RBI’s Mundra says banks must evolve or face extinction
Banks must embrace a socially responsible approach, deputy says
Banks in India have been outmanoeuvred by their smaller competitors and now face the possibility they will cease to exist entirely in the future, according to Reserve Bank of India deputy governor SS Mundra.
At a conference in Mumbai titled 'New horizons for Indian banking', Mundra said he was sorry he had "to paint such a dismal future", but added there was still hope for banks if they were willing to adapt.
Banks should take "full advantage" of technological developments, which are already
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