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Indian Banking System Remains Strong Despite West Asia Crisis And Falling Forex Reserves
Indian Banking System Remains Strong Despite West Asia Crisis And Falling Forex Reserves, Say Experts
Financial experts are not worried about the drop in foreign exchange reserves or ongoing global tensions.
Even with the recent troubles in West Asia, financial leaders are confident about the strength of India’s economy and banking system. They are not worried about the drop in foreign exchange reserves or ongoing global tensions.
M Narendra (former CMD, Indian Overseas Bank), Mahendra Kumar Chouhan (President-Elect, IMC), and Shachindra Nath (MD, UGro Capital) all agreed that India’s financial system is very strong and can handle big challenges from outside. The experts said the recent drop of about Rs 2.5 lakh crore in the Reserve Bank of India’s foreign exchange reserves, along with changes in foreign investments, are only temporary problems.
Nath explained that the lower reserves are because of the rupee losing value and changes in global money markets. He suggested India should focus on using less oil and making economic reforms to attract more global investors. Narendra said that India’s government finances are well managed, so banks can easily support local credit growth. Even though there are shipping delays and port problems because of the West Asia crisis, the experts said the system has handled the shock well.
Narendra, speaking at the IMC Banking & Financial Services Conference, said, “These things are being affected, and there may be a few months of difficulty for companies. But because almost all companies are holding strong cash reserves and are in the best of financial health, they will be able to manage that well.”
He also pointed out that the RBI has allowed more flexibility for import payments and export credit, showing that “it is not a panic situation.”
The experts praised India’s strong banking rules for making the system very safe. Chouhan said that, unlike the 2008 global crisis, Indian banks stayed strong because of the RBI’s strict rules, saying, “The banking sector, I would say, is becoming a force for good.” He added that Indian banks are stronger than ever, helped by the country’s Digital Public Infrastructure and the JAM trinity.
On economic policy, the experts expect things to stay stable. Nath said he does not expect big changes in interest rates at the next Monetary Policy Committee meeting. Narendra explained that unless food inflation goes above 6 percent, there is no need to raise interest rates.
“The RBI will use other ways to provide money for loans and make sure interest rates don’t go up too much,” Narendra said. The experts said that including more people in the financial system is more important than merging banks. Nath warned against too much consolidation, saying that having many strong, local banks is important for serving India’s large unbanked population. In the end, the leaders said the Indian banking sector is in a very good position and is helping the country’s economic growth.
Source: News18.com
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