Banks are making profits with low default rates and surplus liquidity but on the other hand, political instability and adverse global conditions pose risks to the do.
Prime Minister Narendra Modi on Sunday said deposit insurance reforms undertaken by the government will instil confidence in account holders on the banking system.
M Narasimham, Father of Indian Banking Reforms, is No More
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Born at Nellore on 3 June 1927 Maidavolu Narasimham, father of financial and banking Reforms breathed last on 20 April 2021. This 94-year-old legend in banking was the only person joining the Reserve Bank of India (RBI) as a research officer in the department of research and statistics, to return as governor of RBI for the shortest period of seven months, after serving the government of India as additional secretary in the department of economic affairs in 1972. He was secretary for banking from where he rose to the position of governor of RBI.Â
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In the words of his mentee, Dr YV Reddy, former governor of RBI, M Narasimham is a ‘gentleman and statesman’.Â