New Delhi:Reserve Bank Governor Shaktikanta Das on Wednesday said the country is at the doorstep of economic revival on the back of accommodative monetary and fiscal policies being pursued by the central bank and the government.

Das was speaking at the launch of the book ''Portraits of Power: Half a Century of Being at Ringside'', written by former bureaucrat and current chairman of the Finance Commission N K Singh.

"We are almost at the doorstep of revival process and it's very important that the financial entities have adequate capital (to support growth)," he said.

Many of them have already raised capital and others are planning, he said, adding they would certainly do so in the coming months.

Das said as soon as the COVID-19 pandemic set in, the RBI asked all the banks and non-banking finance companies (NBFCs) to undertake stress tests internally.

"Related to the stress tests, I myself appealed and I have myself interacted with the banks and NBFCs and we have impressed upon them the need to build up proactively capital buffers and adequately capitalise their financial entities..." he said.

Capitalisation would not only strengthen their inherent resilience to tide over the financial stress, but also ensure they have adequate funds to support growth by maintaining credit flow, he added.

Asked if there is symmetry between the fiscal and monetary policy, Das said both are in an accommodative stance.

"Both policies are working in close symmetry. In fact, both fiscal and monetary policies are today at the moment counter-cyclical.

"The government has undertaken several measures in very, very prudent and well calibrated measure in the context of the pandemic. First, to provide financial support to the vulnerable sections of the society and then provide certain kinds of relief to the other segments like industry and business," he said.

As far as the central bank is concerned, the Governor said "we are already in a monetary expansion mode. In fact, we have deployed several instruments and tools which were not in the toolkit of the RBI."

With regard to reforms in the banking sector, he said the issue of governance in banks, NBFCs and financial institutions became very important post the global financial meltdown.

"Banks which have robust governance practices, robust internal controls systems, robust risk assessment and which do not undertake smart accounting, if I can put that way, I think those banks are the ones which are never over-leveraged, they always survive. Not only survive, they grow in every crisis...governance reforms is ownership agnostic," Das emphasised.

Governance reforms deal with the functioning of the CEOs, the board committees and risk assessment functions, he said, adding all these are very important for banks and NBFCs.

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Bengaluru,Jul 31: Karnataka Chief Minister Basavaraj Bommai on Saturday said he is likely to get a message from the BJP high command on cabinet expansion in a couple of days and will have to leave for New Delhi once again to finalise it.

"I couldn't meet J P Nadda (BJP National President) today, but had met him yesterday.

Most likely they will send a message to me in two days and I'll have to go to Delhi once again.

We will finalise the cabinet," Bommai said.

Asked whether the cabinet expansion will take place in two stages, he told reporters here on his arrival from Delhi that it cannot be revealed now.

Bommai was on a two-day visit to Delhi during which he met Prime Minister Narendra Modi, Union Home Minister Amit Shah, Defence Minister Rajnath Singh, Nadda, a host of central Ministers, MPs and Ministers from Karnataka, among others.

Ministerial aspirants, meanwhile, have continued lobbying to secure a berth in the new cabinet.

While several legislators, including some former Ministers, are camping in Delhi and are lobbying to make it to the new cabinet, some have openly expressed their aspirations to become Ministers.

According to party sources, some legislators like Ramesh Jarkiholi, M P Renukacharya and Munirathna have met former Chief Minister and BJP veteran B S Yediyurappa at his residence here.

Demanding a Ministerial post, Haveri MLA Neharu Olekar said he should be given an opportunity in the new cabinet and it is the wish of party workers from the constituency, who have even staged a demonstration.

"Our fight will not end. This is the third time and I should be given the opportunity... I'm confident that the leaders will bless me.

No opportunity has been given so far to anyone from the Chalawadi community by BJP,while Congress has there is the fear of them shifting towards Congress," he said.

Senior BJP leader and former Minister K S Eshwarappa said he has been getting several calls stating that he should have been made the Chief Minister after Yediyurappa was removed and at least he should be made Deputy Chief Minister now.

"It is for the high command to decide," he said.

Stating that cabinet formation is left to the discretion of the Chief Minister, another senior leader and former Minister V Somanna said Basavaraj Bommai is close to him and has experience.

"His father was also a CM, and will choose his cabinet ministers."

Downplaying reports of a rift between him and another senior BJP leader R Ashoka, he said "it is an internal matter between us. It is an old issue and has nothing to do with cabinet formation or becoming a Minister.

Leader of the Opposition Siddaramaiah urged that the cabinet be formed at the earliest, as the CM alone cannot handle things

Meanwhile officials have to be instructed to take measures to manage flood and the COVID situation, he said.

"I don't think he (CM) discussed cabinet expansion during his Delhi visit. Maybe he may go once again...but he should have discussed it and finalised, given the current situation," he said.

Bommai, who was elected as the new leader of the BJP legislature party on Tuesday following Yediyurappa's resignation, took oath as the Chief Minister on Wednesday.

Expanding the Ministry will be the first big challenge before the new Chief Minister as he will have to navigate through the cabinet formation exercise by maintaining a balance between factions within the ruling BJP.

There are several aspirants among the party old guard and youngsters. There are also legislators who had joined the BJP after quitting Congress-JD(S) coalition in 2019.