A day after the central bank asked Sachin Bansal’s Navi Finserv and three other NBFCs to stop inducting and disbursing loans through a cease and desist order from close of business on October 21, RBI governor Shaktikanta Das said that restructuring numbers could be a little volatile in the short term.
On Friday, New Delhi: Reserve Bank Governor Shaktikanta Das said that the central bank doesn’t act like a police officer. However, it keeps a tight vigil over the financial market and takes necessary regulatory action.
This came after the central bank yesterday ordered Sachin Bansal’s Navi Finserv and three other NBFCs to cease and desist from sanctioning and disbursing loans, effective from the close of business on October 21, on material supervisory concerns, including usurious pricing.
“No. We are not policemen. We are watching. We are watching very closely.”.
We watch the credit markets closely. When required, we act, he said at the India Credit Forum hosted by Bloomberg.
Observing that this is India’s moment, Das said: “India’s growth story remains intact. Inflation has now come very much within the target range.”.
It is expected to moderate. He said There are significant risks, and the RBI is cautious in monitoring the overall outlook for growth and inflation.
