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RBI Governor meets heads of pvt banks, urges continuity in financial services

Das impressed upon the banks to quickly and swiftly implement the measures announced by RBI on May 5, 2021, in right earnest.

twitter-logoBusinessToday.In | May 25, 2021 | Updated 21:17 IST
RBI Governor meets heads of pvt banks, urges continuity in financial services
Das urged banks to continue focusing on efforts to further strengthen their balance sheets proactively.

RBI Governor Shaktikanta Das on Tuesday held a meeting with managing directors and chief executive officers of select private banks in the country, and asked the banks to ensure continuity in provision of various financial services.

Das urged banks to continue focusing on efforts to further strengthen their balance sheets proactively.

"He (Governor) impressed upon the banks to quickly and swiftly implement the measures announced by RBI on May 5, 2021, in right earnest," the Reserve Bank of India (RBI) said in a release.

On May 5, Das had announced a slew of measures, including term liquidity facility of Rs 50,000 crore to ease access to emergency health services. The measures were also aimed at further improving lending to MSME sector, restructuring loans, and rationalisation of KYC compliance in wake of the second wave of the COVID-19 pandemic.

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"He also advised the banks to ensure continuity in provision of various financial services including credit facilities to individuals and businesses in the face of challenges brought on by the pandemic," the release said.

Assessment of current economic situation and the state of the banking sector; credit flows to different segments of the economy, particularly to small borrowers, MSMEs, among others; progress in the implementation of COVID Resolution Framework 1.0; monetary policy transmission and liquidity scenario; and implementation of various COVID-related policy measures taken by RBI were discussed in the meeting held through video conferencing.

The central bank' deputy governors -- MK Jain, Michael Patra, M Rajeshwar Rao and T Rabi Sankar, were also present during the meeting.

Earlier this month, Das had held a similar meeting with MDs and CEOs of public sector banks.

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