new Delhi: How does RBI align with the government? How is the RBI taking care of the depositor? How long will the new banking license? What is the RBI plan to control inflation? How much does the government interfere in the functioning of RBI? How strong is digital banking infra in India? The answer to such important questions is Anil Singhvi (Managing Editor, Zee Business)Anil Singhvi) In a special conversation with Reserve Bank of India (RBI) Governor Shaktikanta Das (Shaktikanta Das) Gave.
Shaktikanta Das has completed 2 years as Governor of RBI. In this context, he gave his opinion on issues like rising inflation, Indian banking system. At the same time, he also told about many untouched aspects of his life.
Question-1: How did you like it in 2 years?
answer: The post of governor is a responsibility. In such a situation, there were always 2 types of situations in front of me. Where on one hand I got a big opportunity to contribute to the country’s economy. On the other hand, challenges and difficulties were also faced due to opposition.
Question-2: There is usually an image that the RBI governor talks less. You have broken this image. At the same time, you also get plenty with the government. How has this change happened?
answer: Governments and central banks around the world have different views. We should negotiate and resolve differences. Government is more accountable on the growth of economy. In such a situation, it is best to resolve the issues through negotiation if there is a protest.
Question-3: What was your biggest achievement in 2 years as RBI Governor?
answer: At the time of becoming RBI governor, there were challenges regarding the NBFC sector. There were big questions about the stability and liquidity of the NBFC sector. The challenge was to normalize NBFCs and banks, increasing confidence. Given these, the RBI took several steps to monitor the NBFC and banks. During this time, banks tried to foresee the problems in financial institutions. After which advice and guidelines were issued by warning the management.
Question-4: RBI is considered the best central bank in the world. The biggest challenge before the RBI is the problems related to PMC, Yes Bank and Laxmi Vilas Bank. The issue of Yes Bank and Laxmi Vilas Bank was handled well. After all, why are banks failing despite monitoring? Why are bonds and equity holders being unfair in revival efforts?
answer: The RBI has taken very stringent steps to ‘monitor banks’. We understand the business model of banks. Keep an eye on the loan book. We take the decision on the interest of the depositor in the case of banks. And all these decisions are taken under law and regulatory guidelines.
Question-5: Draft guidelines issued for new banking license. There are also guidelines to make NBFCs a bank. Guides are good for showing guidelines. But does RBI really want to give new licenses?
answer: Anyone else can apply for banking license anytime. However, the recommendations of the Internal Working Group have not yet been decided. But suggestions on the recommendations are awaited. We will negotiate and decide.
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Question-6: Inflation is high, but interest is getting less on deposits. Especially senior citizens. What is the plan for reducing inflation?
answer: According to the MPC, inflation will be higher for the next few months. According to the MPC, some relief from inflation is also expected in winter. Several steps have been taken by the government to reduce inflation. State governments should also take measures to reduce inflation. Steps should be taken regarding the prices of milk, eggs and chicken. Our growth is also under watch. Keeping a close watch on the situation. Kovid will not take a hasty decision on interest rates in the midst of crisis.
Question-7: You are being pro-active. Are being fair. Is the RBI really going pro-active like the American Fed?
answer: RBI always tries to take decisions by looking at the situation ahead. RBI has sufficient autonomy. Discussions are held with the government. But RBI takes the decision independently.
Question-8: Market record is height. A lot of dollars are coming. Never received so much money in a month in history. Will you come back? How is the RBI monitoring?
answer: The Reserve Bank currently has foreign exchange reserves at $ 579 billion. The FIIs are willing to face the situation of withdrawal. The situation of liquidity is expected to continue like this. We are monitoring the Reserve Management very carefully.
Question-9: There have been some issues in digital banking. RTGS is 24X7. Is banking infrastructure strong?
answer: It also monitors and examines the IT infrastructure of banks. Warns banks in a difficult situation.
Question-10: Digital loan applications bother customers for recovery. There are still some regulatory applications. What is RBI doing?
answer: Keeping this in mind, RBI has released the Fair Practices Code. Digital lenders will tell on the website that which bank will work through NBFC. The customer will know where to file their complaint. Banks, NBFCs have to tell who is the partner in digital lending.
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Question-11: With the resolution of moratorium case, banks are expected to increase the NPA. What is the preparation for RBI?
answer: Financial stability report will come in the last week of December. We will give an estimate of NPA based on the condition of 30 September. RBI had earlier given 12.5–14.7% range for NPA.
Question-12: Government bank priority sector lending, necessary for government policies. Government banks need capital. Shareholders are not able to make money. How will the country grow?
answer: Government banks should raise capital fast. Apart from SBI, Canara Bank has also raised capital. This is the right opportunity for banks to raise capital from the market. There will definitely be a provision in the budget to give capital to banks.
Question-13: Too much money now? Need to control liquidity?
answer: RBI has fulfilled its objectives to increase liquidity. There was a problem of liquidity in the bond market and market in March. Surplus is also trying to stabilize liquidity.
Question-14: People recognize you but do not know. Where do you get the most power?
answer: There is a big opportunity to do something for the country. Passion to fulfill big responsibilities gives strength.
Question-15: Bhubaneswar, Delhi, Mumbai has been a work place. Chennai too. Favorites around?
answer: In Bhubaneswar, there is a special attachment due to the passing of childhood and schooling.
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Question-16: Do you miss something in life? Got everything, name and fame, work opportunity, nothing left?
answer: If the parents were alive, I would be very happy to see me. Very sorry for not having parents.
Question-17: Some Un-Finished Agenda? personal
answer: Unless there are un-finished agendas, life does not matter.
Question-18: Your favorite food?
answer: A dish made of rice is liked in Odisha.
Question-19: What do you do in free time?
answer: I listen to Hindustani classical music a lot in my spare time. I am fond of listening to classical music since college days.
Question -20: Where do you go for holiday?
answer: Always been out Used to go to Bhubaneshwar on getting holidays.
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Question-21: Your favorite book?
answer: A favorite book is a biography of Gandhi. Books about Gandhi are quite inspiring.
Question-22: What to do to be successful in life?
answer: Work in the profession in which you go.
Question-23: Is there a possibility of extension? What do you want to do in RBI now?
answer: There will be further focus on policies related to Kovid. RBI will also focus on increasing financial stability, digital payments.