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24/7 online banking may increase risks and liquidity issues for banks: RBI DG Swaminathan
The Business Guardian
|August 15, 2024
Online banking services like Internet banking and mobile banking may increase the chances of liquidity crisis during periods of stress, highlights RBI Deputy Governor Swaminathan Janakiraman during an event in Jaipur on Wednesday.
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He added that the expansion and widespread adoption of digital payment systems has enabled rapid, low-cost transactions and easy withdrawals via online banking and mobile apps. However, this shift increases the risk to operational stability and resilience.
"The 24/7 availability of online and mobile banking can heighten vulnerabilities, potentially accelerating bank runs and liquidity crises during periods of stress, as customers may withdraw funds even outside of traditional banking hours and without having to visit a Bank branch" said Deputy Governor.
This story is from the August 15, 2024 edition of The Business Guardian.
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