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Growth is important, but not at cost of unacceptable risks: RBI governor

While business models may be designed to drive profitability and growth, they sometimes contain vulnerabilities that may not be apparent,” he said in Mumbai. Both regulated entities and supervisors need to be vigilant to risks, if any, in their business models.

“Pursuit of business growth is important, but it should never come at the expense of taking on unacceptable risks,” Das said while speaking at the Global Conference on Financial Resilience organised by the College of Supervisors.

He said robust risk mitigation ensures the long-term success and resilience of a regulated entity as well as of the overall financial system.

 

The RBI emphasises on governance of regulated entities and has imposed business restrictions on some of them due to “material supervisory” concerns.

Das said when serious problems appear in a financial entity, an RBI officer of the rank of executive director addresses the full board of that organisation and shares the regulator’s concerns.

The Cyber Cell of DPO Jammu resolved two online financial fraud cases, recovering Rs. 1,71,896 out of Rs. 1,85,095 lost. One case involved Rs. 1,58,094 and another Rs. 27,000. Investigations are ongoing, demonstrating the district's commitment to fighting cybercrime.

— District Police Jammu (@Dis_Pol_Jammu) June 19, 2024

When material discrepancies are found between an auditor’s report and RBI’s supervisory findings, or when certain material issues are not properly addressed, RBI invites the auditors for a direct discussion.