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RBI stays vigilant, committed to early, decisive action: Governor Das

28Dec

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RBI stays vigilant, committed to early, decisive action: Governor Das

RBI Governor Shaktikanta Das (Photo: PTI) The Reserve Bank of India (RBI) remains alert and committed to act early and decisively to prevent any buildup of risks, said Governor Shaktikanta Das in his foreword to the “Financial Stability Report” (FSR), released on Thursday. He said the recent implementation of macro prudential measures, specifically aimed at tempering lenders’ enthusiasm in specific segments of retail loans, reaffirmed the central bank’s commitment to financial stability while ensuring the continued availability of funds for the productive needs of the economy. After issuing warnings to banks and non-banking financial companies (NBFCs) regarding the escalating levels of unsecured loans, including personal loans and credit card debt, on November 16, the ...

FinMin Asks PSU Banks To Take Measures To Strengthen Cybersecurity

Banks should keep a tight vigil, and there should be readiness for future cyber threats.The Finance Ministry and RBI have been sensitising banks on this aspect at regular intervals amid the growing digitisation in the financial sector.The Finance Ministry has asked state-owned banks to review systems and processes related to their digital operation in view of the recent UCO Bank incident.According to sources, the banks have been advised to check their cybersecurity robustness and take measures to strengthen them.Banks should keep a tight vigil, and there should be readiness for future cyber threats, sources said.The Finance Ministry and RBI have been sensitising banks on this aspect at regular intervals amid the growing digitisation in the financial sector.Last week, Kolkata-based public ...

Public sector banks earlier known for huge losses, NPAs; now for record profits: PM Modi

NEW DELHI: Prime Minister Narendra Modi on Saturday hit out at the previous UPA government, saying while it destroyed the banking sector with "scams" his dispensation has restored its good financial health, with India now known for the sector's strength.Addressing a Rozgar Mela after giving appointment letters to over 70,000 recruits virtually, PM Modi noted that a large number of them have been employed in the banking sector as he highlighted how it was "destroyed" under the previous dispensation before his government took corrective measures.He said that the "phone banking" scam was one of the biggest scams of the previous government as it broke the back of the banking system.The idea of phone banking was different for that government as loans of thousands of crores of rupees were given...