RBI governor asks banks to stop 'mindless pursuit of profit'

Reserve Bank of India Governor Shaktikanta Das has urged banks to avoid the “mindless pursuit of bottom lines” pointing out that some profit-driven business models may contain hidden vulnerabilities, emphasizing that profitability should not come at the expense of managing these risks. Speaking on keeping the financial system resilient and crisis immune at an event organized by the College of Supervisors, Das said that the RBI’s endeavour is to smell out a crisis before it builds into one and take advance action.“I cannot afford to say that we are able to smell out a crisis on every occasion, but we can do this on a best-effort basis’ said Das.

News Source:- https://timesofindia.indiatimes.com/business/india-business/rbi-governor-asks-banks-to-stop-mindless-pursuit-of-profit/articleshow/111137659.cms