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Governor tells banks to maintain vigil on payments and IT systems

Shaktikanta Das, Governor of the Reserve Bank of India, met MD and CEOs of public sector banks and select private banks through video conference to discuss the latest situation prevailing and the policy measures the central bank had initiated to lessen the hardships faced by the economy. Deputy Governors M. K. Jain and M. Rajeswar Rao and a few senior officers of RBI were present at the meeting.

Das explained to the bank heads about the recent policy measures taken by the RBI to further support the ongoing recovery while preserving financial stability. He emphasized on the importance of maintaining adequate credit flows in sustaining the struggling economic recovery and advised the banks to remain watchful of the evolving situation and continue taking measures proactively for maintaining their business continuity, sharpening business strategies and raising adequate capital for strengthening balance sheets. He also highlighted the need for banks to maintain close vigil on the payments and IT systems operated by banks and fortify those for enhanced efficiency and resilience so as to offer seamless and uninterrupted customer service.

The meeting also discussed the progress in the implementation of Covid Resolution Framework, outlook on stressed assets, capital augmentation, liquidity scenario and monetary transmission and credit flows to different sectors including stressed sectors, MSMEs, retail, etc.

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