Quote on RBI Monetary policy by K Paul Thomas, MD and CEO of ESAF Small Finance Bank

08-02-2023

The RBI monetary policy has shown clear signs that inflation is moderating. The GDP growth is seen at 6.4%, which shows that the economy is almost back on track. The increase in the repo rate by 25 BPS will help in maintaining adequate liquidity in the system. The system's liquidity is likely to get modulated by LTRO and TLT RO funds. The fact that CAD is eminently manageable is another welcome sign.

The proposal for levying penal charges on loans will ensure transparency, as well as consumer protection, and the proposal on climate risk and sustainable finance are truly encouraging signs for building a sustainable financial model. Guidance on climate scenario analysis and stress testing is the need of the hour, and the proposed frameworks on climate-related financial risks and acceptance of green deposits can support the cause. This will encourage banks to come up with a green deposit product.

The proposal to expand the scope of TReDS by including an insurance facility is expected to encourage MSMEs in expanding their business. The decision to extend UPI for inbound travellers in India and QR-based coin vending machines are two other measures that can support the cause of digital India.

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