Shaktikanta Das asks PSBs to quickly implement measures announced by RBI

By: |
May 19, 2021 5:45 PM

Das during a meeting with the MDs and CEOs of public sector banks acknowledged the important role being played by PSBs in extending various banking facilities including credit facilities to individuals and businesses while tackling the challenges brought on by the pandemic.

RBIHe strongly rebutted the notion that a sharper and sustained focus on the yield curve might be eating away at the central bank's principal mandate, which is, inflation-targetting.

RBI Governor Shaktikanta Das on Wednesday asked state-owned banks to quickly implement measures announced by the central bank recently in the “right earnest”, and to continue focussing on steps to enhance the resilience of their balance sheets.

Das during a meeting with the MDs and CEOs of public sector banks acknowledged the important role being played by PSBs in extending various banking facilities including credit facilities to individuals and businesses while tackling the challenges brought on by the pandemic.

“He impressed upon the banks to quickly implement the measures announced by RBI recently in the right earnest. He also urged the banks to continue focussing on steps to enhance the resilience of their balance sheets,” the RBI said in a statement post the meeting held over video conference.

Earlier this month, the governor had announced a slew of measures, including term liquidity facility of Rs 50,000 crore to ease access to emergency health services, to further improve lending to MSME sector, restructuring of loans, and rationalisation of compliance to KYC, in wake of the second wave of the Covid-19 pandemic.

Other matters that came up for discussion during the meeting, included the current state of the financial sector; credit flows to different sectors including to small borrowers, MSMEs; and progress in the implementation of Covid Resolution Framework.

Monetary policy transmission and implementation of Covid-related policy measures taken by RBI too were discussed.

In his opening remarks, the governor acknowledged the important role being played by PSBs in extending various banking facilities including credit facilities to individuals and businesses while tackling the challenges brought on by the pandemic.

The meeting was also attended by Deputy Governors M K Jain, M. Rajeswar Rao, Michael D Patra and T Rabi Sankar.

Do you know What is India expected to grow 10 pc during current fiscal: NCAER Director General Poonam Gupt,FinMin releases Rs 9,871 cr grant to 17 state, Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Budget wish-list: Oil producers seek tax sops to raise domestic output
2Much at stake for India as WTO talks lose steam
3Inflation could impede nascent economic recovery