RBI governor says next decade will be crucial in shaping financial architecture of Indian economy

Sanjay Malhotra, Governor, Reserve Bank of India at the RBI has stated that Reserve Bank's role has expanded significantly beyond its initial mandate. Today, we stand at the confluence of tradition and transformation, where the imperatives of price stability, financial stability, and economic growth intersect with rapid technological advancements, global uncertainties, challenges of climate change and increasing public expectations.

The RBI governor has noted that next decade will be crucial in shaping the financial architecture of our economy. We remain committed to expanding and deepening financial inclusion. We shall strive to foster a culture of continuous improvement in customer services and strengthening customer protection. It will be our endeavour to optimize our regulatory frameworks by balancing the interests of financial stability and efficiency. We will continue to support technology and innovation.

He stated that we shall remain vigilant, adaptive, and forward-looking. We will continue to collaborate effectively with all stakeholders – governments and financial sector regulators, among others. We will do everything that is required to improve the financial system by expanding its access, enhancing its efficiency, and strengthening its resilience in an evolving economic landscape. Even as we embrace new technologies and modern regulatory approaches, our core values - integrity, transparency, and commitment to public service - will continue to guide us. The trust that the people of India repose in the Reserve Bank is our greatest asset.

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