on digital transformation, enhance customer experience, adopt innovative technologies such as artificial intelligence (AI) and blockchain, invest in cybersecurity measures, look for opportunities to derive synergistic benefits through collaboration with other players as well as upskilling their workforce to meet the demands of the digital era."Additionally, they will need to prioritise risk management, regulatory compliance, and sustainability to ensure long-term resilience and competitiveness in the evolving banking landscape," MK Jain added.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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