RBI Deputy Governor Advocates for Responsible Digital Transformation in Banking

T Rabi Sankar, Deputy Governor of the Reserve Bank of India, emphasized the importance of harnessing technology responsibly during the 12th SBI Banking & Economics Conclave. Highlighting India's digitization success, he called for banks to modernize strategies, partner with fintechs, and foster innovation to remain competitive.

In a compelling address at the 12th SBI Banking & Economics Conclave, T Rabi Sankar, Deputy Governor of the Reserve Bank of India, highlighted India's pioneering role in digital transformation. He underscored the necessity for countries to harness technology with foresight to not only adapt to change but to actively shape it.

Rabi Sankar elaborated on the transformative power of advanced technologies like artificial intelligence and quantum computing. He emphasized that these innovations, while simultaneously enhancing security and inclusivity, must be integrated thoughtfully into every facet of finance, from payments to regulation and beyond.

The Deputy Governor praised India's model of Digital Public Infrastructures, such as Aadhaar and UPI, as exemplary frameworks leading global digitization efforts. He urged banks to modernize their infrastructure and embrace partnerships with fintechs, fostering an environment of innovation and mutual benefit to stay relevant in the rapidly-evolving digital landscape.

(With inputs from agencies.)