Digital tech adoption has improved efficiency of banks, increased competition on sector: RBI RCF Report

Paying light to the banking sector, the Reserve Bank of India in its recent report has said that the adoption has improved the efficiency of banks in India, along with increasing competition. "The adoption of digital technologies has improved the efficiency of banks in India, along with increasing competition in the banking sector. Overall digitalisation in the financial sector enables banks to reduce various risks and improves integration across various financial markets, thus, boosting liquidity in these markets," said RBI in its RCF report.