December 16, 2020
Shaktikanta Das, Governor, Reserve Bank of India - PAUL NORONHA×
SCBs’ credit as a per cent of GDP fell to 50.99% in FY20 from 51.51% in FY19: RBI data
Access to credit and cost of credit need to be addressed by lesser reliance on collateral security and greater cash-flow-based lending to improve the credit-to-GDP ratio, according to Reserve Bank of India Governor Shaktikanta Das.
In this regard, Das observed that credit bureaus and the proposed Public Credit Registry (PCR) framework are expected to improve the flow of credit as well as credit culture.
As per RBI data, scheduled commercial banks’ credit as a per cent of GDP came down to 50.99 per cent in FY20 from 51.51 per cent in FY19.
Updated Dec 16, 2020 | 19:13 IST
The Governor also stressed that in a large country like India with an aspiring population, financial education cannot remain just the responsibility of financial sector regulators Cybersecurity, data protection must to promote financial inclusion, says Shaktikanta Das
New Delhi: Issues concerning cybersecurity and data protection must be addressed to gain confidence of the excluded section in use of technology, which is necessary for promoting financial inclusion, Reserve Bank Governor Shaktikanta Das said on Wednesday. Technology, though being a great enabler, can also lead to exclusion of certain segments of society, Das said in his keynote address at a webinar on Investing in Investor Education in India: Priorities for Action , organised by the NCAER.