The Reserve Bank of India's governor Sanjay Malhotra expressed hope that trade talks between India and US will reach a positive conclusion, ensuring minimal impact on domestic growth.
"We are hopeful that negotiations on tariffs will play out and there will be minimal impact," he said during an event on August 25.
Moreover, Malhotra said the central bank will continue to conduct its monetary policy with the objective of price stability and economic growth. "We will continue to strengthen financial stability, this is our primary objective," the central bank's governor said during an event.
The governor also said that the foreign exchange reserves of the country are sufficient to cover 11 months of imports
"We have very robust foreign exchange reserves of $695 billion, sufficient to cover 11 months of merchandise exports... Generations of freedom fighters gave us a 'Swatantra Bharat', a free India, and now we must work for a 'Samriddh Bharat', a prosperous India," he said at FIBAC 2025.
The governor also said the central bank will continue to strengthen financial stability of the country and review bank credit norms.
"73% of credit needs are met by entities that are regulated by RBI," he said adding that RBI is examining the measures of bank's credit.
Further, he said the numbers of services buisiness correspondents are providing needs to be increased. "Business correspondent is very effective channels for providing services and this channel needs to be strengthen."
Malhotra also revealed that the proposed ECL norms will be issue soon.
With agency inputs
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
