spent two days of her labour time running around completing formalities to open a basic savings account with a renowned bank. 18. we all talk about single window operation in banks but has it really happened? here, i would again to like to bring in my favourite example of the indian railways, a public sector organisation, which has managed to provide its customers with a single window service facility related to all transactions such as ticketing, cancellation, enquiry, etc. for any train, destination or class. let us introspect and answer, have we as bankers come any closer to that? 19. i shall also draw your attention towards another aspect of customer convenience evidenced in the number of rising complaints. data from the banking ombudsman offices show that number of complaints excluding credit card related complaints per 1 million accounts rose from 75 complaints in 200607 to 245 complaints in 200809. what is even more noteworthy is that if public sector banks had about 165 complaints per 1 million accounts in 200809, the corresponding figures for private sector banks was more than double at 377 ( 406 for new generation private sector banks ) and 851 for foreign banks in 200809. moreover, we have all the reason to believe that many of these complaints are received at urban and metropolitan centres, where the common persons are much more aware of such mechanisms of expressing their grievances. it is needless to stress that to make banking transactions more convenient for the customer, a quick and effective grievance redressal system is essential. 20. thus, it can be summarized that the opportunities presented by adoption of technology could not be fully exploited and the customer still has not been able to enjoy faster, cheaper, and easier banking services. the obvious question then to ask is why this has not happened. i will draw upon my address last week at the economic times banking technology conclave 2010 where i have identified the following reasons : a ) absence of a strategic vision and action plan for a plan to succeed there must be a vision and strategy driving implementation. there is clearly an absence of vision of how technology is going to drive business and customer relationship. thus technology adoption in banks is a result of external pressures rather than a vision shared by the bank staff percolating right down from right up or a corporate vision of the positive externalities that will result. consequently, this lack of long - term vision and strategy has impacted the way technology has been utilised. b ) technology focus was not customer

release, march 12, 2023, https : / / www. federalreserve. gov / newsevents / pressreleases / monetary20230312a. htm. - 2beginning monday morning, these depositors were able to access all of their funds on deposit with these banks. the federal regulators, including the fdic, the federal reserve board and u. s. treasury secretary janet yellen approved the actions to protect depositors. the u. s. banking system remains resilient and on a solid foundation, with strong capital and liquidity throughout the system. the board continues to carefully monitor developments in financial markets and across the financial system. now, turning to the main theme of my remarks today, i will discuss the imperative of fostering innovation in the banking system. often, when innovation is discussed within the context of the banking system, the focus is not on traditional banks engaged in core banking activities, like taking retail deposits and making loans. i think this perception misses the mark. innovation has always been a priority for banks of all sizes and business models, from small community banks to the largest global systemically important banks ( g - sibs ), and for good reason. banks in the u. s. have a long history of developing and implementing new technologies. innovation has the potential to make the banking and payments systems faster and more efficient, to bring new products and services to customers, and even to enhance safety and soundness. yet, some have criticized the banking regulators for being hostile to innovation, at least when that innovation occurs within the regulated financial system. regulators are continually learning about and adapting to new technologies, just as banks are, and regulators can play an important, complementary role, making the regulatory rules of the road clear and transparent to foster bank innovation. innovation does pose challenges within the regulated banking system, which can be amplified for community banks. along with presenting new opportunities, innovation can introduce new risks and create new vulnerabilities. banks, and really, any business today that - 3adopts new technologies must be prepared to make corresponding improvements to manage these risks and vulnerabilities, including improvements to risk management, cybersecurity, and consumer compliance. regulators must continue to promote efforts that are consistent with safe and sound banking practices and in compliance with applicable laws, including consumer protection laws. as i am sure you appreciate, this is not always an easy task, and the regulatory response to innovation must