24/7 online and mobile banking may heighten vulnerabilities and liquidity crisis for banks: RBI DG Swaminathan J

RBI Deputy Governor M Rajeshwar Rao warned of heightened vulnerabilities in online and mobile banking, which could lead to liquidity crises for banks. He emphasized the need for robust cybersecurity measures and prudent risk management practices to mitigate these risks. The growing reliance on digital banking channels presents both opportunities and challenges for financial institutions, requiring a careful balance between innovation and security.