The head of the central bank has warned that a bank run in South Korea similar to the Silicon Valley Bank(SVB) collapse in the U.S. would happen 100 times faster.

Speaking to Bloomberg on Friday, Bank of Korea(BOK) Governor Rhee Chang-yong called for better preparations for the digital era, citing the country's advanced digital banking system and usage by young people.

Rhee, who is in Washington to attend the Group of 20 meeting and the spring meeting of the International Monetary Fund and the World Bank Group, said the latest bank crises in the U.S. and Europe have given South Korea “a lot of homework.”

He said the BOK and financial authorities should consider raising the mortgage rate of contracts for differences and develop ways for banks to return customers' deposits within hours of closure, not days as done in the past.

Asked when he expects adjustments in the BOK's maintenance of high benchmark interest rate and its monetary policy board's position on austerity, the governor said it would all depend on the relevant data.

While the BOK forecasts inflation to drop to the three-percent range towards the year's end, Rhee said it is still too early to consider a change in policy, citing a possible rise in oil prices due to reduced output and the post-SVB monetary policy of the U.S.