These revised enactments will modernise the central banking legal framework in sync with international as well as domestic developments. The upgrading of the banking laws and revisions of the regulations will help keep pace with the progress in this industry and fast evolving financial ecosystem. Cloud technology, artificial intelligence, cyber-security, Fintech, RegTech and SupTech are intricately linked to banking and cannot be overlooked.
This means that the recently opened accounts are susceptible to misuse by money mules and hence, banks must remain vigilant. (vii) Other issues: Lot of debate has surrounded the future of brick and mortar branches and their obituaries been written several times. However, they have survived and are doing well.