Banks have the privilege of raising deposits from the public, which also puts the onus on them to conduct their business in a very responsible manner, he said.
The governor said the blockchain technology is a decade old, and it is here to stay and grow, even without cryptocurrencies.
RBI Governor Shaktikanta Das said the economy has the potential to grow at a reasonably high pace in the post-pandemic scenario, provided private capital investment resumes.
Governor Shaktikanta Das reiterated his views against allowing cryptocurrencies saying they are serious threat to any financial system since they are unregulated by central banks.
The fiscal and taxation reforms have played key role in driving growth and reviving confidence, Das said.
PHD Chamber of Commerce and Industry on Wednesday outlined focus areas for the re-appointed RBI Governor Shaktikanta Das during his second term.
In his opening remarks, Das acknowledged the improved financial and operational resilience of the banking sector that imparts strength to financial stability.
Shaktikanta Das concurred with the government on an easy monetary policy and managed to bring peace in the relationship between the central bank and the Centre.
Shaktikanta Das said RBI has been stressing on a strong governance framework in banks, NBFCs for building a resilient financial sector.
He opined that continued monetary support is necessary as the economic recovery process even now is delicately poised and growth is yet to take firmer roots.
With growth recovery, perhaps, RBI Governor Shaktikanta Das hopes credit growth will pick up and given the festive season, demand for cash also goes up.
Noting that fuel tax is something the Centre has to act upon, RBI Governor Shaktikanta Das said RBI is in constant touch with the government.
The six-member Monetary Policy Committee (MPC) on Friday left the repo rate unchanged at four per cent.
'On the petrol and diesel front, we have flagged the issue, now it is for the government to consider all the aspects and take a decision beyond that I have nothing to add,' Das added.
RBI had last revised its policy repo rate or the short-term lending rate on May 22, 2020, in an off-policy cycle to perk up demand by cutting interest rate to a historic low.