Indian Banking Sector Has Remained Resilient Despite Challenges Says RBI Governor

The Reserve Bank of India Governor Shaktikanta Das held meetings with the MD & CEOs of Public Sector Banks and certain Private Sector Banks on November 16, 2022. The meetings were also attended by Deputy Governor M. K. Jain along with a few senior officials of the RBI. The Governor in his introductory remarks acknowledged the crucial role played by the commercial banks in supporting the economic growth throughout the turbulent times since the outbreak of pandemic and the ongoing financial market turmoil. He further stated that despite challenges, the Indian banking sector has remained resilient and continued to improve in various performance parameters. He advised the banks to remain watchful of the evolving macroeconomic situation, including global spillovers, and take mitigating measures proactively so that the potential impact on their balance sheets is minimised and financial stability risks are contained. Among other matters, issues relating to lagging growth in deposits vis-vis credit growth, asset quality, investments in IT infrastructure, adoption of new-age technology solutions, functioning of Digital Banking Units, etc. were also discussed.

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