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RBI Governor flagged concerns on cryptocurrencies to the government

Shaktikanta Das, Reserve Bank of India (RBI) Governor, on Thursday said that the central bank has flagged major concerns on cryptocurrencies to the government and added that the matter is still under examination and the government will come out with a decision on it.

Addressing the 7th edition of the India Economic Conclave, the RBI governor said there is no difference of opinion between RBI and the government on cryptocurrencies and added that both the government and the central bank are bound to financial steadiness.

He said that the RBI is evaluating financial stability concerns as it works on the way ahead for central bank digital currency. He also added that the RBI is in talks with the government regarding the privatisation of public sector banks and the process will go forward.

Das also said that for keeping the banking sector healthy with strong capital base and ethics-driven governance remains a policy priority. He also underlined the huge role that innovation and technology have played in serving customers better and quicker. He said the central bank processed 274 crore digital transactions to provide direct benefit transfer (DBT) to people, most of which happened during the pandemic.

Addressing the economy, the RBI governor said that the recovery of economic activity should continue unabated and that he does not see any downward revision in the central bank’s growth estimate of 10.5 per cent for the next financial year (FY22).

“I would feel that the revival of economic activity, which has happened, should continue unabated going forward. My understanding and our preliminary analysis shows that the growth rate next year – the 10.5 per cent which we had given – would not require a downward revision,” he added.

Das said that the RBI is bound to use all policy tools to support recovery in the economy while preserving price stability and financial balance.

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