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Social Media for Central Banking /
Reserve Bank of India
REBIT, Mumbai
March 28, 2019
Ponnurangam Kumaraguru (“PK”)
IIIT {D, H}
TEDx & ACM Distinguished Speaker
Linkedin.com/in/ponguru/
fb/ponnurangam.kumaraguru
@ponguru

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Role of RBI
– Financial Supervision
– Regulator and supervisor of the financial system
– Regulator and Supervisor of the Payment and
Settlement Systems
– Banker and Debt Manager to Government
– Managing foreign exchange
– Issue of currency
– Banker's bank
– Regulator of the Banking System
– Detection of fake currency
– Developmental role
– Custodian to foreign exchange
5https://en.wikipedia.org/wiki/Reserve_Bank_of_India

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Role of RBI
– Repo Rate
– Reverse Repo Rate (RRR)
– Statutory liquidity ratio (SLR)
– Bank Rate
– Liquidity Adjustment Facility (LAF)
– Cash Reserve Ratio (CRR)
– Open Market Operation (OMO)
– Marginal Standing Facility (MSF)
6https://en.wikipedia.org/wiki/Reserve_Bank_of_India

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Functions of RBI
– "The primary objective of RBI is to undertake
consolidated supervision of the financial sector
comprising commercial banks, financial institutions
and non-banking finance companies."
– "Their objective is to facilitate external trade and
payment and promote orderly development and
maintenance of foreign exchange market in India."
– "Reserve bank of India is the sole body who is
authorized to issue currency in India. RBI maintains
the economic structure of the country so that it can
achieve the objective of price stability as well as
economic development because both objectives are
diverse in themselves."
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Functions of RBI
– Detection of fake currency
– Developmental role. The central bank has to
perform a wide range of promotional
functions to support national objectives and
industries. Key tools in this effort include
Priority Sector Lending such as agriculture,
micro and small enterprises (MSE), housing
and education.
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Using Social Media
– Customer service
– Spreading information
– Brand building
– Generating sales
– Listening to what users (in this case it could be
banks) are saying
– Reputation management
– Curbing rumors
– Festive seasons
– Core activity of banking (help in realigning)
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HDFC, Digital Command Centre
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Banking customers use Social Media
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Social Media + RBI
– Monitor what other banks say, especially keep a
tab on verified accounts
– Fact checking
– Fake currency
– Being active on social media
-Advisories
-Press releases (@CPBlr experiences)
– Develop reports on government policies /
schemes
– Use social media effectively for both Push & Pull
– Long shot - Prediction of of GDP / inflation /
macro economic indicators
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Analysis: Network Analysis
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http://bit.ly/elections19

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Analysis: Network Analysis
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– In-degree centrality
– Out-degree centrality
– Betweenness centrality
– Closeness centrality
– Cliques
– Clusters
– ….

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Bank’s advertising strategies
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Customer complaints against banks
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Customer complaints against banks
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Topic of interest / relevance: #200RupeeNote
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User profiling to grant loans
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10 rupee coin, 350 rupee note
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HODL = Hold On for Dear Life
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Stock market prediction
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Stock market prediction
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Stock market prediction
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#s that banks use
– #SafeBanking
– #iPledgeSafeBanking
– #MakeTheWinningMove
– #SafetyOnYourFingertips
– #ThisTaxSeason
– #TAXerciseThursday
– #HappyWomensDay
– #UnstoppableYou
– #InternationalWomensDay
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Comparing banks….
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Adoption strategies
– Focus both on Push & Pull
– Understand what the customers (in your
case it can be RBI or banks) wants from you
– Social media objectives and organization
objectives must be aligned
– Technologies should be used / integrated
with existing platforms you may already have
– Collect data and use it for prediction
-Long term planning
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Social Media Interaction strategies
– Have verified accounts
– Have a social media interaction with other banks
– Be ACTIVE and INTERACTIVE
– Do not delete negative comments
– Decide who to respond and who to ignore
– Respond as a reply in public
– Move more complicated customers into a different
channel
– Deal people delicately
– For complaints, get them onto a different channel
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Some challenges
– Banks are generally using social media as a
communication tool and not as a
collaborative tool
– Given the newness of the medium
regulations are not clear
– New ways of interaction, may cause difficulty
within the organization
– Deal with negativity
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Takeaways…
– Social media is not going away…
– Interesting times to use these platforms for
the benefit of RBI….
– Will be happy to discuss anything further…
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https://fb.com/ponnurangam.kumaraguru
https://www.instagram.com/pkatiiitd/
@ponguru
Linkedin.com/in/ponguru/
http://precog.iiitd.edu.in/