The governor, Shaktikanta Das expressed his view that amidst global shocks and challenges, the Indian economy presents a picture of resilience. Its financial stability has been maintained and domestic financial markets have remained stable and fully functional. More importantly, the Indian banking system is sound and well-capitalised and the non-banking financial sector has also withstood challenges.
The Reserve Bank's latest Systemic Risk Survey (SRS) endorsed this view. Respondents viewed monetary tightening in advanced economies, tightening of financial conditions, geo-political risks, global growth uncertainty and growing risks from private crypto-currencies and climate change as major contributors to the rise in global, financial market and general risks.
However, when it came to India, the majority of the respondents saw further improvement in credit prospects and remained confident about the stability of the Indian banking sector. In fact, almost 99% of respondents believed that the prospects of the Indian banking sector were likely to improve or remain unchanged over the next one year.
This story is from the February 2023 edition of Indian Economy & Market.
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This story is from the February 2023 edition of Indian Economy & Market.
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