Will Soon Issue Guidelines To Make Digital Lending Ecosystem Safer: RBI Governor Das
RBI governor Shaktikanta Das said big technology firms’ play in finance poses systemic concerns like overleverage
Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said that central bank will soon be issuing guidelines to make digital lending ecosystem safe and sound.
Das was addressing a gathering at The Financial Express BFSI Summit on Friday. He said big technology firms’ play in finance poses systemic concerns like overleverage.
He said that blockchain players pose unique problems and regulating them will require globally coordinated action. “Blockchain platforms cannot be limited to a regulator or nation. Regulators can go for activity and entity-based regulations,” the governor said.
Here is the speech by the RBI governor in detail:
On digital mobile banking, Das said anytime, anywhere banking is becoming the order of the day. “Indigenously developed UPI and Aadhaar enabled payment services have become the backbone of retail payment system. Along these developments, the RBI’s regulatory approach has been aligned to support and foster such development.”
Speaking on inflation, Das said that during the pandemic, the monetary policy committee had decided to tolerate inflation according to the situation.
“Tolerance of high inflation during the Covid-19 pandemic was a necessity; we stand by our decision. If we had adopted tighter policy, it would have been disastrous for economy that contracted 6.6 per cent in FY22,” he said.
During his speech, he said that the central bank has not fallen behind the curve, we have been in line with requirements of our time, the RBI governor said, while adding the process of coming out of an easy liquidity system takes a long time based on factors beyond our control.
On loan recovery, Das has mentioned that loan recovery agents using harsh methods like calling up at odd hours, using foul language are unacceptable.
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