He made the comments while delivering the inaugural address at the India Economic Conclave (IEC) 2021 underway in Delhi.
These comments come in reference to the Centre’s plan to privatise Public Sector Banks. It was proposed during the Budget speech by finance minister Nirmala Sitharaman on February 1 as part of the efforts to revive the economy which is reeling under the impact of the Covid-19 pandemic. The government is aiming to generate ₹1.75 lakh crore through the disinvestment drive.
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The proposal has met with major criticism and protests by bank unions and various opposition leaders. Earlier on March 15 and 16, the United Forum of Bank Union, an umbrella body of nine bank unions, called a two-day nationwide strike against the privatisation of Public Sector Banks. “In the era of ‘Bank Nirbhar Bharat’, where all the schemes of the government are being implemented by the public sector banks, the proposal to privatise two PSBs is retrograde and inimical to the national interest,” said bank unions in a joint release.
In a hopeful note amid the surge in Covid-19 cases in the country, Das said that India’s revival of economic activity is expected to be “unabated”, despite a rise in infections in many areas. He also said that though the surge is a matter of concern, 2022 growth projections might not need to be cut. “Our preliminary analysis shows that the growth rate next year, that is, at 10.5%, which we had given, would not require a downward revision,” the RBI chief said according to the PTI report.
The RBI governor also spoke about cryptocurrency and said that the central bank has flagged “major concerns to the government.” “It is still under examination, the government will come out with a decision on it,” the RBI chief said.
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