Latest news with #RBI-promoted
Time of India
22-07-2025
- Business
- Time of India
Customer complaints rising fast, bankers lacking empathy: RBI DG Swaminathan J
Mumbai: Reserve Bank Deputy Governor Swaminathan J has rued a "lack of empathy" among bankers, even in the face of rising number of customer complaints around serious aspects like fraud. Speaking at an event of RBI-promoted NIBM (National Institute of Bank Management) on July 12, Swaminathan said there is "increasing automation but decreasing ownership", and customers have to contend with template emails and helplines loop back "endlessly". He made it clear that addressing these issues will be essential if bankers were to sustain people's trust in the system. The Reserve Bank's website published the speech on Tuesday. "The number of customer complaints -- especially through digital channels -- has risen significantly in recent years. From social engineering frauds to poor grievance redressal, the loss and frustration is real. Often, the problem is not the product or service, but, as I see it, the real issue is a lack of empathy," the commercial banker-turned-regulator said in his valedictory address to the students. Live Events Nowadays, KYC (know your customer) is often reduced to a "periodic ritual", he said, exhorting bankers to find a way to bring back that personal awareness and responsibility even in a digital context. Enlisting instances like senior citizen's struggles with ATM PIN, a rural area borrower's challenges to repay a loan online or the worries of a small business owner over UPI payments, Swaminathan said these are not mere service requests, but opportunities to earn trust by giving time and patience, and showing professionalism. "Technology will enable the transaction. But only you can build the relationship and only you can earn the customer's trust for your institution," he said, stressing that this is what will distinguish a banker from an app. The DG said a banker has to act quickly, endure uncertainty, recover from setbacks, and stay focused over the long run. "You will face moments of rapid change -- crises, deadlines, audits, policy shifts -- but you will also need the discipline and stamina to navigate slow, complex processes that unfold over months or years," he told the students beginning a two-year post graduation course in banking. Empathy, curiosity, and integrity will define success for the students over a long term, he said. "What will truly shape you as a banker is your ability to blend knowledge with judgment, law with convention, and theory with practice," he said. Things will not go as planned, but the ability to embrace the unfamiliar and turn unexpected situations into learning experiences will set a student apart, he said, asking them to stay alert and course-correct early. Banking today is more complex than ever, he said, adding that there are also new vulnerabilities like cyber threats, phishing, synthetic identities, deepfakes, and third-party risks.
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Business Standard
22-07-2025
- Business
- Business Standard
Customer complaints rising fast, bankers lacking empathy, says RBI DG
Reserve Bank Deputy Governor Swaminathan J has rued a "lack of empathy" among bankers, even in the face of rising number of customer complaints around serious aspects like fraud. Speaking at an event of RBI-promoted NIBM (National Institute of Bank Management) on July 12, Swaminathan said there is "increasing automation but decreasing ownership", and customers have to contend with template emails and helplines loop back "endlessly". He made it clear that addressing these issues will be essential if bankers were to sustain people's trust in the system. The Reserve Bank's website published the speech on Tuesday. "The number of customer complaints -- especially through digital channels -- has risen significantly in recent years. From social engineering frauds to poor grievance redressal, the loss and frustration is real. Often, the problem is not the product or service, but, as I see it, the real issue is a lack of empathy," the commercial banker-turned-regulator said in his valedictory address to the students. Nowadays, KYC (know your customer) is often reduced to a "periodic ritual", he said, exhorting bankers to find a way to bring back that personal awareness and responsibility even in a digital context. Enlisting instances like senior citizen's struggles with ATM PIN, a rural area borrower's challenges to repay a loan online or the worries of a small business owner over UPI payments, Swaminathan said these are not mere service requests, but opportunities to earn trust by giving time and patience, and showing professionalism. "Technology will enable the transaction. But only you can build the relationship and only you can earn the customer's trust for your institution," he said, stressing that this is what will distinguish a banker from an app. The DG said a banker has to act quickly, endure uncertainty, recover from setbacks, and stay focused over the long run. "You will face moments of rapid change -- crises, deadlines, audits, policy shifts -- but you will also need the discipline and stamina to navigate slow, complex processes that unfold over months or years," he told the students beginning a two-year post graduation course in banking. Empathy, curiosity, and integrity will define success for the students over a long term, he said. "What will truly shape you as a banker is your ability to blend knowledge with judgment, law with convention, and theory with practice," he said. Things will not go as planned, but the ability to embrace the unfamiliar and turn unexpected situations into learning experiences will set a student apart, he said, asking them to stay alert and course-correct early. Banking today is more complex than ever, he said, adding that there are also new vulnerabilities like cyber threats, phishing, synthetic identities, deepfakes, and third-party risks. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
