Kathmandu. Reserve Bank of India (RBI) Governor Sanjay Malhotra has asked all financial institutions, including banks, to understand the real purpose and spirit behind the rules rather than just following them as a formality.
Expressing concern over digital fraud, Malhotra said at an event in Mumbai that it has become a major challenge for the entire country. He stressed the need for everyone to work together to stop it.
According to Governor Malhotra, digital access and convenience have made it easier for people to access banking. “However, a lack of safeguards, charging customers hidden fees, not providing complete information to customers, and using unfair debt collection methods can also lead to disadvantage,” he said.
Malhotra said that digitalization has expanded the scope of banking and accelerated operations. “But it also increases the risk,” he said, adding that banks should coordinate with each other to detect mull accounts and suspicious transactions in time.
Regarding the use of data, Governor Malhotra advised banks to develop technology to monitor them at all times.
