Other matters that were discussed during the meeting include asset quality, investments in IT infrastructure, adoption of new-age technology solutions, functioning of digital banking units, etc.
According to an agenda circulated for the meeting, sources said, sustainability, including pricing and slow growth of deposits, would be discussed.
India’s forex reserves were at $530 billion in the week ending on 4 November 2022.
India is assuming the Presidency of G20 with stronger macroeconomic fundamentals compared to many other countries, Das said.
The rupee has appreciated by 12.4 per cent against the Japanese Yen, 5.9 per cent against the Chinese Yuan, 4.6 per cent against the pound sterling and 2.5 per cent against the Euro, he said.
The broader wish of the RBI is to execute a full-fledged launch of the central bank digital currency "in the near future", Das said, choosing not to share a timeline for the same.
"No one can match the prowess of Arjuna, but our (RBI's) constant effort is to keep an Arjuna's eye on inflation," Das said at a conference of bankers in Mumbai.
Amid the charged-up debate on rupee depreciation, Das asked everybody not to look at the situation in an emotional manner, asserting that the domestic currency has behaved in an orderly way.
Since adopting inflation targeting regime in 2016, RBI never missed its mandate till 2020
"In the last two and a half years, the world has witnessed two major shocks-- the Covid-19 pandemic and the conflict in Ukraine. These shocks have produced profound impact on the global economy."
Das said that India’s foreign exchange reserve stood $ 537.5 billion as on 23 September 2022, down from $545 billion a week ago.
RBI Governor Shaktikanta Das said the need of the hour is to ensure safety following a process of whitelisting and due diligence by the regulated entities.
The Board also discussed various areas of operations of the Reserve Bank, including the functioning of the local boards and activities of select central office departments, the central bank said.
The central bank has always been skeptical over cryptos and sees it only as a potential challenge to currency.
The minutes of the Monetary Policy Committee meeting show members of the committee remain cautious of the underlying inflationary pressure despite the recent moderation.
Inflation still remains at uncomfortably or unacceptably high levels and therefore, monetary policy has to act, the RBI Governor told reporters
The RBI Governor said banks have already started to pass on the hike in repo rates to their depositors and the trend is expected to continue.
The RBI governor said the depreciation of the Indian rupee is more on account of the appreciation of US dollar rather than weakness in macroeconomic fundamentals of the Indian economy.
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.
The Reserve Bank of India (RBI) on Friday increased the policy repo rate by 50 basis points to 5.4%.