HOME > MARKETS > ECONOMY NEWS
  ECONOMY NEWS
ECONOMY
Indian economy nearing revival from covid-19 pandemic: Shaktikanta Das
Oct-22-2020

Reserve Bank of India (RBI) Governor Shaktikanta Das has said that Indian economy is nearing revival from the coronavirus disease (covid-19) pandemic. He also said that banks and non-banking financial companies (NBFCs) should have adequate capital in today's day and age when the country's economy is at the brink of revival.

Das said ‘as COVID-19 pandemic set in we had alerted and asked banks and NBFCs to undertake stress tests in the context of coronavirus. I had myself interacted with banks and NBFCs on the need to build up capital buffers proactively and adequately capitalise their financial entities, so that they not only strengthen their inherent resilience to tide over financial stress but also have adequate capital to support growth, to ensure credit flow is maintained’.

RBI Governor further said banking and NBFCs need governance reforms in the present day. He noted that banks that have robust governance practices, internal control systems, risk assessment and do not undertake smart accounting are the ones that are never overleveraged. He said they not only survive but they grow in every crisis. He added that it's not just ownership, irrespective of ownership of banks, and governance reforms is ownership agnostic, and it is required.

  RELATED NEWS >>