CHENNAI: RBI Governor Shaktikanta Das on Saturday said the financial stability is a public good, and its resilience and robustness need to be preserved and nurtured by all stakeholders.
Delivering the 39th Nani Palkhivala memorial lecture through a virtual platform, he said that the central bank has directed its policy efforts to put in place a state-of-the-art national payments infrastructure, ensuring safe, secure, efficient and cost-effective robust payments ecosystem.
The Reserve Bank of India is positioning itself to provide an enabling environment where regulated entities are catalysed to exploit these new avenues while maintaining and preserving financial stability, he said.
Das added that the regulated entities on their part need to strengthen their internal defences to identify emerging risks early and manage them effectively. "Financial stability is a public good and its resilience and robustness need to be preserved and nurtured by all stakeholders. We need to support economic revival and growth, we need to preserve financial stability," he said.