Reserve Bank of India (RBI) Governor Shaktikanta Das on Sunday cautioned depositors to be careful while chasing high returns as it comes with higher risk.

Das said high returns are usually associated with high risks, so depositors should be discerning enough while chasing returns.

Also Read: RBI watching some banks’ busisness models closely, says Shaktikanta Das

Das added that RBI is proactive in strengthening corporate governance guidelines of banks to ensure that the banking system remains robust and resilient.

He said that keeping the banking system robust and resilient has to be a joint effort and responsibility of management, boards and committees of banks.

"India's moment has come where India can really become a gross driver of the world economy. That will be possible if all stakeholders in the banking sector work together," he said.

Also Read: RBI asks banks not to standardise bad loans on just getting interest payments

At the same event, Prime Minister Narendra Modi announced that over 1 lakh depositors have got about Rs 1,300 crore of their money that was stuck in stressed banks for years. He further assured that about three lakh more such account holders will get their deposits with the banks that are under the RBI moratorium, soon.

Modi said that 'aarthik sashaktikaran' (financial empowerment) is the ultimate goal of the Centre and it has saved banks and provided security to the depositors.

Also Read: Rs 1,300 crore returned to depositors that was stuck in stressed banks, says PM Modi

(Edited by : Aditi Gautam)

First Published:Dec 12, 2021 12:51 PM IST