RBI Governor Sanjay Malhotra urged financial institutions to embrace the spirit of regulations, moving beyond a mere 'tick-box' compliance culture. Speaking at the College of Supervisors conference, he emphasized a collaborative approach between regulators and regulated entities to balance innovation with consumer protection and curb rising digital frauds. Malhotra highlighted that digitalization offers benefits like wider access and efficiency but also introduces new risks, necessitating agile regulatory responses and a focus on fair consumer outcomes. He stressed that regulators and regulated entities are partners in national development, working towards a stable and credible financial system.