RBI's Call for a Transparent Banking Revolution

RBI Deputy Governor T Rabi Sankar urges banking transparency for a 'zero fraud' environment. Speaking at the 21st Indian Banking Technology Conference, he highlights the importance of customer trust and fair pricing. Sankar stresses collaboration and innovation to tackle fraud and maintain trust in India's payment systems.

In a bid to foster a 'zero fraud' environment in banking, RBI Deputy Governor T Rabi Sankar emphasized transparency in services and product pricing. Addressing the banking sector at the 21st Indian Banking Technology Conference, Sankar called for strengthened customer trust as a cornerstone for the industry's continued success.

Sankar noted that transparent pricing is crucial to retaining customers, warning that failure to do so might lead them to seek alternative services. While India's banking system is notable for its pricing efficiency, Sankar advocated for principles that ensure users feel confident and not exploited, amid fast-evolving technology.

He also shed light on fraud trends, indicating a decline in payment system frauds, notably in card usage. While low, the rate of fraud is significant on a large transaction scale, underscoring the need for collaborative innovation to enhance security and trust, essential for sustainable payment system developments.

(With inputs from agencies.)