Finance Minister Nirmala Sitharaman commended the Reserve Bank of India (RBI) deft handling of economy amidst global challenges and professional stewardship of the Central Bank. She emphasised its pivotal role in bolstering India’s resilience against external imbalances and uncertainties. Speaking on the occasion of the RBI’s 90th anniversary, the Finance Minister praised its efforts in improving the balance sheet challenges confronting banks.
Sitharaman underscored the RBI’s adeptness in inflation management, noting its success in stabilising government bond (G-secs) yields despite pressures for monetary tightening. This stability, she emphasised, holds significant importance for the economy’s well-being.
Reflecting on the past, Sitharaman recalled India’s banking landscape a decade ago marred by balance sheet woes. Today, she asserted, the nation enjoys a “balance sheet advantage” as a result of the collaborative endeavours of the government and the RBI. She lauded the RBI as the “true regulator of the banks,” highlighting its effective execution of functions such as asset quality management and the prompt corrective action framework.
(With inputs from PTI)