News18
22-07-2025
- Business
- News18
Customer complaints rising fast, bankers lacking empathy: RBI DG
Mumbai, Jul 22 (PTI) Reserve Bank Deputy Governor Swaminathan J has rued a 'lack of empathy" among bankers, even in the face of rising number of customer complaints around serious aspects like fraud. Speaking at an event of RBI-promoted NIBM (National Institute of Bank Management) on July 12, Swaminathan said there is 'increasing automation but decreasing ownership", and customers have to contend with template emails and helplines loop back 'endlessly". He made it clear that addressing these issues will be essential if bankers were to sustain people's trust in the system. The Reserve Bank's website published the speech on Tuesday. 'The number of customer complaints — especially through digital channels — has risen significantly in recent years. From social engineering frauds to poor grievance redressal, the loss and frustration is real. Often, the problem is not the product or service, but, as I see it, the real issue is a lack of empathy," the commercial banker-turned-regulator said in his valedictory address to the students. Nowadays, KYC (know your customer) is often reduced to a 'periodic ritual", he said, exhorting bankers to find a way to bring back that personal awareness and responsibility even in a digital context. Enlisting instances like senior citizen's struggles with ATM PIN, a rural area borrower's challenges to repay a loan online or the worries of a small business owner over UPI payments, Swaminathan said these are not mere service requests, but opportunities to earn trust by giving time and patience, and showing professionalism. 'Technology will enable the transaction. But only you can build the relationship and only you can earn the customer's trust for your institution," he said, stressing that this is what will distinguish a banker from an app. The DG said a banker has to act quickly, endure uncertainty, recover from setbacks, and stay focused over the long run. 'You will face moments of rapid change — crises, deadlines, audits, policy shifts — but you will also need the discipline and stamina to navigate slow, complex processes that unfold over months or years," he told the students beginning a two-year post graduation course in banking. Empathy, curiosity, and integrity will define success for the students over a long term, he said. 'What will truly shape you as a banker is your ability to blend knowledge with judgment, law with convention, and theory with practice," he said. Things will not go as planned, but the ability to embrace the unfamiliar and turn unexpected situations into learning experiences will set a student apart, he said, asking them to stay alert and course-correct early. Banking today is more complex than ever, he said, adding that there are also new vulnerabilities like cyber threats, phishing, synthetic identities, deepfakes, and third-party risks. PTI AA HVA view comments First Published: July 22, 2025, 16:30 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Business Standard
17-06-2025
- Business
- Business Standard
IIFL Finance appoints former RBI deputy governor B.P. Kanungo as independent director
IIFL Finance has announced the appointment of B.P. Kanungo, former deputy governor of the Reserve Bank of India (RBI), as an independent director on its board. Kanungo brings with him nearly four decades of distinguished service at the RBI, marked by his deep expertise across key areas of central bankingspanning currency management, foreign exchange regulation, payment and settlement systems, debt and reserve management, IT governance, financial inclusion, and consumer protection. As Deputy Governor of the RBI from 2017 to 2021, Shri Kanungo was a member of the Monetary Policy Committee and played a pivotal role in shaping Indias modern monetary and regulatory landscape. Over the years, he also served as Regional Director of the RBI in multiple states including Rajasthan, West Bengal, Sikkim, Madhya Pradesh, and Chhattisgarh, and held the position of Banking Ombudsman. Post his tenure at the RBI, Kanungo served as director at the Centre for Advanced Financial Research and Learning (CAFRAL)an RBI-promoted institution dedicated to research in macroeconomics and finance and the leadership development of financial sector executives. Nirmal Jain, founder of IIFL Group and managing director of IIFL Finance, said: We are honoured to welcome Shri B.P. Kanungo to our board. His exceptional expertise in regulation, governance, and financial systems will add valuable depth to our board deliberations. IIFL Finance Limited, along with its subsidiaries IIFL Home Finance and IIFL Samasta Finance, is a leading retail-focused NBFC offering diversified loan products, including home, gold, MSME, microfinance, and capital market finance. The company has a network of 4,906 branches and a customer base of over 8 million.
