New Delhi: How does the RBI get behind the government? How is the Reserve Bank of India taking care of the depositors? How long is a new bank license? What is the RBI’s plan to control inflation? How much does the government interfere in the work of RBI? How strong is the digital banking infra in India? The answer to such important questions is Anil Singhvi (Managing Editor, G Business)Anil Singhvi(In an exclusive interview with Reserve Bank of India (RBI) Governor Shaktikant Das)Shaktikant Das) Gave.
Shaktikant Das completed two years as RBI Governor. In this context, he gave his views on issues like rising inflation, Indian banking system. He also shared many obscure aspects of his life.
Question 1: How did you like it in 2 years?
Answer: The post of governor is responsible. In such a situation, there were always two types of situations in front of me. On the one hand, I had a great opportunity to contribute to the country’s economy. On the other hand, there were challenges and difficulties due to the opposition.
Question 2: There is usually an image that the RBI governor talks less about. You have broken this image. At the same time you will have plenty with the government. How has this changed?
Answer: Governments and central banks around the world have different perspectives. We need to talk and resolve differences. The government is more responsible for the growth of the economy. In that case, if there is opposition, it is best to resolve the issue through negotiations.
Question 3: What was your biggest achievement in 2 years as RBI Governor?
Answer: There were challenges related to the NBFC sector when he became the RBI governor. There were big questions about the stability and liquidity of the NBFC sector. The challenge was to normalize NBFCs and banks, boosting confidence. Given these, the RBI has taken several steps to monitor NBFCs and banks. During this time banks tried to show problems in financial institutions. After which the advice and guidelines were issued warning the management.
Question 4: RBI is considered to be the best central bank in the world. The biggest challenge facing the RBI is related to PMC, Yes Bank and Laxmi Vilas Bank. The issue of this bank and Laxmi Vilas Bank was well addressed. After all, why are banks failing despite monitoring? Why are bond and equity holders being unfair in a recovery effort?
Answer: The RBI has taken strict measures to ‘monitor the banks’. We understand the business model of banks. Keep an eye on the loan book. We decide on the interest of the depositor in the case of banks. And all of these decisions are made under law and regulatory guidelines.
Question 5: Draft guidelines for new bank license have been issued. There are also guidelines for NBFCs to become banks. Guides are good for showing directions. But does the RBI really want to issue new licenses?
Answer: Anyone can apply for a bank license at any time. However, the recommendations of the internal working group have not been decided. But the recommendations are waiting. We will communicate and make decisions.
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Question 6: Inflation is high, but interest on deposits is declining. Especially senior citizens. What is the plan to reduce inflation?
Answer: According to the MPC, inflation will be higher for the next month. According to the MPC, there is expected to be some relief from inflation even in winter. The government has taken several steps to reduce inflation. The state government should also take measures to reduce inflation. Steps should be taken regarding the price of milk, eggs and chicken. Our development is also under care. Looking closely at the situation. Kovid will not make a hasty decision on interest rates in the midst of the crisis.
Question 7: You are a supporter. Are being fair. Is the RBI really as active as the US Fed?
Answer: The RBI always tries to make decisions based on the situation. The RBI has considerable autonomy. Discussions are held with the government. But the RBI decides independently.
Q-8: The market is record high. Many dollars are coming. Never in history has so much money been received in a single month. Will you come back How is RBI monitoring?
Answer: The Reserve Bank has billions of dollars in foreign exchange reserves. FIIs are willing to face the situation of withdrawal. The liquidity situation will continue. We are monitoring the reserve system very carefully.
Question 9: There were some problems in digital banking. RTGS is 24X7. Is the banking infrastructure strong?
Answer: It also monitors and tests the bank’s IT infrastructure. Warn banks in difficult situations.
Q-10: Digital loan applications harass customers for recovery. There are still some regulatory applications. What is RBI doing?
Answer: With this in mind, the RBI issued a fair practice code. Digital lenders will tell on the website which bank works through NBFC. The customer knows where to complain. Banks, NBFCs should state who is a partner in providing digital nding.
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Question 11: Banks are expected to increase NPAs with the resolution of Mortuary. What is the preparation of RBI?
Answer: The Financial Stability Report comes in the last week of December. We estimate the NPA based on the September0 condition. The RBI had earlier issued Rs. range% was given.
Question 12: Government policy is a priority sector, necessary for government policies. Government banks need capital. Shareholders are not able to make money. How will the country grow?
Answer: Government banks need to raise capital quickly. Apart from SBI, Canara Bank has also raised capital. This is a good opportunity for banks to raise capital from the market. The budget will definitely provide for the provision of capital to banks.
Q-1 :: Lots of money now? Need to control liquidity?
Answer: The RBI has met its objective of increasing liquidity. In March, the bond market and the market had liquidity problems. The surplus is also trying to stabilize liquidity.
Question 1: People know you but don’t know you. Where do you get the most power?
Answer: There is a great opportunity to do something for the country. Enthusiasm for fulfilling great responsibilities gives strength.
Question 15: Bhubaneswar, Delhi, Mumbai has become a place to work. Chennai too. Around favorite?
Answer: In Bhubaneswar, there is a special attachment to childhood and schooling.
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Q-1: Do you lose anything in life? Got everything, name and fame, job opportunity, nothing left?
Answer: If my parents were alive, I would be very happy to see them. It is very sad not to have a guardian.
Question 117: Some end agenda? Personal
Answer: Unless there are endless agendas, life makes no difference.
Question 1: What is your favorite food?
Answer: In Odisha, I like a bowl made of rice.
Question 1: What do you do in your free time?
Answer: I listen to a lot of Hindustani classical music in my spare time. I have loved listening to classical music since college days.
Q-20: Where do you go for vacation?
Answer: He was always out and went to Bhubaneswar on holidays.
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Q-21: Your favorite book?
Answer: My favorite book is a biography of Gandhi. Books about Gandhi are very inspiring.
Q-22: What to do to be successful in life?
Answer: Work in the profession you are going to.
Question 2: Is there a possibility of expansion? What do you want to do with RBI now?
Answer: There will be a focus on policies related to Kovid. The RBI will also focus on increasing financial stability and digital payments.