RBI governor alerts banks, says 'economic conditions will worsen now, be prepared'

Dec 12 2019 01:38 PM
RBI governor alerts banks, says 'economic conditions will worsen now, be prepared'

New Delhi: In view of the current economic situation of the country, RBI Governor Shaktikanta Das has asked banks to be ready. In the talks with the heads of public sector banks, RBI Governor Shashikant Das has said that the current economic conditions can pose some challenges, so banks should be ready to face the situation.

In a statement issued by the Reserve Bank, it said that, "The Governor asked the banks to be fully alert to meet the emerging challenges." In this case, he has specifically asked to work in a coordinated manner in the solution of stressed assets. "The RBI governor said this at a time when the country's gross domestic product (GDP) growth is at a six-year low Is on.

According to government figures, GDP growth has reached 4.5 percent in the second quarter of the current financial year. In view of this, the Reserve Bank has also reduced the estimate of economic growth for the current financial year to 5 percent. However, Shaktikanta Das also noted that the banking sector is improving and it remains strong.

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