India's financial sector is sound and resilient: RBI Governor
Given the strong macroeconomic configuration, favourable demographics and significant pace of digitalisation, the Indian financial sector is poised to scale new heights, he added
![India's financial sector is sound and resilient: RBI Governor](https://cdn.zeebiz.com/sites/default/files/2024/07/19/305802-five-tipsr-great-skin-12.png?im=FitAndFill=(1200,900))
RBI Governor Shaktikanta Das said on Friday that amidst global challenges and uncertainties, India stands out as a fast-growing major economy with strong macroeconomic fundamentals, backed by a healthy and resilient financial sector.
"The recent annual financial results of banks and NBFCs indicate that the financial system remains sound and resilient. Further, macro stress tests done by the Reserve Bank reveal that the banking sector will continue to remain resilient even under stress scenarios," he observed at a media event here.
Given the strong macroeconomic configuration, favourable demographics and significant pace of digitalisation, the Indian financial sector is poised to scale new heights, he added.
In terms of market dynamics, the financial landscape in India is undergoing a structural transformation, driven by factors like innovations in technology, financial deepening, and changing savings and investment patterns.
Each of these shifts has a bearing on how financial entities carry out their business and adapt to the emerging risks.
The Reserve Bank has also been actively fostering innovation by envisaging mechanisms like the United Payment Interface (UPI), regulatory sandbox, co-lending models and account aggregator framework, Das said.
With the synergies provided by mobile phone penetration, internet availability, reoriented payment systems and the multitude of customer data points, lending institutions as well as financial markets have been able to leverage upon such mechanisms to amplify their reach to the target segments and also carry forward the agenda of a more inclusive financial sector, he pointed out.
Overall, there has been a transformation in the banking and financial landscape in the last decade driven by technological innovations, changing consumer preferences and the emergence of alternative business models.
While these have fostered competition and collaboration, they also have implications for consumer trust and regulatory oversight. Such structural changes also create opportunities as well as challenges.
Financial institutions like banks, NBFCs and others need to carefully assess the impact of these changes on their business models, resilience and sustainability, the Governor added.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
![https://www.zeebiz.com/personal-finance/photo-gallery-sip-swp-monthly-pension-income-retirement-corpus-planning-calculator-inr-rs-20000-monthly-investment-for-15-years-inr-99000-monthly-return-for-42-years-313283](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/09/06/316973-rupee-pixabay-take-1.jpg?itok=02-hJh59)
SIP+SWP: Rs 20,000 monthly SIP for 16 years to get Rs 99,000 monthly income for 42 years; how is it possible?
![https://www.zeebiz.com/market-news/news-bajaj-finserv-rvnl-borosil-renewables-carysil-railtel-corporation-stocks-to-buy-hdfc-securities-recommendation-picks-target-stop-loss-bse-nse-313386](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/09/06/317091-26.jpg?itok=gE1cWt7z)
RVNL, Bajaj Finserv and 5 more: Brokerage recommends buying these 7 stocks for up to 3 months | Check target, stop loss
![https://www.zeebiz.com/personal-finance/photo-gallery-nps-vs-ups-vs-ops-monthly-pension-income-retirement-corpus-calculator-what-will-be-your-pension-on-inr-rs-10000-contribution-for-35-years-expert-calculations-313361](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/09/06/317060-rupee-pixabay-take-2.jpg?itok=cOVdof_v)
NPS vs UPS vs OPS: What will be your monthly pension if you contribute Rs 10,000 monthly for 35 years? Get expert calculations
![https://www.zeebiz.com/personal-finance/photo-gallery-top-7-etf-sip-mutual-funds-in-5-years-calculator-how-inr-rs-21000-monthly-investment-has-grown-in-nifty-sp-bse-next-50-cpse-uti-icici-pru-nippon-india-motilal-oswal-bharat-22-nift-mid-infra-313306](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/09/06/316994-indian-currency-pixabay-take-1.jpg?itok=JURVEkst)
Top 7 ETF Mutual Funds With Highest SIP Returns in 5 Years: How Rs 21,000 monthly SIP has grown in each ETF over the years
![https://www.zeebiz.com/personal-finance/photo-gallery-sbi-senior-citizen-fd-fixed-deposit-latest-interest-rate-2024-calculator-what-be-maturity-amount-with-return-on-investments-of-inr-900000-lakh-in-1-3-5-year-guaranteed-return-scheme-retirement-planning-313221](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/09/06/316909-note-coin-pixabay-take-1.jpg?itok=3RPKcBYE)
SBI Senior Citizen FD Rates 2024: What you can get if you invest Rs 3 lakh, Rs 5 lakh, Rs 7 lakh, and Rs 9 lakh in 1-, 3-, and 5-year FDs
08:06 PM IST