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RBI Guv Shaktikanta Das: Depositors' money topmost priority, even as one-time rollover for businesses is considered 

While businesses are asking for a one-time rollover or restructuring of their loans, the biggest worry is that while doing so the money of depositors are safe, said RBI Governor’s, Shaktikanta Das. The governor was responding to a query raised by Jyotsna Suri, chairperson and managing director of Bharat Hotels during a FICCI event.

Former economic affairs secretary, Das, said, “We on part of the Reserve Bank of India had to take a careful and balanced decision.”

He went on to explain, “...The primary concern of any banking system should be the protection of the depositor's interest because ultimately it is the depositor's money. And let me mention that depositors are in crores whereas borrowers could be in lakhs.”

Meanwhile, Das also stated deposits of small, middle-class, and retired depositors have to be protected as they depend on these deposits to survive.

Yet another aspect why introducing a one-time rollover is that the financial stability of the banking sector needs to be kept in mind, Das stressed. “...banking has an important role to play to spur economic development in an emerging market economy like India,” Former India's Sherpa to the G20 added that going forward, the banks have a major role.

After the moratorium ended, the hospitality sector has been looking at one-time restructuring with a lot of hope, considering the sector has been one of the worst-hit sectors, and the last sector to revive in all sectors. Thus, Suri requested the governor to look at having an extended period of four years rather than two years for a one-time rollover. Adding to this time frame request, Das said, the call that we have taken is the right one as it is based on the interest of the depositors and protection of depositors' interest, along with trying to address the cash flow and liquidity issue of the government.

 

 

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Event:

 FICCI National Executive Committee Meeting: Keynote address by Mr Shaktikanta Das, RBI Governor to Members of FICCI