Invest in tech as if there is no tomorrow: RBI to banks

RBI deputy governor Swaminathan J emphasized the need for banks to invest in IT and IT security to ensure smooth disaster recovery and support all channels. He highlighted the importance of integrated business continuity plans and real-time mirroring of applications. Swaminathan also acknowledged the representation from banks regarding exemption from cash reserve ratio for green deposits and priority sector status for green lending, but emphasized the need for careful consideration to avoid unintended consequences. Additionally, he mentioned that RBI tightened regulations for bank lending to NBFCs due to the rapid growth of credit in this segment.

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