New avenues should be created in the financial sector regarding service delivery in an effective manner. Regarding this, RBI Governor Shaktikanta Das called for the need for effective regulation that helps instead of discouraging innovation in the fintech space. In an event on Thursday, the central bank Governor Das said that effective regulation is in place for the RBI. Apart from this, he said that maintaining the health of banking sector and ethics-drive governance with strong capital base is also in the policy priority of the central bank.
The RBI governor said that RTGS and NEFT currently only deal in rupees, but its capacity can be increased by taking transactions in many currencies. That is, if it is innovated, then transactions can also be done in the form of dollars.
Multi-currency transaction possible through NEFT-RTGS
Technological and innovative discoveries have played an important role in providing better service and faster service to consumers. Referring to the large role of technology and innovation, RBI Governor Das said that the RBI processed 274 crore digital transactions to provide direct benefit transfer (DBT) to the people. Most of it was processed during the epidemic.
The RBI governor said that RTCS and NEFT are continuously providing facilities for transactions at any time to everyone, but this can be further strengthened. According to Das, it has multi-currency capacities, that is, it is possible to transact through other currencies instead of just rupee transactions.
Country able to deal with Corona crisis- Slaves
The RBI has been taking a negative view of private cryptocurrencies, although Das said during the ceremony that the central bank is evaluating concerns about financial stability as the RBI is working on plans to bring in its digital currency.
Das said that RBI is committed to use all policy tools for economic recovery while maintaining price stability and financial stability. Although he has acknowledged that the rising cases of corona infection are a matter of concern, he also said that the country is now fully prepared to deal with any crisis.