New Delhi: Reserve Bank of India Governor Sanjay Malhotra said that the next decade is important for the economic reform of the country and the Reserve Bank will take all possible steps to improve India’s financial system.
The Reserve Bank of India is working to improve financial conditions by strengthening the expansion of access to the emerging economic scenario, increase in efficiency and flexibility. The Reserve Bank will focus on improvement of customer service and strengthening customer security.
The RBI’s role has increased much more than its initial goals. Today we stand at the intersection of tradition and change, where the inevitability of price stability, financial stability and economic development is faster and moving with technology, global uncertainties, challenges of climate change and increasing public expectations.
The next decade will prove to be important in shaping the financial structure of the Indian economy. RBI is committed to increasing financial inclusion. 551 million accounts have been opened to increase the reach of banks to people.
According to the Financial Inclusion Index of the Reserve Bank of India, till March 2024, the financial inclusion in the country was 64.2, compared to 60.1 in 2023 and 43.4 in 2017. This index is based on three sub-grains: access, quality and use.
The Reserve Bank’s effort will be to make the regulatory structure flexible by making a balance in the interests of financial stability and efficiency. We will continue to support technology and innovation. We will try to promote the culture of constant improvement in customer service and the culture of customer safety. The Reserve Bank is ready to face all challenges and take advantage of opportunities.
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