The governor of the Reserve Bank of India, Shaktikanta Das pointed out ongoing turmoil in U.S banking sectors to highlight the need for robust regulations and the risk that cryptocurrency poses to the traditional financial ecosystem.
During his address at the 17th K P Hormis Commemorative Lecture, Mr. Das affirmed the developments again highlighted the need for prudent asset-liability management, regular stress tests, and building up capital buffers.
He said, “At the height of the pandemic, we kept on highlighting the need to build up adequate capital. I am happy to say that almost all the Indian banks took the message and kept additional capital.”
Shaktikanta also mentioned the rising inflation rates around the world and finding ways to minimize an impact on the economy.
The Indian government’s adoption of hard stands against crypto speculation and the reckless implementation of taxes on crypto transactions troubled many crypto firms based in the India.