India is “at the doorstep of the revival process” from the coronavirus pandemi
India is “at the doorstep of the revival process” from the coronavirus pandemic and lenders must ensure they have capital to help the economy, said Reserve Bank of India governor Shaktikanta Das on Wednesday.
“We are today at the doorstep of the revival process from the Covid crisis. We have told banks and NBFCs that as soon as the crisis settles, they must do stress tests,” Das said at a panel discussion in Mumbai, referring to the disease caused in the pandemic.
“I have myself appealed and impressed upon them to proactively build capital buffers, not only to strengthen their inherent resilience, but also to have adequate capital to ensure that the credit flow is maintained in a phase when the economy comes for a revival,” Das said. He was speaking at a panel discussion on the launch of 15th Finance Commission Chairman N K Singh’s book ‘Portraits of Power’.
Das said governance reforms in banks and NBFCs should be regarded as an ownership issue alone. “When we talk of reforms in banking,…