RBI has conveyed its concerns regarding cryptocurrency to the government: Shaktikanta Das

Reserve Bank of India (RBI) Governor Shaktikanta Das said on Thursday that the central bank has conveyed its concerns regarding cryptocurrencies to the government. Now the government has to look into it.

He said that now it is for the central government to decide how to deal with the proliferation of such platforms. He said that we need credible answers on what will be the contribution of private cryptocurrencies to the Indian economy going forward.

Das said that the RBI expects to achieve the GDP growth forecast of 9.5 per cent in the current financial year 2021-22. He said central banks are optimistic about achieving the 9.5 per cent growth rate forecast.

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Addressing an event organized by The Indian Express and Financial Times, Das said the second wave of COVID-19 had subsided by August. The growth rate will be better on a quarter-on-quarter basis from the second quarter.

Das said that the Reserve Bank has decided to give more emphasis on economic growth due to the pandemic. Along with this, he also has to walk in the range of 2 to 6 percent inflation which the government has fixed for him.

The Governor said that the liquidity position in the global markets is quite smooth. Due to this, the domestic market is booming. He clarified that there is no evidence that higher property prices are affecting the inflation situation.

He said whether or not to continue with the soft stance would be decided by the Monetary Policy Committee. Responding to a question, he said the range of high inflation is not likely to widen.

Das said the NPAs of the banking system have now come to such a level that they can be managed. He underlined that banks have adequate capital buffers. The NPA ratio of the banking system stood at 7.5 per cent at the end of the June quarter.

On the question of huge loss to the lenders in the insolvency resolution process, Das said there is scope for improvement in the functioning of IBC. These include legislative changes as well as the time taken for a case in bankruptcy courts.

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