Reserve Bank of India governor Shaktikanta Das on Friday said that the central bank doesn’t act as a policeman but keeps a close watch on the financial market, taking regulatory action when needed.
“No, we are not policemen. We are watching very closely. We keep vigil over the credit markets and take action when necessary,” Das said while speaking at the India Credit Forum hosted by Bloomberg.
His comments came after the apex bank directed Sachin Bansal’s Navi Finserv and three other NBFCs to stop giving out loans starting from the close of business on October 21, due to supervisory concerns, including excessive pricing.
Additionally, Das highlighted that this is India’s moment, adding, “India’s growth story is intact, and inflation is now within the target range. It is expected to moderate.”
He also mentioned that while there are risks, the RBI is closely monitoring the outlook for both growth and inflation.