Reserve Bank of India (RBI) Deputy Governor Swaminathan Janakiraman has told bank leaders that operational and technological resilience is now as important as credit or market risk. The RBI published his address, delivered at Indian Bank’s leadership conference in Chennai on 23 October 2026, on 3 November 2026.
Speaking to Indian Bank MD and CEO Binod Kumar and the bank’s senior team, Swaminathan said digital payments, artificial intelligence and data analytics are changing how financial services are delivered, and that customers now expect banking to be convenient and available on demand. The message builds on the productivity gains Indian banks report from AI deployments, while asking lenders to make sure the technology behind those gains does not fail.
What the RBI Deputy Governor said on technology resilience
Swaminathan said that as banking becomes more digital, the reliability of technology infrastructure becomes more important. He listed four areas that must be part of institutional planning rather than left to the IT department:
- Cybersecurity
- Data protection
- Business continuity
- Effective oversight of third-party service providers
“The objective is not simply to introduce new digital capabilities, but to ensure banking services remain dependable as operations scale and grow in complexity,” he said, adding that these responsibilities need engagement from business functions and senior management.
Three shifts reshaping Indian banking
The Deputy Governor described three developments changing the environment for banks. First, technology is reshaping customer expectations, and the challenge is to use it to improve customer experience, efficiency and competitiveness, not just to adopt it. Second, banks now operate in a wider ecosystem of fintech companies, technology platforms and other service providers, which opens room for partnerships but also changes competition and deposit mobilisation. Third, geopolitical shifts and global financial conditions can now reach domestic banks through more channels.
He said the Indian banking system meets these changes from a position of strength, with better asset quality, capital adequacy and profitability in recent years.
Why it matters for bank technology leaders
Placing technology risk on the same level as credit and market risk signals that boards and CXOs, not only CIOs and CISOs, will be expected to own outages, cyber incidents and vendor failures. The speech comes as lenders step up their defences, including the SBI CyRIS cybersecurity centre of excellence and the NPCI–IIIT Hyderabad cybersecurity partnership for digital payments.
The focus on third-party oversight is also relevant as banks rely more on cloud providers, fintech partners and outsourced platforms for core and customer-facing services. Swaminathan, who was reappointed RBI Deputy Governor for two more years in June 2026, also stressed sustainable growth based on sound underwriting and a stable deposit base, and governance built on accountability, internal controls and fair treatment of customers.
Leadership for the long term
Much of the address was about leadership. Swaminathan urged bank leaders to invest in capabilities whose benefits may arrive after their tenure ends, to welcome being challenged, and to develop leadership at every level of the bank. He recalled Indian Bank’s turnaround in the early 2000s under Ranjana Kumar and quoted former President A P J Abdul Kalam on moving “from commander to coach.”
The full text of the speech is available on the Reserve Bank of India website.
Key takeaways
- RBI Deputy Governor Swaminathan Janakiraman said operational and technological resilience is as important as credit or market risk.
- Cybersecurity, data protection, business continuity and third-party oversight should be owned by senior management, not only technology teams.
- Banks should use technology to improve customer experience and efficiency while keeping services dependable at scale.
FAQ
Where did the RBI Deputy Governor make these remarks?
Swaminathan Janakiraman spoke at the Leadership Conference of Indian Bank in Chennai on 23 October 2026. The RBI published the text on 3 November 2026.
What technology risks did he ask banks to plan for?
He named cybersecurity, data protection, business continuity and oversight of third-party service providers as areas that must be part of institutional planning.
Featured image: RBI Deputy Governor Swaminathan Janakiraman. Photo: Reserve Bank of India (GODL-India).
