Reserve Bank of India Deputy Governor J. Swaminathan urges small finance banks to improve governance, lending practices, and customer service.

In a recent address, Reserve Bank of India Deputy Governor J. Swaminathan raised alarms over high interest rates and unfair fees at small finance banks (SFBs). He called for improved governance and responsible lending to support sustainable growth. Swaminathan urged SFBs to focus on succession planning, mitigate risks, avoid dependence on costly deposits, and enhance IT resilience and grievance mechanisms for better customer service.

September 30, 2024
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