The Indian economy has been resilient despite global headwinds, according to Reserve Bank Governor Shaktikanta Das. He declined to comment on a rate cut suggestion by Union Commerce Minister Piyush Goyal. Das said inflation is expected to moderate despite periodic humps, and India’s external sector has exhibited strength and stability. The RBI is issuing a draft of the Expected Credit Loss (ECL) framework and the final guidelines will come out post public comments. The bank is setting up a cyber security center in Bhubaneshwar along with a computing and data center. The central bank’s primary objective is financial stability, and early detection and preemptive action on any risks is the intent of the central bank. The governor also said the RBI does not target a rate for the rupee, and the fore interventions are for ensuring orderly movement and curbing volatility in the currency.
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