The monetary policy committee from the Bank of India’s reserve (RBI) on Friday clarifies that the days of money policy that is easy will end soon. At a press conference after announcing the April Bi-month policy, the Governor of Shaktikanta Das and his deputy answered questions about other problems in the banking room and financial services. Here are some of the main problems handled by RBI Top Brass:
On HDFC Ltd Merger Bank HDFC
DAS: We have received proposals from HDFC Ltd and HDFC Bank in connection with the announcement of the merger they have made. The proposal is in the examination and we will, in the case of various guidelines for our regulations and other aspects, check it and when and when the decision is taken, you will find out.
At rupee ruble trade
DAS: The government stops those things, but as far as RBI concerning, it will not do anything that is contrary to economic sanctions against Russia.
Consumption:
DAS: Personal consumption is still crossing the pre-pandemic level. Rural requests will get support from Rabbi Crop. All restrictions because Covid-19 has been removed. Urban demand must also live back. Mobility has increased. There are quite a number of factors to provide upward encouragement for rural and urban requests.
Know your customer data leak (KYC)
Deputy Governor of Rajeshwar Rao: cases where this kind of deviation has occurred, we look into it and based on the results of our investigation, the right actions can begin. In connection with the problem of KYC, there are certain operational problems too. Internally also we are looking at the KYC problem and if needed, we will see an amendment like what is needed for regulations to make it simple but at the same time make it effective and overcome sustainable concerns.
Complaints against Digital Lenders
DAS: We have also received many complaints related to digital loans. We take immediate action even when there are complaints on social media. Report on the digital loan committee is open for public comments until December 31 and we have received many comments. We have checked the comments and are now negotiating internally and will solve it in the next two-three months.
Conversion of large non-bank lenders to the bank
DAS: Given scale-based regulations for non-banking financial companies (NBFCs) that we now introduce, and our current status is related to the bank license policy, this is for large NBFCs to take their own commercial decisions about their future. If they want to continue what they are, we have no problem with it, or if they want to go for some type of restructuring, for them to decide.
About why inflation estimates are done
DAS: We have revised our inflation and growth projection and if you see inflation projections in particular, especially projections have been revised upwards due to war-induced factors. Among the other main reasons, eating oil prices have crashed because of the factors related to war. Wheat prices also rise and feed costs that eat poultry, eggs and dairy products.
