Ethics in Banking: A Core Safeguard for Financial Systems

Reserve Bank of India Deputy Governor Swaminathan J has underscored the crucial role of ethics in the banking sector during his speech at the Axis Champions Awards in Mumbai. Far from being a soft theme, ethics form the backbone for safeguarding customers, employees, and institutions, Swaminathan asserted.

Addressing the importance of regulatory discipline, he warned against treating it as a mere box-ticking exercise. Swaminathan stressed that transparency and clear communication, especially in digital transactions, are essential to maintaining institutional credibility and reliability.

Swaminathan further advocated for effective teamwork as a control mechanism to minimize blind spots and improve institutional response time, emphasizing that ethics, transparency, and teamwork complement each other in building a robust financial system.