RECENT DEVELOPMENTS

AND CHALLENGES

This section will cover the latest

policies and initiatives introduced by
RBI to improve banking services and
how they are addressing challenges
facing the industry.
 Loans now linked to external benchmarks like repo
rate or treasury bill yield for transparency.
'Positive Pay' system introduced to prevent
cheque fraud.
RECENT Public Credit Registry (PCR) established to reduce
bad loans.
DEVELOPMENTS Measures to promote financial inclusion like video
KYC and simplified account opening.
Electronic trading platform launched for retail
investors to buy/sell government securities.
 Rising cases of fraud and scams

CHALLENGES
in the banking sector, such as
phishing, vishing, and identity
theft.

Increasing complexity of banking

Despite the progress, the services and products, making it
banking industry faces several difficult for customers to
challenges. Let's take a look: understand and access them.

High workload and limited resources

of the banking ombudsman, leading
to delays in resolving complaints
and disputes.
FUTURE OUTLOOK
To address the challenges, the banking sector is moving
forward with a futuristic approach. Here's what to expect:

Continued efforts by RBI to improve banking services and products through

new policies and initiatives, such as the introduction of digital banks and
blockchain technology
Greater collaboration between banks and fintech companies to provide
innovative services and improve customer experience
Increased awareness and education programs for customers to stay vigilant
and protect themselves from financial fraud and scams