RBI Governor Shaktikanta Das HIGHLIGHTS: RBI Governor Shaktikanta Das during his address at Financial Inclusion Summit discussed how far India has travelled in terms financial inclusion and what will the future look like after Covid-19 pandemic. In his addressed, Das highlighted that RBI is now looking to address issues pertaining to vulnerable segments of economy and population, and at the same time giving attention to consumer protection.
In order to mitigate the impact of Covid-19 related disruptions, RBI took several policy measures to ease flow of credit at a lower cost. This includes lowering of policy rates, launching of liquidity schemes and channelising the liquidity via all India financial institutions to resolve stressed loans of individuals and MSMEs.
Further, RBI along with payment infrastructure development fund (PIDF) are focusing on providing the necessary impetus for development of payment acceptance infrastructure in Tier-3, 4 cities and north-eastern states. For post pandemic recovery, Das said that financial inclusion will continue to be RBI’s policy priority. “RBI will continue to address the concerns of over indebtness of micro finance borrowers, enable market mechanism to rationalise the interest rates, and empower the borrowers to make an informed decision by enhancing transparency of loan financing,” said Das.