RBI Governor says, comprehensive regulatory framework to be introduced to curb illicit loans

RBI Governor says, comprehensive regulatory framework to be introduced to curb illicit loans

• The Reserve Bank of India (RBI)'s Governor Shaktikant Das said that a comprehensive regulatory framework will be introduced to curb illicit loans through digital channels. This is a new challenge to face and resolve.
• Governor Shaktikant Das was delivering the first lecture at the Iconic Week Celebration of the Central Board of Indirect Taxes and Customs. The e-lectures series on financial important topics, related to the National issues is organised on this Iconic Week.
• In his keynote address, Governor Shaktikant Das dwelt upon the topic 'Indian trade - past, present and future'. He said, the country has effected a number of strategic changes over the years. This has created a conducive environment for businesses. The RBI has consistently sought to improve governance and compliance practices in financial regulatory bodies. In the last three years, the RBI has issued new guidelines for private and public sector banks. Mr. Das further said that new regulations were made for financial institutions. The new rules for civic cooperative banks are being worked out and will be issued soon. The history of the Indian economy is in a sense a history of changes in the Indian business world. He said, the public from business and commercial community not only create wealth but creates employment too. Tax revenue contributes to the country. Not only have the Indian industry survived the last several years, but they are now ready to take the country's development story forward.
• The apex bank Governor said, concepts like artificial intelligence have changed the old system and created opportunities for new entrepreneurs. Guiding to the young entrepreneurs, he said, Young entrepreneurs and start-ups should constantly study the dangers and uncertainties ahead of them. It is essential for long-term and sustainable existence.
• Revenue Secretary Tarun Bajaj said, due to the excellent coordination between the Central Government and the RBI, it was possible to face the crisis created by the COVID epidemic. He also hopes for better tax collection through Goods and Service Taxes.

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Published date : 10 Jun 2022 06:15PM