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Need to support economic revival, financial stability: RBI Governor

The Reserve Bank of India is positioning itself to present an enabling setting the place regulated entities are catalysed to exploit these new avenues whereas sustaining and preserving financial stability.

Reserve Bank of India Governor Shaktikanta Das on Saturday mentioned the financial stability is a public good, and its resilience and robustness want to be preserved and nurtured by all stakeholders.

Delivering the thirty ninth Nani Palkhivala memorial lecture by means of a digital platform, he mentioned the central financial institution has directed its coverage efforts to put in place a state-of-the-art nationwide funds infrastructure, making certain secure, safe, environment friendly and cost-effective sturdy funds ecosystem.

The regulated entities on their half want to strengthen their inside defences to establish rising dangers early and handle them successfully, Mr. Das added.

“Financial stability is a public good and its resilience and robustness need to be preserved and nurtured by all stakeholders. We need to support economic revival and growth, we need to preserve financial stability,” he mentioned.

‘Easing COVID impact’

Mr. Das mentioned the yr 2020 may very well be marked as one of many hardest intervals for human society brought on by COVID-19 and the insurance policies adopted by the central financial institution have helped in easing the severity of the economic impression of the pandemic.

“The year bygone could be marked as one of the toughest periods for human society. The unprecedented health and economic catastrophe caused by the COVID-19 pandemic has exposed and widened economic and social fault lines across countries”, Mr. Das mentioned.

“It is essential to evolve a prudent and judicious approach towards managing the financial system not only during the pandemic but also in its aftermath”, he famous.

With the principal goal through the pandemic to support economic exercise, Mr. Das mentioned, “looking back, it is evident that our policies have helped in easing the severity of the economic impact of the pandemic”.

“I would like to unambiguously reiterate that the Reserve Bank remains steadfast to take any further measures, as may be necessary, while at the same time remaining fully committed to maintain financial stability,” he added.

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