Norms for unsecured loans in banking system need to be tightened: Das

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MUMBAI: Reserve Bank of India Governor Shaktikanta Das said the recent tightening of norms for certain loans considered unsecured is a targeted step aimed at maintaining the smooth functioning of the banking system.

Das said that apart from buying houses and vehicles, the Reserve Bank has also increased interest rates on loans taken.

Loans by small traders are excluded from this. The reason for this is to maintain the advantage they are enjoying on the growth front.

We recently announced some thoughtful measures aimed at smooth operation of the system. These measures are precautionary. These steps are deliberate and targeted.

He said that banks do not see any new stress emerging at the moment, but he wants banks to remain cautious and continue stress testing.

Some non-bank finance companies—micro finance institutions—are reporting higher interest margins. RBI has asked them to adopt a flexible approach to set rates prudently.

Despite signs of softening in headline (headline) inflation, the central bank is keeping a close eye on price increases. Referring to the rupee, he said that despite rising bond yields in the US, volatility in the local currency was low and manageable.

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