India at doorstep of economic revival, says RBI Governor Das
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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Man held for blackmailing woman using explicit photos, videos
Bengaluru (PTI): A 46-year-old man has been arrested for allegedly blackmailing a woman using her explicit photos and videos to force her into a sexual relationship with him, police said on Saturday.
The accused, Haniyur Chandregowda, is a member of the Child Welfare Committee in Ramanagara, they said.
Obscene photos of several other women were also found on his mobile phone during examination, police said.
The case came to light after a 43-year-old woman, who works as a make-up artist, filed a complaint at the Rajarajeshwari Nagar police station on April 30, they said.
According to FIR, the woman met Chandregowda in 2021. He told her he was connected to TV serials and took her phone number on the pretext of offering make-up work. The woman had been living separately from her husband for about eight years.
The accused started visiting her house frequently and told her he was a lecturer with a good salary and promised to marry her and entered into a physical relationship with her, she alleged.
Police said Chandregowda later used private photos and videos of their intimate moments to threaten her. He allegedly warned that he would make them public if she did not agree to his demands, and continued the relationship under pressure.
The FIR also stated that in 2024, he rented a house using the woman's documents by falsely claiming to be her husband.
The woman also alleged that he used a fake ID claiming he was a Superintendent of Police to avoid paying toll fees.
She claimed that he had taken around Rs 5 lakh from her since 2021 and had not returned the money.
The FIR further stated that he added his name to the educational documents of the woman's daughter, pretending to be her husband.
Based on the complaint, a case under sections 69 (sexual intercourse by deceitful means) and 204 (impersonating a public servant) of the Bharatiya Nyaya Sanhita was registered. He was later arrested, a senior police officer said.
