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Despite risks, India's financial system robust: RBI
Thursday June 28, 2012 07:05:36 PM,
IANS
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New Delhi: India's
financial system is robust despite the rise in global risks and
domestic macro-economic conditions, the Reserve Bank of India
(RBI) said Thursday.
"The financial system of the country remains robust despite
increase in risks to stability primarily due to global risks and
domestic macroeconomic conditions," the RBI said in its Financial
Stability Report (FSR).
It said that risks to domestic growth were accentuated by fiscal
and external sector imbalances and added that though inflationary
pressures had moderated risks remained.
The report also said banks remained resilient to credit, market
and liquidity risks and would be able to withstand macroeconomic
shocks, given their comfortable capital adequacy positions.
Asset quality concerns, however, persist and liquidity pressures
have intensified, it added.
"Credit deposit growth in the banking sector have decelerated
while banks' reliance on borrowed funds has increased. Banks in
India will migrate to Basel III from a position of relative
strength but there could be challenges in the form of higher cost
of capital," said RBI, suggesting a closer monitoring of the
banks.
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