Shaktikantha Das
The governor, Shaktikant Das, said the effects would have been worse if the Reserve Bank of India (RBI) had raised interest rates on loans in advance to mitigate the impact of inflation.
The ABI has set a target of keeping inflation within 2 to 6 per cent in the country. But inflation in the country has been hovering above 6 percent since last January. To mitigate the impact of inflation, the RBI last month raised the repo rate on short-term loans to banks by 0.40 per cent. Last week it raised that interest by a further 0.50 per cent. Currently the repo interest rate is 4.90 per cent.
With inflation high for five months, Silas accused the ABI of taking too late to bring it under control. Speaking at an event in Mumbai on Friday, OPI Governor Shaktikanta Das said, “The country’s economy is slowly recovering after the spread of the corona epidemic. At the time, the OPI focused on economic growth. At that time there was a need to tolerate inflation.
The OPI will take action 4 months in advance to control inflation. But the consequences would have been worse if such measures had been taken; Economic growth will be severely affected.
Economic activity in March reached pre-eclampsia levels. After that, the OPI focused on controlling inflation. Interest cannot be reduced too much at once. That too will have negative consequences.
The OBI took the necessary steps to protect the economy during the corona epidemic. But new waves of infection, unrelated factors including the bo environment, have had an impact on the operation of the OPI. Russia’s occupation of Ukraine has had a major impact internationally. The OPI will continue to take steps to protect the economy.
Safety Procedure:
Large technology companies are massively collecting customer data. OBI will also take steps to protect such data. The agencies are following some bad steps to repay the loan. Steps will soon be taken to bring the practice of online lending into the safety net, ”he said.