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Despite headwinds, Indian financial system resilient: RBI report
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IANS | 30 Dec, 2022
The Indian economy is confronting strong global headwinds, yet sound
macroeconomic fundamentals and healthy financial and non-financial
sector balance sheets are providing strength and resilience and
engendering financial system stability, an RBI report released on
Thursday said.
"The global economy is facing formidable
headwinds with recessionary risks looming large. The interplay of
multiple shocks has resulted in tightened financial conditions and
heightened volatility in financial markets," observed the RBI's
Financial Stability Report.
"Buoyant demand for bank credit and
early signs of a revival in investment cycle are benefiting from
improved asset quality, return to profitability and strong capital and
liquidity buffers of scheduled commercial banks (SCBs)," it said.
The
gross non-performing asset (GNPA) ratio of scheduled commercial banks
fell to a seven-year low of 5 per cent and net non-performing assets
have dropped to 10-year low of 1.3 per cent in September 2022, the
report noted.
Macro stress tests for credit risk reveal that SCBs
would be able to comply with the minimum capital requirements even
under severe stress scenarios, it said further.
The system-level
capital to risk weighted assets ratio (CRAR) in September 2023, under
baseline, medium and severe stress scenarios, is projected at 14.9 per
cent, 14.0 per cent and 13.1 per cent, respectively, the central bank
analysis said.
Stress tests for open-ended debt mutual funds
showed no breach in limits pertaining to interest rate, credit and
liquidity risks.
Consolidated solvency ratio of both life and
non-life insurance companies also remained above the prescribed minimum
level, it added.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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