Das said that just as the credit growth looks very high because of the low base effect of the previous years, the deposit growth is also pretty low because of the base effects of the previous years.
Das added that the forex reserve is adequate. At USD 537.5 billion, India’s forex reserve covers for just over 8 months of imports.
He said the financial stability, macroeconomic stability and resilience of growth is being witnessed despite two Black Swan events happening one after the other and multiple shocks.
'You buy umbrella to use it when it rains': RBI Governor on using forex reserves to tackle currency volatility
Due to the RBI actions, including measures to encourage inflows, the movements of the rupee have been relatively smooth and orderly, the governor pointed out.
Shakikanta Das said the RBI's tolerance toward high inflation during the pandemic was a necessity and the central bank stands by its decision.
Recognising the importance of the housing sector and its multiplier effects, it has been decided to extend the applicability of these guidelines till March 31, 2023, the Governor said.
Finance Minister Nirmala Sitharaman's plan to sell bonds overseas comes as PM Modi faces shrinking options to raise funds.
Last month, the Parliamentary Standing Committee on Finance met finance ministry officials to respond to queries on recent bank frauds and mounting NPAs.
The correction in the last few days underscores that market indices can change direction, says RBI Guv Urjit Patel
Subbarao who spoke on a wide array of topics concerning the present financial situation also vocally supported the proposed Financial Resolution and Deposit Insurance Bill.
Hard to figure out the actual impact of demonetisation, especially on the informal sector: Raghuram Rajan
He reiterated that he had told the government in early 2016 that the short-term consequences of the note-ban exercise would outweigh the long-term benefits.
Share prices of the most efficient corporations in the world are where they are because of global supply chains, Urjit Patel said.