Reserve Bank of India (RBI) governor Shaktikanta Das on Tuesday advised Private Sector Banks (PvSBs) chiefs to ensure continuity in provision of various financial services including credit facilities to individuals and businesses in the face of challenges brought on by the pandemic.
In a meeting with the MD & CEOs of select PvSBs through video conference, Das also underscored the importance of quickly and swiftly implementing the measures announced by RBI on May 5, in right earnest.
The issues that were discussed in the meeting related to assessment of the current economic situation and the state of the banking sector; credit flows to different segments of the economy, particularly to small borrowers, MSMEs, etc.and progress in the implementation of Covid Resolution Framework 1.0.
The meeting, which was also attended by the four RBI Deputy Governors – MK Jain, Michael D Patra, M Rajeshwar Rao and T Rabi Sankar – took stock of the monetary policy transmission and liquidity scenario and implementation of various Covid-related policy measures taken by RBI.
The governor urged the banks’ to continue focussing on efforts to further strengthen their balance sheets proactively. He recognised the crucial role played by the private sector banks as important stakeholders in the Indian banking sector.