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Reserve Bank of India Governor Shaktikanta Das pointed to the ongoing turmoil in US banking sectors to highlight the need for strong regulation and the risk that cryptocurrency poses to the traditional financial ecosystem.
During his address to the 17th KP Hormis Memorial Conference, Mr. Das asserted that the developments again underscored the need for careful asset and liability management, regular stress testing and building up of capital reserves.
He said: “During the height of the pandemic, we continued to stress the need to build adequate capital. I am happy to say that almost all Indian banks have accepted the message and have retained additional capital. »
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Shaktikanta also mentioned rising inflation rates around the world and found ways to minimize the impact on the economy.
Indian governments taking strong stances against crypto speculation and reckless implementation of crypto transaction taxes have troubled many India-based crypto businesses.
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