Wednesday, December 8, 2021

RBI governor Shaktikanta Das calls for deeper discussion on issue of Cryptocurrencies

Reserve Bank of India (RBI) governor Shaktikanta Das has called for a deeper discussion on the issue of Cryptocurrencies.

Speaking at State Bank of India’s Economics Conclave yesterday Mr. Das said that RBI sees serious concerns for Cryptocurruncies from the point of view of macroeconomic and financial stability, and  there are far deeper issues involved hence  much more well informed discussions are needed on the issue.

The RBI governor doubted the current trading numbers in crypto currencies and said the investors are being lured to open accounts by offering credit.
He added that the RBI is taking a closer look at the strategies of banks. The regulator will not interfere in the commercial decisions of banks, but at the same time, it will closely monitor their business models.

Meanwhile commenting on the economic scenario, the RBI governor said that signs of economy recovery are now visible.He said that there are signs that consumption demand, triggered by the festive season, is making a strong comeback. He also noted that this should encourage firms to expand capacity and boost employment as well as investment amid congenial financial conditions.

Mr Das added that the gross non-performing assets (NPAs) of banks have shown improvement in September 2021 compared to June 2021 levels and called upon financial institutions to shore up their capital management process.

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