MUMBAI: Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday asked banks to proactively monitor their portfolios, identify areas of over-concentration, and take preemptive measures to address potential risks and challenges.
The Governor also asked bank boards to strengthen the internal governance framework to curb unethical practices, such as mis-selling of products or opening of accounts without proper KYC verification.
In a keynote address at the Conference of Directors of Private Sector Banks, Das said bank boards need to continuously assess external factors like regulatory changes, shifting market winds, overall macroeconomic changes and advances in technology.
"Boards should also be fully cognisant of the organisation's internal strengths, vulnerabilities, and operational conditions so that they have a clear situational awareness," he said.
This story is from the New Delhi 19November2024 edition of Millennium Post Delhi.
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This story is from the New Delhi 19November2024 edition of Millennium Post Delhi.
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