RBI ready to help troubled shadow banks, but stops short of specific steps

India's central bank said it's prepared to come to the help of the troubled shadow banking sector if needed, but stopped short of announcing specific action to help the country's non-bank financial companies.

Speaking soon after announcing a cut in interest rates to the lowest in nine years, Reserve Bank of India Governor Shaktikanta Das told a press conference that the central bank is closely monitoring the NBFC sector and is ready to take “whatever steps are required” to ensure financial stability.

Some analysts had expected more decisive action to be announced together with the RBI's statement. "The market was expecting some