Reserve Bank of India (RBI) Governor Shaktikanta Das said on Thursday that we are discussing with the government the privatization of public sector banks and the process will be taken forward in this context. He also said that RBI is committed to use all its policy measures for revival in the economy while maintaining price and financial stability.
“We are discussing with the government the privatization of public sector banks and the process will be taken forward in this context,” Shaktikanta Das said at an event at the Times Network India Economic Conclave. Finance Minister Nirmala Sitharaman said a While presenting the budget of 2021-22 on February, it had proposed the privatization of two public sector banks and one general insurance company. In response to a question, he also said that economic revival should continue uninterrupted, there is no need to reduce RBI’s 10.5 per cent growth projections for FY 2021-22.
Need to focus on innovation
Stressing the need for innovation in the financial sector for better delivery of services, the RBI Governor called for effective regulation that promotes innovation. He said, “RTGS and NEFT facility is now available 24 hours. RTGS has the ability to transact in different currencies. There is a need to consider the possibility of whether its scope can be extended beyond India as well. “Das said,” Effective regulation is a priority for the Reserve Bank and there should be no rules and regulations that govern financial technology Encourage
Improvement in financial health of banks is our priority
He also said that it is our priority to maintain the financial health of the bank sector with a strong capital base, operating system with ethical norms. Das said that technology and innovation have an important role to serve customers better. 274 crore digital transactions were facilitated to provide direct transfer benefits to the people and most of them occurred during the epidemic.
Reserve Bank is also serious about cryptocurrency
Regarding the crypto currency, he said that the central bank is assessing concerns about financial stability in this context. Das said that we have made the government aware of our concerns about cryptocurrency, it is being considered. The government will take a decision on this. He also said that the increasing cases of COVID-19 infection in the country is a matter of concern, but this time we have additional measures to deal with it.
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