te RBI Governor ZEE BIZ EXCLUSIVE INTERVIEW: What Shaktikanta Das said about new bank licenses and consolidation of small banks | Zee Business

RBI Governor ZEE BIZ EXCLUSIVE INTERVIEW: What Shaktikanta Das said about new bank licenses and consolidation of small banks

Calling the financial sector the "backbone of the economy", the RBI Governor stated that financial stability is the first priority. Also, making robust banking back a robust economy has been a prime focus.

RBI Governor ZEE BIZ EXCLUSIVE INTERVIEW: What Shaktikanta Das said about new bank licenses and consolidation of small banks
Talking about the banking license, the RBI Governor said that applicants fulfilling the 'fit and proper test' will receive the license from RBI. Pic: https://twitter.com/ZeeBusiness

In an exclusive interview with Zee Business Managing Editor Anil Singhvi, Reserve Bank of India (RBI) Governor Shaktikanta Das said that keeping the banking sector, the financial system robust and strong has been a focus of RBI.

"RBI has always aimed to keep the banking sector and financial system robust and strong. Attempts to fulfill the same have always been taken and will be taken in the future," the RBI Governor said.

"To make the financial sector stronger and meet the need of emerging requirements, RBI has taken steps in the recent past such as new regulatories being introduced for NBFCs ; introduction of new governance framework for banks. New regulatory framework for urban cooperative bank framework has been introduced as well as new regulatory framework has been announced for digital lending, recently," he added.

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Calling the financial sector the "backbone of the economy", the RBI Governor stated that financial stability is the first priority. Also, making robust banking back a robust economy has been a prime focus.

Talking about the banking license, the RBI Governor said that applicants fulfilling the 'fit and proper test' will receive the license from RBI.

Highlighting the importance of the 'fit and proper test' and calling the process a sacred function, the RBI Governor said that to give the license, analysis is done carefully to keep the trust of depositors intact in the financial system. Applicants should fully fill the requirement of 'fit and proper test' in order to get the license.

Commenting on small bank mergers, the RBI Governor said that if a small bank wishes to merge with a large bank, then there are provisions in law that are to be followed. After the boards of both banks decide, and the 'fit and proper test' conditions are met, then the outcome of the merger is analyzed by RBI.

"There is no mindset to encourage or discourage applicants, RBI will examine the application with an open mind," he concluded.

Written By: ZeeBiz WebTeam
Updated: Mon, Sep 19, 2022
04:29 pm
New Delhi, ZeeBiz WebDesk
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