Winning Bizness Desk
Mumbai: RBI Governor Shaktikanta Das has said that markets have become extremely volatile and uncertain since the US Fed's Jackson Hole summit last week. He emphasized that our banking system is in good health and is able to resist any negative impact from external adverse conditions.
several steps taken to strengthen the banking system
Addressing the Annual Gathering of the Fixed Income Money Market and Derivatives Association of India in Mumbai, Das said the government has already taken several steps to strengthen the banking system. As on 26 August, India's currency reserves are US $ 561 billion, which will work to prevent external shocks. Our banking system is well capitalized. Going forward, our monetary policy will be watchful, fast and calibrated.
INR depreciated by 5.1%
He said that the government is working on issuing Sovereign Green Bonds. Shaktikanta Das said that the Indian rupee has depreciated by 5.1% which is the lowest in the world. RBI regularly provides liquidity and confidence in the market. Our intervention is largely based on preventing excessive volatility and stabilizing expectations. India is widely regarded as the fastest growing economy in the world by 2022. India has shown a faster pace when other major economies are actually facing slowdowns or significant slowdown in their growth momentum.