New Delhi: A top official of the International Monetary Fund (IMF) said that India's direction is correct and it is innovating in the policy arena, including digital identity and payments, but to accelerate the country's growth, it needs financial markets and institutions Must hold all areas of Tobias Adrian, director of the IMF's Department of Money and Capital Markets, said the goal should be to have an economy and a financial system that can withstand shocks, better manage balance sheets and stranded debts (NPAs). To be able to.
He said during the annual meeting of the IMF and World Bank last week that the non-banking financial system can be better prepared, while at the same time capital markets will have to be strengthened further. He said that along with this the whole issue related to fintech is important in India and all over the world. In response to a question, Adrian said, "We are in the era of a technological revolution in the field of payments and I think India has been a guide in many of these technologies and payment systems".
He further said that the way the loan is being given in India, it is not being done anywhere else, because the infrastructure here in this area is very strong. But of course, more work can be done. "He said that India’s direction is right and it is innovating in the policy area including digital identity and payment. He said that the most common lesson of the Corona crisis is that when there is a terrible shock, there is a need to supply cash at a rapid pace".