Business

Banking Sector Achieves Decade-High Performance: RBI

As India is soon to become World’s third largest Economy, Deputy Governor of RBI claimed that Indian banking sector is undergoing a decade-high performance in financial metrics.

He said that the central bank is busy improving the auditing process to safeguard the integrity and stability of financial institutions.

“Auditors and chief financial officers are key pillars of financial integrity and governance in our banking system. Auditors must apply due rigor in their audit processes to mitigate any potential for divergence, under-provisioning, or non-compliance with statutory and regulatory requirements,” said Swaminathan at a conference in Mumbai.

According to Swaminathan, the RBI has expedited the employment of auditors, established exception reporting, and organized meetings between supervisory teams and auditors.

Additionally, he issued a warning to Chief Financial Officers about fraudulent transactions and the evergreening of loans through particular bank accounts with enormous corpus amounts devoid of justification.

Also Read: Indkal Technologies Partners With Acer To Enter Indian Smartphone Market

Additionally, Swaminathan emphasized the significance of cooperation between all involved in the banking and financial sector.

According to the RBI, India’s Financial Inclusion Index (FI-Index) climbed to 64.2 for the fiscal year that concluded on March 31, 2024, from 60.1 in March 2023. Growth was seen in all of the sub-indices as well.

The FI-Index’s improvement is indicative of a nation-wide increase in financial inclusion.

There has been a renewed national focus on financial inclusion, promoting financial education and literacy and making credit available to productive sectors of the economy including the rural and Micro, Small and Medium Enterprises (MSME) sector which has led to the improvement in the FI-Index.

Shibra Arshad

Recent Posts

Lok Sabha To Hold Eight-Hour Debate On Waqf Amendment Bill Amid Opposition Pushback

The Lok Sabha will take up the Waqf (Amendment) Bill for discussion on April 2,…

3 hours ago

India’s GST Collections Surge 9.9% To Rs 1.96 Lakh Crore In March

India's Goods and Services Tax (GST) collections rose by 9.9 per cent to Rs 1.96…

5 hours ago

What Happens When You Drink Coconut Water Daily For A Month?

Drinking coconut water daily for a month can significantly improve hydration, digestion, and overall health.

6 hours ago

METAPLASIA 2025: Where Sports Meet Transformation

The METAPLASIA 2025 Sports Fest at the New Chandigarh campus witnessed thrilling competitions in cricket,…

7 hours ago

Indian Railways Achieves Record Freight Loading & Revenue In Fiscal 2025

Indian Railways achieved record freight and revenue in 2025, surpassing the US in cargo transport…

7 hours ago

German Tourist Calls Delhi Metro ‘Better Than London Tube’ In Viral Post

German traveler Alex Welder praised the metro systems in Delhi and Agra, calling them 'better…

7 hours ago