NEW DELHI: Reserve Bank of India Governor Shaktikanta Das said on Monday that the central bank will not hesitate to take necessary steps to maintain financial stability in the country. The RBI Governor assured that monitoring will continue on the crisis-hit NBFCs sector.
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He said financial stability is considered a key component in the RBI's monetary policy. Regarding the non-banking sector, the RBI governor said, "In view of the strong liquidity framework for the NBTC, the RBI has recently prepared a draft of the guidelines. We are also looking at their regulatory and supervisory framework afresh. We are trying to have maximum level of exchange and supervision so that the NBFCs sector becomes financially flexible and strong.
At the same time, the liquidity crisis in non-banking financial companies came to light when IL&FS was reported as a defaulter in a commercial paper in September. Das said there is a need to strike a delicate balance between inflation and development objectives. "While monetary policy mainly focuses on inflation and growth, the main theme is always financial stability," he said.