Image Source : PTI RBI Governor Shaktikanta Das
Indian financial system news: The Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday stated that the RBI and different monetary regulators stay vigilant and in readiness to make sure the soundness of the monetary system.
Amid world shocks and challenges, the Indian financial system presents an image of resilience and the regulators are able to take applicable actions to protect monetary stability, Das stated.
In his foreword to the twenty sixth Financial Stability Report (FSR), Das stated the worldwide financial order stands challenged and monetary markets are in turmoil because of financial tightening in most elements of the world.
Food and power provides and costs are below pressure, debt misery is observing many rising marketsand developinthe g economies, and each financial system is grappling with a number of challenges, he stated.
“Amidst such global shocks and challenges, the Indian economy presents a picture of resilience. Financial stability has been maintained. Domestic financial markets have remained stable and fully functional. The banking system is sound and well-capitalised,” Das stated.
Despite formidable world headwinds, he stated that India’s exterior accounts stay well-cushioned and viable.
Going ahead, Das stated that core problems with administration of local weather change, coping with unanticipated and contemporary shocks, if any, additional strengthening the buffers of the monetary system, harnessing fintech improvements and deepening monetary inclusion will proceed to obtain precedence consideration from regulators and coverage makers.
In 2023, India is properly positioned to play a number one position on the world stage as a part of its G20 presidency. The greatest problem for G20 as a gaggle is to re-ignite the efficacy of multilateralism, the Governor stated.
Further, Das stated the central financial institution recognises the destabilising potential of worldwide dangers even because it attracts energy from the sturdy macroeconomic fundamentals of the Indian financial system.
(With inputs from PTI)
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