RBI Pledges Robust Oversight to Bolster Indian Economy's Growth

The Reserve Bank of India's Deputy Governor, Swaminathan J, emphasized the critical role of auditors in maintaining the banking sector's stability and supporting the Indian economy's growth. Addressing a conference, he highlighted initiatives to enhance the auditing process and stressed the importance of transparency and professionalism.

In a recent address, Reserve Bank of India's Deputy Governor, Swaminathan J, underscored the banking sector's pivotal role in fostering economic growth. He stressed the essential function of auditors in maintaining financial stability and supporting the sector's long-term sustainability.

Speaking at a conference attended by statutory auditors and chief financial officers of commercial banks and financial institutions, Swaminathan highlighted several RBI initiatives aimed at improving the auditing process. These include structured meetings between supervisory teams and auditors, exception reporting, and streamlined auditor appointments.

Swaminathan called for auditors to exercise due diligence in their processes, thereby reducing the potential for regulatory non-compliance. He also emphasized the need for transparency and professionalism to foster trust among stakeholders and ensure the banking sector's continued resilience.

(With inputs from agencies.)