The Reserve Bank of India (RBI) has responded to criticism regarding its recent stringent actions against some banks and shadow banks, stating that these measures were intended to protect depositors and customers. Only a handful of entities have faced business restrictions, the regulator clarified.
"I would like to address the perception that supervisors are overly eager to impose business restrictions, sometimes being portrayed as 'trigger-happy," said RBI Deputy Governor Swaminathan J at an event organised by CNBC-TV18 on August 30. The RBI has uploaded the speech on its website on Monday.
In recent years, the regulator has imposed business restrictions and barred entities from onboarding new customers for violating norms and causing customer inconvenience. Some of these entities include HDFC Bank, Paytm Payments Bank, IIFL Finance, and JM Financial, others. "We are sometimes asked by the media "who is next"? Implying that supervisory actions are routine in nature," Swaminathan said.
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