Indian Economy News

Turnaround in the Indian banking system a cornerstone of India's success, says RBI Governor

  • IBEF
  • January 12, 2024

Reserve Bank of India Governor, Mr. Shaktikanta Das, lauded the noteworthy turnaround of the Indian banking and financial sector in the aftermath of the Covid pandemic, positioning it as a beacon of success amid the global economic downturn. Speaking at the Mint BFSI Summit in Mumbai, Mr. Shaktikanta Das underscored the instrumental role played by the Indian banking system in the nation's recent economic accomplishments. He highlighted its resilience, emphasizing that the system is now well-positioned to actively contribute to India's growth narrative in the years to come. The governor stressed the importance of preserving the trust built over time in the banking and financial sector, citing it as a crucial factor in India's economic resilience and recovery.

Mr. Shaktikanta Das further articulated the Reserve Bank's commitment to upholding this trust factor, outlining recent efforts to enhance regulation and supervision. These measures, he explained, are guided by the fundamental principle of safeguarding the integrity of the Indian financial system. In light of evolving trends such as digital penetration and credit analytics, the RBI has proactively improved its regulatory and supervisory frameworks to ensure the continued stability and adaptability of the financial sector in the face of emerging challenges.

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