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2019-08-19 09:21:43

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Updated: Aug 19, 2019, 12.05 PM IST

At this juncture growth is matter of highest priority: Shaktikanta Das, RBI GovernorMumbai: RBI Governor Shaktikanta Das on Monday said the business community has been facing various challenges at the moment and growth is a matter of highest priority for the monetary policy committee (MPC) of the central bank.Das said geopolitical issues and domestic challenges are weighing in on business growth and signs of slowdown in key economies are now a key risk to global financial stability. The current state of the global banking system also points to uncertainty, he said.Headwinds to financial stability can come from financial markets, he warned, suggesting that long-term growth can be sustained only with financial stability. “Monitoring the health of the financial sector is important not only for financial stability, but also for growth,” he said.Das welcomes the move by some banks to link interest rates of new loans to the repo rate, which he said is a positive move. “The process needs to be faster,” he said. RBI is always continuously engaged with the leaders of the banking fraternity,” Das said. He said banking reforms is a continuous process and it will be the endeavour of RBI to see to it that there is no collapse of any large NBFC.Das said the central bank is keeping a close watch on inter-connectedness of banks and non-banking institutions and there is an immediate need to maintain high corporate governance standards in banks. The governor said liquidity in the system has been in surplus since June 1 and promised to ensure adequate level to meet productive needs.Also Read

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