‘Your money is safe in banks’, says RBI Governor

‘Your money is safe in banks’, says RBI Governor

Mumbai: Reserve Bank of India governor Shaktikanta Das today said that the Indian banking system is safe and sound. “Your money is safe,” RBI governor assured the depositors.
“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,” he said. “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.

Loading...
Loading...

Share and Enjoy !

0Shares
0 0 0
Loading...

Leave a Reply

Your email address will not be published. Required fields are marked *

OPINION

At the time of COVID-19 a series Paintings by M. Akram Khan

Reasi: A series of paintings created by M. Akram Khan at its artist studio at Reasi on the theme of Covid-19, M. Akram Khan is a noted and veteran contemporary artist of national reputed and born in Reasi, at the time of COVID-19 he painted natural vibrant colours of the land and its people who […]