Financial literacy

It is important to develop financial literacy Shaktikanta Das

With technology playing a very important role, it is important to give even greater attention to boosting financial literacy and raising awareness of fraud in the digital space, Shaktikanta Das, Governor of the Reserve Bank of India, said on Friday. .

Addressing the annual RBI Ombudsman conference in Jodhpur, Das said digitalization of financial services should also have a human touch towards customers.

“The approach to customers should not be mechanistic or impersonal. Financial entities need to be aware of this,” he said.

Das added that interfacing with vulnerable segments, such as the elderly and weaker sections, must be done with the required sensitivity.

Das noted that trust is fundamental to the financial services business. Lack of trust can have undesirable results such as flight of deposits and financial instability.

“Trust also makes great business sense. Customer satisfaction, especially timely resolution of complaints, goes a long way in building trust in the institution and brand loyalty, which in turn leads to higher customer retention rates,” Das added.

Talking about the digital space and customers, he added that there has been a paradigm shift in the way customers interact with financial service providers in recent years.

“This technological revolution has certainly enhanced the efficiency of financial entities and led to a significant improvement in the conduct of business, but it has also brought new challenges,” added the Governor.

He also said it opened the backdoor for unregulated tech players in the financial space.


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