RBI Deputy Governor M Rajeshwar Rao flags risks of relying on single vendor for services

Deputy RBI Governor Rao highlighted the risks of single-vendor dependency at a CareEdge event, citing the Microsoft outage. An RBI survey revealed many lenders lacked grievance mechanisms, causing poor satisfaction. He recommended the Combined Assurance Model and automation. The Indian financial sector was mostly unaffected, with only 10 lenders impacted, while the global disruption highlighted significant reliance on few providers.