RBI Governor Shaktikanta Das said that the risk will increase with the entry of big technology companies like Google and Amazon into the financial business. Systematic concerns such as over-borrowing and non-payment may arise at the borrower's level. With the entry of big technology companies like Google, Amazon, and Facebook (meta) into the financial business, questions will also arise about competition and privacy of data.
Das said at an event on Friday, that there are risks associated with these companies. It is necessary to properly assess and deal with it. These include e-commerce companies, search engines, and social media platforms that have started offering financial services on a large scale, either on their own or in partnership. In such a situation, new methods of estimating debt have started being used. Such large-scale use of new methods can lead to systemic concerns of excessive debt, the inadequate credit assessment, and similar risks.
Will make digital lending more secure
RBI said that the RBI will soon issue guidelines to make the system of disbursement digitally safe and sound. A discussion paper will also be brought. He also expressed concern about how people are being cheated in the name of distributing loans on digital platforms. However, to make people aware of this regard, the central bank also issues guidelines from time to time.
Focusing on the inflation target first would have been disastrous
Das said, had the central bank focused on the inflation target of 4 percent, the results would have been disastrous for the economy. Rubbishing allegations of not taking policy steps at the right time, he said the central bank could not have made a big hike in interest rates immediately. To deal with inflation, RBI could not have paid attention even three or four months before April 2022, it would not have been proper. In March, when economic activity seemed to have surpassed pre-pandemic levels, the focus was on inflation. Two days ago, in an article, the RBI was accused of not taking timely steps on inflation. It was co-authored by former Chief Economic Adviser Arvind Subramaniam.
...then the effect on the growth rate
The increase was noticed in the wake of the pandemic. Despite this, the economy contracted by 6.6% in 2022-21. Had the central bank changed its stance earlier, growth could have been impacted in 2021-22. The forecast in February 2022 that inflation may remain at 4.5% in 2022-23 was not a promising estimate. This calculation was also done on the estimate of crude prices to be $ 80 per barrel, but the Russo-Ukraine war changed the scenario.
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The government will continue capital expenditure for growth: CEA
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