RBI Governor asks banks to intensify measures against 'mule accounts'

4 Jul 2024 , 09:09 AM

In a meeting with the MDs and CEOs of public sector banks and select private sector banks on Wednesday, Reserve Bank of India (RBI) Governor Shaktikanta Das urged them to increase their efforts against’mule accounts’ as well as intensify customer awareness and education initiatives, among other measures, to combat digital fraud.

Das also underlined the importance of banks implementing strong cybersecurity measures and successfully managing third-party risks.

In his introductory remarks, Das emphasised the sustained progress in bank asset quality, loan provisioning, capital sufficiency, and profitability.

While praising the banking sector’s increased resilience and strength, RBI Governor stressed the significance of further enhancing governance standards, risk management techniques, and compliance culture in banks.

For feedback and suggestions, write to us at [e-mail]