Reserve Bank of India Deputy Governor Swaminathan J has said that checks and balances in financial services should not automatically be treated as inefficiency, according to reports.
He emphasised that controls can help reduce fraud and errors, particularly as technology changes the way financial institutions process transactions and serve customers. The challenge for institutions is to maintain strong safeguards while improving convenience and speed.
Balancing control and efficiency
Financial institutions must manage operational risk, customer experience and regulatory obligations together. Well-designed controls can reduce losses and improve trust, although processes should be reviewed regularly to avoid unnecessary friction.
