RBI deputy governor urges zero-fraud, transparent banking

RBI Deputy Governor T. Rabi Sankar on Friday called for greater transparency in banking services and products, stressing that the industry must aim for a “zero fraud” environment to maintain public trust.

Speaking at the concluding session of the 21st Indian Banking Technology Conference, Sankar highlighted that building customer trust is crucial for banks to retain clients and ensure loyalty toward their products and services.

He added that pricing of financial products should be fair and transparently communicated to customers. “It is important to understand that if we do not price things in a manner that is transparently shown to the customer, it is possible that customers will move to other alternatives,” Sankar said.

The deputy governor’s remarks underline the need for banks to strengthen risk management, enhance transparency, and protect customer interests in an increasingly digital and competitive banking landscape.