RBI Governor Sanjay Malhotra flags rising issue of digital frauds

Reserve Bank of India (RBI) Governor Sanjay Malhotra flagged the rise in digital frauds while emphasising the need for robust and proactive systems to thwart such attempts during his first interaction with managing directors and chief executive officers (CEOs) of public and private sector banks after taking charge.

He also directed banks to enhance oversight over third-party service providers to mitigate risks and strengthen customer service and grievance redress mechanisms.