RBI Governor Shaktikanta Das advised investors to be cautious while chasing higher profits, saying they always come with higher risks.
Reserve Bank of India (RBI) Governor Shaktikanta Das on Sunday advised investors to be cautious while chasing high returns, saying they always come with a high risk.
Recommended read: International Campaign launched: Gupta brothers at the centre of a probe in South Africa
Mr Das, speaking on the “Depositors First: Guaranteed Insurance Payment up to RH 5 lakh” programme, which was overseen by the Prime Minister, said that high payouts are often associated with significant risks, so investors should be careful. Pursuit of rewards.
He said that keeping banks strong and resilient should be a joint effort and work of bankers, boards and banking committees.
Highlighting the role of RBI in strengthening banking management guidelines, the Governor said that the central bank is diligent in achieving the target.
It also aims to ensure that the banking system remains strong and stable, he said.
He said, “The country has shown cooperation during the Covid pandemic. The time has come for India to become a major driver of the global economy. This will happen only when all the stakeholders of the banking sector work together.”
Mr Das further said that the country can become a “major catalyst” for the global economy if all the stakeholders of the banking sector work together.
He said in a statement, “The banking system has recently reached two important milestones. After a gap of 27 years, we have increased the ICE for these investors from ₹1 lakh to ₹5 lakh. 90 Banks Guaranteed deposit has to be offered.” incident.
During the event, Prime Minister Narendra Modi presented symbolic checks to bankers, who failed to repay their loans, under “depositor first guaranteed insurance payment of deposits of Rs 5 lakh”.
5 lakh per depositor with the introduction of deposit insurance, the total number of fully protected accounts at the end of the previous financial year stood at 98.1 per cent of the total account balance, as compared to the international average of 80 per cent.