’Your money in private banks is safe’: RBI Governor Shaktikanta Das
- 'Your money is safe': RBI governor assured the depositors
- Indian banking system is safe and sound, said RBI Governor Shaktikanta Das
Reserve Bank of India (RBI) Governor Shaktikanta Das today said that about ₹3.74 lakh crore liquidity will be infused into the financial system to deal with the coronavirus pandemic. "Your money is safe," RBI governor assured the depositors. He further said that "The Indian banking system is safe and sound. In the recent past, COVID-19 related volatility in the stock market has impacted share prices of banks as well, resulting in some panic withdrawal of deposits from a few private sector banks. It would be fallacious to link share prices to safety of deposits. As I have mentioned in my earlier interaction with the media, depositors of commercial banks including private sector banks need not worry on the safety of their funds. I would, therefore, urge members of public as well as the public authorities, who have deposits in private sector banks, not to resort to any panic withdrawal of their funds."
There is a nationwide lockdown till 14 April which will have a huge impact on businesses as well as our economy.
"In spite of the very challenging environment, I remain optimistic. It is worthwhile bearing in mind that the macroeconomic fundamentals of the Indian economy are sound and, in fact, stronger than what they were in the aftermath of the global financial crisis – the fiscal deficit and the current account deficit are now much lower; inflation conditions are relatively benign; and financial volatility measured by change in stock prices from recent peaks and average daily change in the exchange rate of the rupee is distinctly lower. COVID-19 is upon us; but this too shall pass," RBI governor said.
We need to remain careful and take all precautionary measures. I leave you with this comforting thought. Stay clean. Stay safe. Go digital," he added.
The governor also assured the public that the banking system in India was safe.
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First Published:27 Mar 2020, 11:35 AM IST
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