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RBI to discuss with govt issuance of sovereign bonds: Das

Tuesday, July 09, 2019

Reserve Bank Governor Shaktikanta Das yesterday said the central bank will discuss issuance of overseas sovereign bonds with the government.

After the customary post-budget meeting with Finance Minister Nirmala Sitharaman, he said the system has sufficient liquidity and the Budget for 2019-20 has made provision for shadow banking (NBFC) sector.

"We are monitoring NBFCs and their operations at regular intervals," he told reporters here. He said Budget provision of Rs 70,000 crore towards bank capitalisation is a very positive development that will help lenders not just comply with the regulatory requirement but also step up banking.

On interest rate transmission, he said it used to take up to six months for an interest rate cut to be transmitted to consumers but things have improved, and now it is taking shorter time, he said. Of the 50 basis points cut in interest rate announced by the RBI prior to the June monetary policy, about 21 basis points had been transmitted, he said, hoping better transmission of interest rate cuts in coming weeks and months.

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