Reserve Bank governor Shaktikanta Das said that timely action on unsecured loans has moderated the growth of such loans. Speaking at the second global conference on financial resilience organised by the College of Supervisors in Mumbai, he said, “We thought it is better to act in advance and slow down the credit growth in these segments.”

RBI Governor Shaktikanta Das said that India’s domestic financial system is now in a much stronger position.

On supervising, the governor said they should be ahead of the build-up of a crisis and act on time, adding, “It is our endeavor to smell a crisis. Supervision has become a very complex task.”

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He added, “We need to realise it is a complex world and our supervisory methods should be our best endeavour to remain sync with time. Not only in sync with times and to see stress before it builds up.”

The RBI governor also said that the Indian financial system is now in much better position to what it was during the Covid pandemic.