The Reserve Bank of India (RBI) deputy governor HR Khan said on Tuesday that the central bank will continue to work for innovation but will also keep a focus on integrity.
The Reserve Bank of India (RBI) deputy governor HR Khan said on Tuesday that the central bank will continue to work for innovation but will also keep a focus on integrity.
Khan was speaking at a function organised by the Indian Banks’ Association (IBA) in Mumbai.
The deputy governor pointed out that it is a myth that the regulator is standing in the way of innovation and development.
“We will continue to work on innovation; at the same time we will focus on integrity. Both have to be balanced,” Khan said.
Talking on cyber security, the deputy governor also indicated that speed should not come at a cost of security which could then disrupt the entire system to everybody’s disadvantage.
Card frauds have gone up many folds in advanced countries but fortunately for India it is still a manageable proportion because of the additional factor authentication, Khan pointed out.