overall integrity and efficacy of the internal grievance redress mechanism. further, regulated entities must comprehend that they are the first touch points in the overall grievance redress framework. re - directing the aggrieved to the alternate grievance machinery of the rbi ombudsman is not desirable. as i can see from some of the complaints that land at my desk, many of the cases are such that they should have been resolved at the level of the regulated entities. ( iii ) data analysis for improving quality of services regulated entities serve as repositories of data on financial transactions, customer interactions, and operational activities. within this extensive repository lies a unique opportunity to enhance customer service through robust data analysis. by harnessing the power of data analytics, regulated entities can proactively anticipate customer needs, address issues promptly, and streamline processes. a data - driven approach would not only optimise operational efficiency but also reinforce the commitment to providing exemplary customer service. with the rise in fraudulent transactions, it is critical to strengthen monitoring systems and use technology to detect potential frauds before they materialise. maintaining a focus on root cause analysis of consumer grievances can result in preventing such 2 / 5 bis - central bankers'speeches complaints to come up repeatedly. with the advent of artificial intelligence ( ai ), cybersecurity challenges can rise manifold. they can expose consumers to identity theft, fraud, and unauthorized access to personal information which can affect consumer trust. financial institutions must dedicate substantial efforts to protect customer information and ensure that vulnerabilities exposing customers to risk are promptly identified and addressed. ( iv ) consumer education and awareness a financially aware and vigilant consumer is best placed to handle threats such as phishing, phone scams, deepfakes and more. lack of proper understanding can impede consumers'ability to navigate the financial landscape effectively, leaving them vulnerable to exploitation or fraud. while we have made good progress in our objective of enhancing consumer awareness, there is considerable scope for further deepening consumer awareness and financial literacy activities, particularly among the marginalised, less savvy and rural communities. all the stakeholders need to refocus themselves in this direction. recognising that consumer education is essential for their protection, the reserve bank also undertakes various public awareness campaigns in the mainstream and social media. the'rbi kehta hai'or'rbi says'campaigns featuring our mascots money kumar and ms. money, are

k c chakrabarty : credit scoring – an effective way to ensure availability of timely and adequate credit to micro and small enterprises ( mses ) keynote address by dr k c chakrabarty, deputy governor of the reserve bank of india, at the training workshop on credit scoring model with support from ifc for mse lending, mumbai, 29 november 2013. * * * assistance provided by ms. lily vadera is gratefully acknowledged. accompanying chart and tables can be found at the end of the speech. 1. ms. jennifer isern, manager, south asia advisory services, international finance corporation ( ifc ) ; shri s. k. dubey, cmd, canara bank ; shri h. s. u. kamath, cmd, vijaya bank ; smt. archana bhargava, cmd, united bank of india ; shri ashwini kumar, cmd, dena bank ; shri s. r. bansal, cmd, corporation bank ; shri sushil muhnot, cmd, bank of maharashtra ; dr. deepali pant joshi, executive director, reserve bank of india ; executive directors and other senior officials from various commercial banks ; mr. suresh sankaran, mr. neil ramsden and mr. cameron evans, the resource persons from ifc ; colleagues from reserve bank of india ; ladies and gentleman! it is, indeed, a pleasure for me to be amidst you this morning to deliver a keynote address on a very topical issue of ensuring availability of timely and adequate credit to micro and small enterprises. it is a subject that is very close to my heart and hence, i am extremely happy to flag off this workshop on credit scoring models which is fundamentally aimed at capacity building in the banking sector by imparting practical knowhow to people who are expected to use it in their day - to - day operations. 2. as you are all aware, fostering a dynamic micro, small and medium enterprise sector for sustenance of economic development is a priority for the policy makers, in both developed and emerging economies. in india too, micro, small and medium enterprise ( msme ) sector plays a pivotal role in generating employment, increasing cross – border trade and fostering the spirit of entrepreneurship. the sector contributes to economic development in a variety of ways such as creating employment opportunities for rural and urban population, providing goods & services at affordable costs by employing innovative solutions and supporting the export initiatives of