The Reserve Bank of India is discussing with the government the privatization of public sector banks. According to PTI, Governor Shaktikanta Das said on Thursday that we are discussing with the government about the privatization of public sector banks, the process will be taken forward. He also said that RBI is committed to using all its policy measures to revive 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," Das told the Times Network India Economic Conclave. He said that at this time no one is afraid of a lockdown like last year.
It is noteworthy that Finance Minister Nirmala Sitharaman had proposed the privatization of two public sector banks and one general insurance company while presenting the budget of 2021-22 on February 1. In response to a question, he also said that economic revival should continue uninterrupted, there is no need to reduce RBI's 10.5 percent growth projections for FY 2021-22.
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 can transact in different currencies. There is a need to consider the possibility of whether its scope can be extended beyond India as well.
274 crore digital transactions made easy
Das said, "Effective regulation is a priority for the Reserve Bank and there should be no law and regulations that encourage financial technology. 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.
Regarding the cryptocurrency, 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 decide on this. We have made the government aware of our concerns about cryptocurrency, it is being considered, the government will decide on it. I do not think there is any difference in opinion between RBI and the government on cryptocurrency. He said that at this time no one is afraid of a lockdown like last year.
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