The governor also said that maintaining the health of the banking sector with a strong capital base and ethics-driven governance is a policy priority.
Underlining the need for innovation in the financial sector for effective service delivery, RBI Governor Shaktikanta Das on Thursday called for effective regulation that would help innovate in the fintech space and not break it.
The governor said at the Times Network India Economic Conclave that effective regulation is a priority for the Reserve Bank, and regulation should not disrupt innovation in the fintech space.
The governor also said that maintaining the health of the banking sector with a strong capital base and ethics-driven governance is a policy priority.
Mr. Das said that underlining the large role of technology and innovation in serving people better and faster, RBI processed 274 crore digital transactions to provide direct benefit transfer to the people, most of which occurred during the epidemic .
The governor said, “Since RTGS, which runs round-the-clock along with NEFT, has multi-currency capabilities. It has room to move beyond our shores.”
Despite his official opposition to private crypto currencies, Mr Das said the central bank is assessing financial stability concerns as this central bank works on moving to the digital currency.
The central bank chief also said that the RBI is committed to using all policy tools to support economic recovery while preserving price stability and financial stability.
Although the spike in new pandemic infections is a matter of concern, Mr. Das said that the nation is currently equipped with additional insurance to deal with the miseries.
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