Banks are fulcrum of the country’s economic ecosystem, and have played a sterling role in fuelling India’s growth over the years, he said at NIBM

President Ram Nath Kovind on Wednesday said the Reserve Bank of India’s enhanced regulatory role will deter malpractices and make the nation’s financial system more credible.

“Regulatory oversight of the RBI has also brought greater stability of banking operations,” the President said in his address at the golden jubilee celebration of the National Institute of Bank Management (NIBM) here.

He said recently the role of RBI as regulator has been enhanced, and “We trust that this will deter malpractices and make our financial system more credible”.

Banks are fulcrum of the country’s economic ecosystem, and have played a sterling role in fuelling India’s growth over the years, he stated.

“Through financial inclusion, we have taken rapid strides to cover the un-banked population, and the increase of deposit insurance from ₹ 1 lakh to ₹ 5 lakh is a positive step in assuring our savers, he added.