The Indian financial system needs to combine the innovation and energy of T20 cricket with the prudence and resilience of Test cricket to build institutions that not only post quick scores, but also stay at the crease for decades, said Swaminathan J, Deputy Governor, RBI.
Drawing extensively from the “Gentleman’s game” in the presence of cricket legend VVS Laxman, Swaminathan said, “In T20 cricket, it is tempting to go for big shots every ball. In Test cricket, patience, discipline, and respect for match conditions matter more. Our financial system must combine both mindsets.”
Governance at core
Elaborating on “six deliveries” in his speech “Reading the Pitch: Banking Strategies for a Long Innings”, an annual banking event organised by Standard Chartered Bank, the Deputy Governor emphasised that risk management and governance cannot be a back-office function. They are central to strategy.
“Senior management and Boards have to ask themselves not only “What is our return on capital” but also “What risk culture are we building”,” he said.
Swaminathan noted that technology has given financial intermediaries powerful tools to reach customers, simplify processes, and make payments and credit more convenient.
Fair, simple service
But the basic expectations of customers remain very human — they want to be treated fairly.
“Customers want products that are suitable for their needs, explained in simple terms. They want transparency in pricing and conditions. And when something goes wrong, they want someone to listen and resolve their problem promptly.
“In a digital, high-speed world, the test of customer service is not only ‘Did we respond?’ but ‘Did we actually solve the issue fairly and quickly?’” he said.
Balanced partnerships
The Deputy Governor suggested that partnerships between banks and fintechs could be structured where the strengths of each are combined safely and sustainably.
“In cricketing terms, it is like a good batting partnership where both players complement each other, respect the match conditions and run between the wickets with mutual understanding.,” he said.
Stronger digital safety
Swaminathan underscored that cyber fraud and digital scams have increased and can cause real hardship for ordinary customers.
“From the customer’s perspective, what matters is not who is legally liable under the fine print. What matters is whether they feel their bank stood by them in a moment of stress. In the long run, that perception affects trust more than any advertisement campaign,” he said.
The Deputy Governor said responsible use of data is essential. Customers must have confidence that their data is being used with care, that privacy is respected, and that there is no misuse or unauthorised sharing.
Both banks and supervisors may increasingly use advanced analytics, but these tools should support, not replace, human judgment.
Swaminathan cautioned that Banks cannot simply rely on assurances from service providers. They must understand the technology, the control environment and the concentration risk arising from many institutions relying on the same provider.
“The question is not whether an incident will ever happen. The question is how quickly and effectively the institution can detect, contain and recover from it,” he said.
Swaminathan stressed that as a regulator, RBI sees banks as partners.
Umpire-like oversight
“Our role is like that of the umpire: we set and interpret the rules, monitor the game and call out the occasional no-ball or wide when needed, so that the play remains fair and safe.
“The task of scoring runs, by serving customers well, managing risks prudently and supporting growth, rests with you,” he said.
Published on December 1, 2025
