Mumbai,
Reserve Bank of India (RBI) Governor Sanjay Malhotra said on Tuesday that the central bank will work to improve customer service, enhance customer protection and promote wider financial inclusion.
“The next decade is crucial to shaping the financial system of the economy. We remain committed to expanding and deepening financial inclusion. We will work to promote a culture that continuously improves customer service and strengthens customer protection.”
It is worth noting that according to the Reserve Bank of India (RBI) Financial Inclusion Index, the country’s financial inclusion range is 64.2 in March 2024, up from 60.1 in March 2023 and 43.4 in 2017.
Governor Malhotra said the RBI adoption of new technologies and modern regulations will be guided by the values of integrity, transparency and commitment to public services. He said the Reserve Bank of India’s role has exceeded its initial mission. “Today, we stand in a convergence of tradition and transformation, with the need for price stability, financial stability and economic growth intersecting with rapid technological advancements, global uncertainty, the challenges of climate change, and the growing public expectations.”
He stressed that the Reserve Bank of India is still fully prepared to meet all challenges and seize all opportunities to contribute positively and actively to India’s economic progress. Meanwhile, in an article co-authored with K Balasubramanian in the National Daily, Malhotra believes that price stability is important as inflation continues to erode the value of the currency. Although inflation hurts people, especially the poor, not all inflation is bad, he said.
“Experts believe that moderate inflation levels are healthy for economic growth. If inflation is too low, the economy is at risk of stagnation. If it is too high, prices will become unpredictable, which makes it difficult for consumers and businesses to plan and invest. We chose the 4% target because CPI inflation is 2%,” Malhatraian and balasubramian ballasian.
