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“In line with our outsourcing guidelines, the board and senior management must ensure that at no point of time, the core activities of banks are outsourced,” Reserve Bank of India executive director Ajay Kumar Choudhary said. “We are observing an increase in the outsourcing of services to the banking and finance sector. The idea is that banks should concentrate on the development upgradation of their core banking solution.”
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The Reserve Bank of India's pilot project on retail digital Rupee is a "game changer", said SBI chairman Dinesh Khara, and added that it will have durable effects which would ensure better monetary transmission at much lesser costs. The RBI on Thursday announced the launch of a digital rupee retail pilot for a closed user group.
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