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<p id="1"><strong>Mumbai: </strong>The RBI has asked bank chiefs for details on sectors or borrowers likely to come under stress because of rising interest rates. The central bank has also asked whether there are concerns over the ability to mobilise deposits and meet credit demand.</p>
<p id="2">RBI governor <strong>Shaktikanta Das</strong>, deputy governor M K Jain and other senior central bank officials held on Wednesday separate meetings with chiefs of public sector and private banks to get feedback on business growth.</p>
<p id="4">Bankers are understood to have told the governor that the rate of credit growth is likely to moderate to 1516% by the end of the current financial year from 18%. &ldquo;One of the reasons for the high credit growth is the utilisation of credit limits by corporates. As lending rates are now around pre-Covid levels, it is not causing any&nbsp;stress,&rdquo; said a senior banker.</p>
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<p>The RBI is also understood to have asked banks whether they were seeing a slowing down of core deposits as the share of current and savings accounts are declining. Bankers said that the growth in deposits was a function of the interest rates, and the market was waiting to see where interest rates would settle down.</p>
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<p id="4">On the progress in upgrading information technology and use of digital, banks told the RBI that since all lenders are out of prompt corrective action, they have managed to make the required investments in IT. The digital banking units that were set up in 75 districts last month are also onboarding customers.</p>
<p id="5">In a statement issued here, the RBI said the governor, in&nbsp;his introductory remarks, acknowledged the crucial role played by the commercial banks in supporting economic growth throughout the turbulent times since the outbreak of the pandemic and the ongoing financial market turmoil.</p>
<p id="2">Das asked banks to remain watchful of the evolving macroeconomic situation, including global spillovers, and take mitigating measures proactively so that the potential impact on their balance sheets is minimised and financial stability risks are contained.</p>
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RBI looks for fault lines due to rate stress

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