Former RBI Deputy Governor Calls for Introspection Among Financial Regulators

Former RBI Deputy Governor S S Mundra urged financial regulators to introspect their recent actions, citing instances where proposals caused unease in the industry. Speaking at Assocham, he highlighted the need for better governance, digital transformation, and stricter focus on data privacy and cybersecurity within the financial sector.

At a recent Assocham event, Former Reserve Bank of India Deputy Governor S S Mundra called for an 'introspection' among financial regulators, citing decisions that have recently been overruled or withdrawn, causing unease in the industry.

Mundra pointed out that both the RBI and Sebi have faced issues with their proposals, mentioning a roll-back on regulations for alternative investment fund investments after significant industry backlash. He also noted that 90 per cent of Sebi's orders have been overturned by appellate authorities.

He stressed the importance of the industry being mindful of data privacy, avoiding loan evergreening, and maintaining high governance standards. Mundra highlighted the need for digital transformation, infrastructural growth, and a focus on innovation, sustainability, and inclusive development.

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