New Delhi Reserve Bank of India (RBI) Governor Shaktikanta Das said on Thursday that after the Novel Corona virus infection was controlled, the financial sector would have to return to its normal operations without regulatory exemption. Addressing an online program, Das described RBI's response to the situation arising out of the epidemic as unprecedented and said that the measures taken by the central bank are aimed at dealing with a situation arising out of Kovid and cannot be sustainable.
"After the control of Kovid-19, the financial sector will have to return to normal functioning without relying on regulatory exemptions and other measures," he said. Calling for reforms in the banking sector, Das said that much needs to be done despite many reforms in the banking sector since nationalization.
His view is that with the change in time, the nature of reforms needs to be re-organized. The RBI governor said, "The current move towards consolidation of public sector banks is in the right direction as per the recommendation of the Narasimham Committee. Indian banks can thus benefit and become partners in new business opportunities around the world." "
He said that larger and more efficient banks, both in the public and private sectors, can walk side by side with global banks to gain a good position in global value chains.
He said that in recent years, there has been a significant change in the business scenario of banks and now banks need to explore the Sunrise sector. He also spoke on potential business opportunities in rural areas. Das considered that rural sector businesses had the potential to boom. "There is a need to look at start-ups, renovations, logistics, value chains and other such potential areas," said Das.
This post was published on August 28, 2020 12:12 am
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